# EDGAR Filing Document

**Accession Number:** 0001562528
**File Stem:** 0001562528-25-000037
**Filing Date:** 2025-10
**Character Count:** 74938
**Document Hash:** 8753176a3359f43b4ab3e8d3f138cc26
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562528-25-000037.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001562528-25-000037

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20251029

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin BSP Realty Trust, Inc.
- **CENTRAL INDEX KEY:** 0001562528
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40923
- **FILM NUMBER:** 251430854

**BUSINESS ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE, SUITE 1600
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** (212) 588-6770

**MAIL ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE, SUITE 1600
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Benefit Street Partners Realty Trust, Inc.
- **DATE OF NAME CHANGE:** 20170203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Realty Finance Trust, Inc.
- **DATE OF NAME CHANGE:** 20150217

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ARC Realty Finance Trust, Inc.
- **DATE OF NAME CHANGE:** 20121119

?xml version='1.0' encoding='ASCII'? fbrt-20251029

**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 29, 2025**

**Franklin BSP Realty Trust, Inc.**

(Exact Name of Registrant as Specified in Its Charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-40923** | **46-1406086** |
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer |
| of incorporation) | | Identification No.) |

---

**1 Madison Ave, Suite 1600**

**New York, New York 10010**

(Address of principal executive offices, including zip code)

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 (<u>see</u> General Instruction A.2 below):

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ 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 class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | FBRT | New York Stock Exchange |
| 7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share | FBRT PRE | New 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 29, 2025, 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, 2025. 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<br>No.** | **Description** |
| <u>[99.1](fbrtq32025earningsrelease.htm)</u> | Press Release dated October 29, 2025 announcing the Company's financial results for the quarter ended September 30, 2025 |
| <u>[99.2](a3q25investorsupplementa.htm)</u> | Supplemental Presentation for the quarter ended September 30, 2025 |
| 104.1 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**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.**  | **FRANKLIN BSP REALTY TRUST, INC.**  |
| By: | /s/ Jerome S. Baglien |
| Name: | Jerome S. Baglien |
| Title: | *Chief Financial Officer and Chief Operating Officer* |

---

Date: October 29, 2025

## Exhibit 99.1

Investor Relations Contact:Lindsey Crabbel.crabbe@benefitstreetpartners.com<br>(214) 874-2339

![fbrtlogoa.jpg](fbrtlogoa.jpg)

**Franklin BSP Realty Trust, Inc. Announces Third Quarter 2025 Results**

**New York City, NY** – October 29, 2025 – Franklin BSP Realty Trust, Inc. (NYSE: FBRT) ("FBRT" or the "Company") today announced financial results for the quarter ended September 30, 2025.

Reported GAAP net income of $17.6 million for the three months ended September 30, 2025, compared to $24.4 million for the three months ended June 30, 2025. Reported diluted earnings per share ("EPS") to common stockholders of $0.12 for the three months ended September 30, 2025, compared to $0.19 for the three months ended June 30, 2025.

Reported Distributable Earnings (a non-GAAP financial measure) of $26.7 million, or $0.22 per diluted common share on a fully converted basis<sup>(1)</sup>, for the three months ended September 30, 2025, compared to $29.0 million, or $0.27 per diluted common share on a fully converted basis<sup>(1)</sup>, for the three months ended June 30, 2025.

**Third Quarter 2025 Summary**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core portfolio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Principal balance of $4.4 billion across 147 loans, averaging $30.1 million each, with 75.0% collateralized by multifamily properties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Closed $304.2 million of new loan commitments at a weighted average spread of 511 basis points

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Funded $195.7 million of principal balance, including future funding, and received $275.0 million in repayments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agency segment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Originated $2.2 billion of new loan commitments under programs with Fannie Mae, Freddie Mac, and HUD

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Quarter end servicing portfolio of $47.3 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total liquidity of $521.7 million, which includes $116.6 million in cash and cash equivalents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Declared a common stock cash dividend of $0.355, representing an annualized 10.0% yield on book value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Book value of $14.29 per diluted common share on a fully converted basis<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 1, 2025, the Company acquired NewPoint Holdings JV LLC ("NewPoint"), a privately held commercial real estate finance company headquartered in Plano, Texas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to quarter end on October 15, 2025, closed an approximately $1.1 billion commercial real estate mortgage securitization transaction

Michael Comparato, President of FBRT, said, "The third quarter was a transitional period for FBRT, highlighted by the successful $425 million acquisition of NewPoint. Integration is progressing very well, and we've made meaningful progress on the three-pronged plan to grow distributable earnings."

**Portfolio and Investment Activity**

*Core portfolio*: For the quarter ended September 30, 2025, the Company closed $304.2 million of new loan commitments, funded $195.7 million of principal balance on new and existing loans, received loan repayments of $275.0 million and transferred $33.9 million of principal balance to held-for-sale. As of September 30, 2025, the Company had ten loans on its watch list, two of which were risk rated a five and eight of which were risk rated a four.

*Conduit:* For the quarter ended September 30, 2025, the Company originated $108.8 million of fixed rate conduit loans and sold $59.4 million of conduit loans for a gain of $3.4 million, gross of related derivatives.

*Agency segment:* For the quarter ended September 30, 2025, the Company Originated $2.2 billion of new commitments under programs with Fannie Mae, Freddie Mac, and HUD. As of September 30, 2025, the Company managed a servicing portfolio of $47.3 billion.

<sup>1</sup> Fully converted per share information in this press release assumes applicable conversion of our series of outstanding convertible preferred stock and OP Units into common stock and the vesting of our outstanding equity compensation awards.

------

*Real estate owned and equity method investments*: The Company ended the quarter with nine foreclosure real estate owned positions totaling $228.5 million, one investment real estate owned position of $119.1 million, and four equity method investment positions of $69.1 million.

*Allowance for credit losses*: The Company recognized a benefit for credit losses of $0.6 million, comprised of a $1.5 million general allowance benefit and a $1.0 million net benefit allowance for loss sharing, partially offset by a $1.9 million specific allowance provision.

**Book Value**

As of September 30, 2025, book value was $14.29 per diluted common share on a fully converted basis<sup>(1)</sup>.

**Share Repurchase Program**

As of October 24, 2025, $25.6 million remains available under the $65.0 million share repurchase program, which extends through December 31, 2026.

**Subsequent Events**

On October 15, 2025, a consolidated subsidiary of the Company, BSPRT 2025-FL12 Issuer, LLC, closed an approximately $1.1 billion commercial real estate mortgage securitization transaction, and sold approximately $947.0 million of the securitization's notes in a private placement.

On October 16, 2025, the Company sold a commercial mortgage loan, held for sale, for $33.9 million. The loan was collateralized by a portfolio of retail properties, and had an amortized cost of $33.9 million as of September 30, 2025.

**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, and (vii) certain other non-cash items. 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 and Distributable Earnings to Common provide meaningful information to consider in addition to the disclosed GAAP results. The Company believes Distributable Earnings 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.

<sup>1</sup> Fully converted per share information in this press release assumes applicable conversion of our series of outstanding convertible preferred stock and OP Units into common stock and the vesting of our outstanding equity compensation awards.

------

Distributable Earnings 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 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 and Distributable Earnings to Common included at the end of this release for further information.

<sup>1</sup> Fully converted per share information in this press release assumes applicable conversion of our series of outstanding convertible preferred stock and OP Units into common stock and the vesting of our outstanding equity compensation awards.

------

**Supplemental Information**

The Company published a supplemental earnings presentation for the quarter ended September 30, 2025 on its website to provide additional disclosure and financial information. These materials can be found on the Company's website at http://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 30, 2025 at 9:00 a.m. ET. Participants are encouraged to pre-register for the call and webcast at https://dpregister.com/sreg/10203736/10022cb7eb8. 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=Jz4nsFTh. 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, 2025, FBRT had approximately $6.2 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc. For further information, please visit www.fbrtreit.com.

**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, tariffs, 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, 2024 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) (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Cash and cash equivalents | $116652 | $184443 |
| Restricted cash | 27211 | 12421 |
| Investment securities, held to maturity(1) | 18948 |  |
| Commercial mortgage loans, held for investment, net of allowance for credit losses of $43,981 and $78,083 as of September 30, 2025 and December 31, 2024, respectively(2) | 4368800 | 4908667 |
| Commercial mortgage loans, held for sale, measured at fair value<sup>(3)</sup> | 619031 | 87270 |
| Commercial mortgage loans, held for sale | 40909 |  |
| Real estate securities, available for sale, measured at fair value, amortized cost of $82,578 and $202,894 as of September 30, 2025 and December 31, 2024, respectively(4) | 82640 | 202973 |
| Mortgage servicing rights, net | 208564 |  |
| Accrued interest receivable | 41183 | 42225 |
| Receivable for loan repayment<sup>(5)</sup> | 25736 | 157582 |
| Prepaid expenses and other assets | 46738 | 17526 |
| Real estate owned, net of depreciation | 99853 | 113160 |
| Real estate owned, held for sale | 212429 | 222890 |
| Equity method investments | 69071 | 13395 |
| Intangible assets, net of amortization | 117981 | 39834 |
| Goodwill | 90848 |  |
| Derivative instruments, measured at fair value | 18779 |  |
| Loans eligible for repurchase | 13102 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**6218475** | $**6002386** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Collateralized loan obligations | $2813699 | $3628270 |
| Repurchase agreements and revolving credit facilities - commercial mortgage loans | 1176808 | 329811 |
| Repurchase agreements - real estate securities | 131657 | 236608 |
| Other financings | 12865 | 12865 |
| Unsecured debt | 185262 | 81395 |
| Mortgage note payable | 23998 | 23998 |
| Allowance for loss sharing | 22555 |  |
| Accrued compensation | 48092 |  |
| Liability for loans eligible for repurchase | 13102 |  |
| Interest payable | 20086 | 12844 |
| Distributions payable | 39425 | 36237 |
| Accounts payable and accrued expenses | 20836 | 4081 |
| Due to affiliates | 12728 | 14106 |
| Derivative instruments, measured at fair value | 7554 | 713 |
| Other liabilities | 34039 | 11653 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $**4562706** | $**4392581** |
| **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, 2025 and December 31, 2024 | $89748 | $89748 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total redeemable convertible preferred stock** | $**89748** | $**89748** |
| **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, 2025 and December 31, 2024 | $258742 | $258742 |
| Common stock, $0.01 par value, 900,000,000 shares authorized, 82,925,055 and 83,066,789 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 822 | 818 |
| Additional paid-in capital | 1605399 | 1600997 |
| Accumulated other comprehensive income/(loss) | 62 | 79 |
| Accumulated deficit | (392841) | (348074) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | $**1472184** | $**1512562** |
| Non-controlling interest | 93837 | 7495 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | $**1566021** | $**1520057** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, redeemable convertible preferred stock and equity** | $**6218475** | $**6002386** |

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______________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Includes pledged assets of $18.6 million as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Includes pledged assets of $588.2 million and $268.7 million as of September 30, 2025 and December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> There were no pledged assets of September 30, 2025 and $61.1 million pledged assets as of December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> Includes pledged assets of $82.2 million and $180.7 million as of September 30, 2025 and December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)</sup> Includes $25.6 million and $157.0 million of cash held by servicer related to the CLOs as of September 30, 2025 and December 31, 2024, respectively.

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**FRANKLIN BSP REALTY TRUST, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(In thousands, except share and per share data) (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Income** |  |  |  |  |
| &nbsp;&nbsp;Interest income | $106167 | $134142 | $331246 | $398253 |
| &nbsp;&nbsp;Less: Interest expense | 76492 | 89884 | 217298 | 257942 |
| &nbsp;&nbsp;Net interest income | 29675 | 44258 | 113948 | 140311 |
| &nbsp;&nbsp;Gain/(loss) on sales, including fee-based services, net | 29423 | 5613 | 34726 | 13125 |
| &nbsp;&nbsp;Mortgage servicing rights | 19745 |  | 19745 |  |
| &nbsp;&nbsp;Servicing revenue, net | 3606 |  | 3606 |  |
| &nbsp;&nbsp;Gain/(loss) on derivatives | (122) | (1251) | (456) | (1260) |
| &nbsp;&nbsp;Revenue from real estate owned | 7222 | 5412 | 22355 | 14196 |
| &nbsp;&nbsp;&nbsp;**Total income** | $**89549** | $**54032** | $**193924** | $**166372** |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;Compensation and benefits | $34434 | $— | $34434 | $— |
| &nbsp;&nbsp;Asset management and subordinated performance fee | 6082 | 4906 | 18174 | 19023 |
| &nbsp;&nbsp;Acquisition expenses | 265 | 255 | 739 | 688 |
| &nbsp;&nbsp;Administrative services expenses | 3455 | 3801 | 10687 | 7365 |
| &nbsp;&nbsp;Professional fees | 9334 | 3588 | 20609 | 11536 |
| &nbsp;&nbsp;Other expenses | 14052 | 5709 | 35557 | 11274 |
| &nbsp;&nbsp;Depreciation and amortization | 3432 | 1387 | 6193 | 4221 |
| &nbsp;&nbsp;Share-based compensation | 2237 | 2134 | 6799 | 6020 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | $**73291** | $**21780** | $**133192** | $**60127** |
| **Other income/(loss)** |  |  |  |  |
| &nbsp;&nbsp;(Provision)/benefit for credit losses | $569 | $268 | $3954 | $(34790) |
| &nbsp;&nbsp;Realized gain/(loss) on real estate securities, available for sale |  | 55 | 113 | 143 |
| &nbsp;&nbsp;Gain/(loss) on other real estate investments | (2116) | (2193) | (1664) | (8436) |
| &nbsp;&nbsp;Income/(loss) from equity method investments | 6 |  | 187 |  |
| &nbsp;&nbsp;&nbsp;**Total other income/(loss)** | $**(1541)** | $**(1870)** | $**2590** | $**(43083)** |
| &nbsp;&nbsp;Income/(loss) before taxes | 14717 | 30382 | 63322 | 63162 |
| &nbsp;&nbsp;(Provision)/benefit for income tax | 2899 | (209) | 2383 | (927) |
| **Net income/(loss)** | $**17616** | $**30173** | $**65705** | $**62235** |
| Net (income)/loss attributable to non-controlling interest | (302) | 1441 | (1132) | 3124 |
| **Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.** | $**17314** | $**31614** | $**64573** | $**65359** |
| &nbsp;&nbsp;Less: Preferred stock dividends | 6749 | 6749 | 20245 | 20245 |
| **Net income/(loss) applicable to common stock** | $**10565** | $**24865** | $**44328** | $**45114** |
| Basic earnings per share | $0.12 | $0.30 | $0.52 | $0.53 |
| Diluted earnings per share | $0.12 | $0.30 | $0.51 | $0.53 |
| Basic weighted average shares outstanding | 82214630 | 81788091 | 82150496 | 81865672 |
| Diluted weighted average shares outstanding | 90600581 | 81788091 | 84976530 | 81865672 |

---

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**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 and Distributable Earnings to Common for the three and nine months ended September 30, 2025 and 2024 (amounts in thousands, except share and per share data):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **GAAP Net Income (Loss)** | $17616 | $30173 | $65705 | $62235 |
| **Adjustments:** |  |  |  |  |
| Unrealized (gain)/loss on financial instruments<sup>(1)</sup> | 1888 | 2486 | 2645 | 8435 |
| Subordinated performance fee<sup>(2)</sup> | (270) | (3438) | (810) | (6150) |
| Non-cash compensation expense | 5185 | 2134 | 9747 | 6020 |
| Depreciation and amortization, net | 3427 | 1387 | 6188 | 4221 |
| Transaction-related and non-recurring items<sup>(3)</sup> | 3997 |  | 8818 |  |
| (Reversal of)/provision for credit losses | (569) | (268) | (3954) | 34790 |
| Income from mortgage servicing rights | (19745) |  | (19745) |  |
| Amortization and write-offs of MSRs | 15924 |  | 15924 |  |
| Fair value adjustments on equity investments | 904 |  | 904 |  |
| **Distributable Earnings before realized loss** | $**28357** | $**32474** | $**85422** | $**109551** |
| Realized gain/(loss) adjustment on loans and REO<sup>(4)</sup> | (1656) | (36433) | (35950) | (40113) |
| **Distributable Earnings** | $**26701** | $**(3959)** | $**49472** | $**69438** |
| 7.5% series E cumulative redeemable preferred stock dividend | (4842) | (4842) | (14526) | (14526) |
| Non-controlling interests in joint ventures net (income) / loss | (302) | 1441 | (1132) | 3124 |
| Non-controlling interests in joint ventures adjusted net (income) / loss DE adjustments | (509) | (1403) | 235 | (3355) |
| **Distributable Earnings to Common** | $**21048** | $**(8763)** | $**34049** | $**54681** |
| Average common stock & common stock equivalents<sup>(5)</sup> | 1385374 | 1349076 | 1349740 | 1370048 |
| GAAP net income/(loss) ROE | 3.6% | 7.9% | 4.9% | 4.9% |
| Distributable earnings ROE | 6.1% | (2.6)% | 3.4% | 5.3% |
| GAAP net income/(loss) per share, diluted | $0.12 | $0.30 | $0.51 | $0.53 |
| GAAP net income/(loss) per share, fully converted<sup>(6)</sup> | $0.13 | $0.30 | $0.55 | $0.57 |
| Distributable earnings per share, fully converted<sup>(6)</sup> | $0.22 | $(0.10) | $0.37 | $0.62 |
| Distributable earnings per share before realized gain/(loss), fully converted<sup>(6)</sup> | $0.23 | $0.31 | $0.76 | $1.07 |

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&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Represents accrued and unpaid subordinated performance fee. In addition, reversal of subordinated performance fee represents cash payment obligations in the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Represents transaction-related and non-recurring costs associated with the acquisition of NewPoint Holdings JV LLC.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> 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, 2025, the Company had $5.4 million of GAAP loss adjustments that will run through distributable earnings if and when cash losses are realized.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)</sup> Represents the average of all classes of equity except the Series E Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(6)</sup> Fully Converted assumes conversion of our series of convertible preferred stock and Class A OP units along with full vesting of our outstanding equity compensation awards.

## Exhibit 99.2

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Franklin BSP Realty Trust Third Quarter 2025 Supplemental Information

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 2 Important Information The information herein relates to the Company's business and financial information as of September 30, 2025 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 26, 2025, and the risk disclosures in our subsequent periodic reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025. 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.

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FBRT 3Q 2025 Financial Update

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 4 Highlights FBRT 3Q 2025 Financial Update • Fully-converted book value per share is $14.29 vs. $14.82 in Q2 2025 (1). Undepreciated fully-converted book value per share is $14.46 vs. $15.00 in Q2 2025 (1) (3) • Net debt to equity is 2.5x; recourse net debt to equity is 0.8x • 77% of financing sources are non-mark-to-market on our core book • $522 million of liquidity of which $117 million is cash and $21 million is CLO reinvest/ramp available (4) • After the quarter, the Company resumed share repurchases with $6.0 million repurchased through October 24, 2025. $25.6 million remains available under the Company's $65.0 million share repurchase program • Core Portfolio: principal balance decreased by $113 million in the quarter. Closed $304 million of new loan commitments and funded $196 million of principal balance including future funding on existing loans. Received loan repayments of $275 million • Agency: originated $2.2 billion of new loan commitments under programs with Fannie Mae, Freddie Mac, and HUD • Core Portfolio of 147 CRE loans and $4.4 billion of principal balance, average size of $30 million and 75% multifamily. One asset was removed from the watch list. Ten assets remain on the watch list, two of which are risk rated a five and eight of which are risk rated a four • Nine foreclosure real estate owned positions, totaling $229 million and one investment real estate owned position of $119 million Capitalization Investments Portfolio Earnings • GAAP Net Income of $17.6 million and $0.12 per diluted common share and $0.13 per fully converted share (1) • Distributable Earnings (2) of $26.7 million and $0.22 per fully converted share (1). Distributable Earnings includes $1.7 million of realized losses within the quarter • Distributable Earnings before realized losses of $28.4 million and $0.23 per fully converted share (1) • Declared a Q3 2025 cash dividend of $0.355 per share, representing an annualized yield of 10.0% on fully-converted book value per share (1) 1. Fully Converted assumes conversion of our series of convertible preferred stock and Class A units along with full vesting of our outstanding equity compensation awards. 2. Please see appendix for GAAP net income to Distributable Earnings calculation. 3. Adjusted for accumulated depreciation and amortization of real property of $16.4 million and $16.0 million at 9/30/25 and 6/30/25, respectively. 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.

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 5 Income Statement Balance Sheet - Assets (End of Quarter) Net interest income (1) $30.1 Total core portfolio $4,368.8 Operating expenses (1), (2) (18.9) Loans held-for-sale 659.9 (Provision) / Benefit for credit loss (1) (0.5) Total real estate securities 82.6 NewPoint 9.2 Mortgage servicing rights 208.6 Other income/(loss) (1) 6.9 Cash and restricted cash 143.9 GAAP net income (loss) $17.6 CLO reinvestment available 21.0 NewPoint adjustments to GAAP net income (loss) (3) 0.1 Other assets 733.7 Other adjustments to GAAP net income (loss) (3) 10.7 Total assets $6,218.5 Distributable Earnings before realized gain/(loss) (3) $28.4 Realized gain/(loss) adjustments to GAAP net income (loss) (3) (1.7) Balance Sheet - Debt & Equity Distributable Earnings (3) $26.7 Collateralized loan obligations $2,813.7 Warehouse 1,176.8 GAAP net income (loss) per share, fully converted (4) $0.13 Repo - securities 131.7 GAAP return on common equity 3.6% Asset specific financings 36.9 GAAP dividend coverage, fully converted (3), (4) 36.1% Unsecured debt 185.3 Total debt $4,344.4 Distributable Earnings per share, fully converted (3), (4) $0.22 Preferred equity (5) 348.5 Distributable Earnings return on common equity (3) 6.1% Common stock/retained earnings (6) 1,307.3 Distributable Earnings dividend coverage, fully converted (3), (4) 60.9% Total equity (5), (6) $1,655.8 Distributable Earnings per share before realized gain/(loss), fully converted (3), (4) $0.23 Book value per share, fully converted (4) $14.29 Distributable Earnings return on common equity before realized gain/(loss) (3) 6.6% Distributable Earnings dividend coverage before realized gain/(loss), fully converted (3), (4) 65.7% Net debt/total equity 2.54x Recourse net debt/total equity 0.84x Dividend per share $0.355 Dividend per share yield on book value 9.9% 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 Class A units along with full vesting of our outstanding equity compensation awards. 5. Includes $90 million of preferred equity that converts to common equity on 1/21/26, 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 2025 Financial Update

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 6 $31.2 -$6.2 $29.0 $26.7 4Q'24 1Q'25 2Q'25 3Q'25 $31.9 (2) $28.4 (2) $36.0 $31.7 (2) $25.1 (2) $30.2 $23.7 $24.4 $17.6 4Q'24 1Q'25 2Q'25 3Q'25 4Q'24 1Q'25 2Q'25 3Q'25 $0.355 $0.355 $0.355 $0.355 Dividend per share $0.30 ($0.12) $0.27 $0.22 Distributable earnings per share, fully converted (1), (3) $0.30 $0.31 $0.23 $0.23 Distributable earnings per share before realized gain/(loss), fully converted (1), (3) 84% (35%) 76% 61% Distributable dividend coverage, fully converted (1), (3) 86% 86% 64% 66% Distributable dividend coverage before realized gain/(loss), fully converted (1), (3) Earnings & Distributions Note: All numbers in millions except per share data. 1. Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings. 2. Distributable earnings before realized gain/(loss). 3. Fully Converted assumes conversion of our series of convertible preferred stock and Class A units along with full vesting of our outstanding equity compensation awards. FBRT 3Q 2025 Financial Update Distributable Earnings ($M) (1) GAAP Net Income (Loss) ($M)

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 7 $4,538 $143 $53 ($275) ($34) $4,425 2Q25 Loans Outstanding Fundings on New Loans Fundings on Existing Loans Repayments Transfer to HFS 3Q25 Loans Outstanding $5,000 $459 $148 ($945) ($203) ($34) $4,425 4Q24 Loans Outstanding Fundings on New Loans Fundings on Existing Loans Repayments REO/ Foreclosures Transfer to HFS 3Q25 Loans Outstanding (1) (1) (2) (3) Note: All numbers in millions. 1. Includes full paydowns, dispositions, partial paydowns, non-REO related charge-offs and amortization. 2. Loan transferred to held for sale within the quarter and subsequently sold in October 2025. 3. Includes REO related charge-offs. Core Net Fundings FBRT 3Q 2025 Financial Update 3Q 2025 ($M) YTD 2025 ($M) Total Commitment of $304M Total Commitment of $706M

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 8 Capitalization Overview 1. On our core book (excluding repo-securities and NewPoint), 77% 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 2025 Financial Update Financing Sources (1) Net Leverage (2) Average debt cost including financing was 7.1% in 3Q25 (no change from 2Q25) Collateralized Loan Obligations 65% Warehouse 27% Unsecured Debt 4% Repo - Securities 3% Asset Specific Financings 1% 0.84x 2.54x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x Recourse Net Leverage Total Net Leverage

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 9 Financing Lines 1. Outstanding balance as of September 30, 2025 and net of tranches held by FBRT. 2. Cost of debt is shown before discount and transaction costs. 3. Commitment for loans. Excludes bond repurchase agreements. FBRT 3Q 2025 Financial Update CLOs Warehouse/Revolver/Other CLO Name Debt Amount(1) Reinvest End Date Cost of Debt(2) BSPRT 2021-FL6 $184 million Ended S + 2.07% BSPRT 2021-FL7 $310 million Ended S + 2.06% BSPRT 2022-FL8 $494 million Ended S + 1.93% BSPRT 2022-FL9 $368 million Ended S + 3.21% BSPRT 2023-FL10 $593 million Ended S + 2.65% BSPRT 2024-FL11 $886 million 10/8/27 S + 1.99% Total $2,835 million CLO reinvestment available $21 million Repo – Securities (outstanding) $132 million Name Commitment (3) Barclays (Warehouse) $500 million Wells Fargo $400 million JP Morgan $500 million Atlas SP Partners $350 million Churchill $225 million Barclays (Secured Revolver) $100 million BAML Line of Credit (NewPoint) $500 million Fifth Third WH Line of Credit (NewPoint) $300 million Fifth Third Line of Credit (NewPoint) $100 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

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 10 $21 $384 $522 $117 Unrestricted Cash CLO Reinvestment Available Financing Available & In Progress Total Liquidity (1) Liquidity 1. Represents cash available at 9/30/2025 that we can invest at a market advance rate utilizing our available capacity on financing lines. FBRT 3Q 2025 Financial Update Liquidity ($M)

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 11 NewPoint Financial Highlights Note: All numbers in millions. 1. Included in commercial mortgage loans held for sale and derivative instruments on the balance sheet. 2. Based on final purchase price of $410 million 3. Fully Converted assumes conversion of our series of convertible preferred stock and Class A units along with full vesting of our outstanding equity compensation awards. FBRT 3Q 2025 Financial Update Income Statement Mortgage servicing rights MSR Value on Commitments (1) Total MSR Value Net interest income ($0.4) Beginning Balance $211.5 $5.5 $217.1 Gain / (loss) on sales 26.0 OMSR - new commitments - $19.7 $19.7 Mortgage servicing rights 19.7 OMSR - moved at settlement $12.9 ($12.9) - Mortgage servicing rights amortization, impairments & payoffs (15.9) Amortization, impairments & payoffs ($15.9) - ($15.9) Servicing and ancillary fees 11.6 Ending Balance $208.6 $12.3 $220.9 Servicing interest on escrows 7.9 Total Revenues $48.9 Compensation and benefits (34.4) Volume UPB Count Sales MSR Depreciation and amortization (2.1) Fannie $609.0 27 4.4 7.4 Other (3.2) Freddie $1,289.5 33 9.1 8.0 GAAP net income (loss) $9.2 FHA $273.7 17 10.8 4.4 Income from mortgage servicing rights (19.7) Total $2,172.2 77 $24.3 $19.7 Amortization and write-offs of MSRs 15.9 Non-cash compensation 2.9 Sales Margin/MSR Rate 1.12% 0.91% Other 1.0 Distributable Earnings $9.3 ROE GAAP return on equity (2) 9.0% Distributable Earnings return on equity (2) 9.1% Contribution to FBRT GAAP net income (loss) per share, fully converted (3) $0.09 Distributable Earnings per share, fully converted (3) $0.09

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Portfolio

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 13 Collateral by Region Texas 30% Florida 15% North Carolina 13% Georgia 6% South Carolina 5% New York 5% Various 4% Arizona 3% All Other 19% 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. Two risk rated 5 and one risk rated 4. Portfolio Rate TypePortfolio Summary Collateral by StateCollateral Summary • $4.4B total portfolio; 64.8% WA LTV (1) • 137 senior loans; average UPB (2) of $32M • 10 mezzanine loans; average UPB (2) of $4M • 3 non-performing loans (3) Portfolio Overview Southeast 44% Southwest 33% Mideast 7% Far West 4% New England 4% Great Lakes 2% Rocky Mountain 1% Various 5% Floating 88% Fixed 12% Senior 99% Mezzanine 1% Multifamily 75% Hospitality 13% Industrial 6% Office 3% Other 3%

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 14 By State By Collateral By Region Core Originations in the Quarter Note: Charts shown above are based on the initial funding/unpaid principal balance of the newly originated loans. 1. All-in coupon based on 9/30/25 SOFR indices. Portfolio • 12 loans; $304 million total commitment ($143 million of initial funding / $161 million of future funding) • 5.11% weighted average spread; 9.24% all-in coupon (1) • 11 senior loans; 4.47% weighted average spread • 1 mezzanine loan; 13.33% weighted average spread • 1.0% and 0.7% weighted average origination and exit fees, respectively Overview Southeast 45% Various 30% Southwest 13% Far West 7% Mideast 5% Florida 32% Various 31% Texas 13% Nevada 7% South Carolina 6% North Carolina 6% New Jersey 5% Multifamily 94% Mixed Use 6%

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 15 Pre-Rate Hike Book Total Commitment Post-Rate Hike Book Total Commitment Risk Ratings by Commitment Collateral Type $% Collateral Type $% Multifamily 1,554 79% Multifamily 2,159 75% Hospitality 178 9% Hospitality 417 14% Industrial 76 4% Industrial 204 7% Office 136 7% Office - 0% Mixed Use 33 1% Mixed Use 76 3% Retail - 0% Retail 2 0% Manufactured Housing - 0% Manufactured Housing 29 1% Total 1,977 100% Total 2,887 100% Portfolio Vintage Detail Portfolio • 75% of the post-rate hike book is multifamily • 59% of our book consists of loans originated after the interest rate hikes • 100% of our post-rate hike loans are risk rated a two or three • No positions are on the watch list • 79% of the pre-rate hike book is multifamily • 41% of our book consists of loans originated before the interest rate hikes • 82% of these legacy loans are risk rated a two or three, with the vast majority scheduled to mature by the end of 2026 • We've addressed the positions requiring attention and have reflected them in our watch list Pre-Rate Hike Book Post-Rate Hike Book

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 16 Loan/Asset Location Carrying/Book Value CV/BV PSF Recorded CECL % Written Down Status Office Loan Triple Net Lease 1 (1) Acton, MA $59.1 $168 - —% Performing Subtotal Triple Net Office Loan $59.1 $168 - 0% Office Loan 1 Phoenix, AZ $13.3 $42 - —% Performing; Watchlist Office Loan 2 Alpharetta, GA $21.3 $79 - —% Non-Performing; Watchlist Office Loan 3 Houston, TX $15.3 $65 - —% Performing Office Loan 4 Detroit, MI $20.6 $47 - —% Performing Subtotal Office Loans $70.5 $56 - 0% Subtotal REO Office Properties $34.0 $38.6 53% Total Office Book $163.6 $38.6 19% • Excluding our triple net leased office loan, our traditional multi-tenant office exposure is only 2.2% of our total portfolio. Office Portfolio 1. Triple net leased as corporate headquarters (tenant owned) with 16 years remaining to $20 billion market cap public company. Loan repaid in full in October 2025. Portfolio

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 17 Core Portfolio - Watch List Loans (Risk Rating 4&5) Note: Watchlist loans are loans with a risk rating of 4 or 5. Portfolio Investment Loan Type Investment Date Default Date Non-Performing Collateral Loan Purpose Location Loan Risk Rating Suburban Office Park Floating Rate Senior Loan Q4 2019 None Yes Office Acquisition Alpharetta, GA 5 77-Unit Apartment Community Floating Rate Senior Loan Q4 2021 None Yes Multifamily Acquisition Philadelphia, PA 5 307-Unit Student Housing Community Floating Rate Senior Loan Q2 2022 None No Multifamily Acquisition Norfolk, VA 4 276-Unit Apartment Community Floating Rate Senior Loan Q2 2022 None No Multifamily Acquisition Charlotte, NC 4 344-Unit Apartment Community Floating Rate Senior Loan Q4 2022 None No Multifamily Acquisition San Antonio, TX 4 176-Unit Apartment Community Floating Rate Senior Loan Q2 2022 None No Multifamily Acquisition Fort Worth, TX 4 Urban Office Building Floating Rate Senior Loan Q4 2019 Q3 2025 No Office Acquisition Phoenix, AZ 4 848-Unit Apartment Community Floating Rate Senior Loan Q1 2021 None No Multifamily Acquisition Garland, TX 4 184-Unit Apartment Community Floating Rate Senior Loan Q4 2021 None No Multifamily Acquisition Glendale, AZ 4 148-Unit Apartment Community Floating Rate Senior Loan Q1 2022 Q3 2025 Yes Multifamily Acquisition Smyrna, GA 4

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 18 Foreclosure Real Estate Owned ("REO") Portfolio Investment Loan Investment Date Foreclosure / Deed-In-Lieu Date Collateral Type Collateral Detail Location Single Tenant Retail Portfolio Q2 2022 Q4 2022 - Q2 2023 Retail 2 Freestanding Retail Properties Various CBD Office Complex Q1 2020 Q3 2023 Office 124k Square Foot Office Complex Portland, OR 16-Building Apartment Complex Q1 2021 Q4 2023 Multifamily 236-Unit Apartment Complex with 16 Buildings Lubbock, TX 144-Unit Apartment Community Q2 2022 Q2 2024 Multifamily 144-Unit, Garden Style Apartment Communities Chapel Hill, NC 471-Unit Apartment Community Q2 2022 Q2 2024 Multifamily 471-Unit, Garden Style Apartment Community Raleigh, NC 426-Unit Apartment Community Q2 2018 Q2 2024 Multifamily 426-Unit, High Rise Apartment Community Cleveland, OH 50-Unit Apartment Community Q2 2022 Q4 2024 Multifamily 50-Unit, Mid-Rise Apartment Community Rock Hill, SC 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

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Appendix

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 20 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% 6.63% 5/9/29 Connecticut Multifamily 50.7% Loan 2 Senior Loan 2/9/23 94 94 + 4.00% 8.13% 5/9/28 Various Hospitality 53.6% Loan 3 Senior Loan 2/24/22 85 85 + 3.15% 7.28% 3/9/26 North Carolina Multifamily 69.6% Loan 4 Senior Loan 12/15/21 80 80 4.25% 4.25% 3/9/27 North Carolina Multifamily 76.1% Loan 5 Senior Loan 2/16/24 80 79 + 3.65% 7.78% 3/9/29 Texas Multifamily 53.3% Loan 6 Senior Loan 8/1/23 79 79 + 3.20% 7.33% 8/9/28 Texas Multifamily 58.7% Loan 7 Senior Loan 2/10/22 79 79 + 3.20% 7.33% 2/9/27 Florida Multifamily 74.5% Loan 8 Senior Loan 12/21/21 78 78 + 3.45% 7.58% 1/9/27 Florida Multifamily 78.8% Loan 9 Senior Loan 3/7/24 75 75 + 2.70% 6.83% 3/9/29 North Carolina Industrial 58.6% Loan 10 Senior Loan 3/31/21 74 74 + 2.20% 6.33% 4/9/26 Texas Multifamily 72.6% Loan 11 Senior Loan 9/6/24 73 73 + 2.75% 6.88% 9/9/28 Florida Multifamily 72.7% Loan 12 Senior Loan 2/29/24 67 67 + 3.25% 7.38% 3/9/29 Florida Multifamily 58.7% Loan 13 Senior Loan 9/20/21 67 67 + 3.25% 7.49% 10/9/26 South Carolina Multifamily 77.1% Loan 14 Senior Loan 6/14/22 65 65 + 3.45% 7.58% 6/9/27 Georgia Multifamily 71.6% Loan 15 Senior Loan 11/10/21 61 61 + 3.35% 7.59% 11/9/26 South Carolina Multifamily 78.0% Loans 16 - 147 Senior & Mezz Loans Various 3,251 3,241 + 3.63% 7.78% Various Various Various 64.4% Total/Wtd. avg. $4,425 $4,413 + 3.45% 7.59% 2.1 years 64.8% Average Loan Size $30 $30

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 21 Risk Rating Principal Balance - 3,397 686 297 45 Loan Count, 2Q25 - 114 23 7 1 (+) Addition - 14 2 3 1 (-) Reduction - (10) (6) (2) - Loan Count, 3Q25 - 118 19 8 2 Change QoQ - 4 (4) 1 1 Non-Performing - - - 1 2 Watch List - - - 8 2 0.0% 76.8% 15.5% 6.7% 1.0% 1 2 3 4 5 Core Portfolio – Risk Ratings Note: Principal balance in millions. Watchlist loans are loans with a risk rating of 4 or 5. Appendix Risk Ratings Average risk rating was 2.3 for the quarter (no change from 2Q25)

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 22 $0.14 $0.05 $0.01 $0.00 $0.00 -1.50% -1.00% -0.50% 9/30/2025 +0.25% 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 core portfolio, assuming no change in credit spreads, portfolio composition or asset performance. Excludes NewPoint. Appendix EPS Sensitivity on Index Rates Positive earnings correlation to falling rates due to rate floor activations As of 10/15/25: 1M SOFR: 4.04% As of 9/30/25: 1M SOFR: 4.13%

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 23 $295 $1,014 $1,024 $804 $1,228 $60 2025 ROY 2026 2027 2028 2029 2030 Core Portfolio – Fully Extended Maturities Note: All numbers in millions. Appendix Fully Extended Maturity by Year

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 24 Multifamily 81% Office 2% Hospitality 13% All Other 4% 2Q25 Provision/ (Benefit) Write offs 3Q25 UPB As % of Total UPB General CECL Provision $43.8 ($1.5) - $42.3 $4,403 1.0% Specific CECL Provision 0.3 2.0 - 2.3 $22 0.0% Total Allowance for Credit Losses $44.1 $0.5 $0.0 $44.6 $4,425 1.0% 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

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 25 GAAP Net Income to Distributable Earnings Reconciliation Note: All numbers in millions except share and per share data. 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 Holdings JV LLC 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, 2025, the Company has $5.4 million of GAAP loss adjustments that would run through distributable earnings if and when cash 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 Class A units along with full vesting of our outstanding equity compensation awards. Appendix 3Q'25 2Q'25 1Q'25 4Q'24 GAAP Net Income (Loss) 17.6 24.4 23.7 30.2 Adjustments: Unrealized (Gain) / Loss (1) 1.9 (2.5) 3.3 (1.5) Subordinated Performance Fee (2) (0.3) (0.8) 0.3 (1.4) Non-Cash Compensation Expense 5.2 2.3 2.2 2.2 Depreciation & Amortization, net 3.4 1.4 1.4 1.4 Transaction-Related and Non-Recurring Items (3) 4.0 1.8 3.0 - (Reversal of) / Provision for Credit Loss (0.6) (1.5) (1.9) 0.9 Income from mortgage servicing rights (19.7) - - - Amortization and write-offs of MSRs 15.9 - - - Fair value adjustments on equity investments 0.9 - - - Distributable Earnings before realized gain/(loss) 28.4 25.1 31.9 31.7 Realized Gain / (Loss) Adjustment on Loans and REO (4) (1.7) 3.9 (38.2) (0.5) Distributable Earnings 26.7 29.0 (6.2) 31.2 7.5% Series E Cumulative Reedemable Preferred Stock Dividend (4.8) (4.8) (4.8) (4.8) Noncontrolling Interests in Joint Ventures Net (Income) / Loss (0.3) (1.2) 0.4 0.4 Noncontrolling Interests in Joint Ventures Net (Income) / Loss DE Adjustments (0.5) 1.1 (0.4) (0.4) Distributable Earnings to Common 21.0 24.1 (11.1) 26.4 Average Common Stock & Common Stock Equivalents (5) 1,385.4 1,324.4 1,338.9 1,346.2 GAAP Net Income / (Loss) ROE 3.6% 5.5% 5.7% 7.6% Distributable Earnings ROE 6.1% 7.3% (3.3%) 7.8% GAAP Net Income / (Loss) Earnings Per Share, Diluted $0.12 $0.19 $0.20 $0.29 Fully Converted Weighted Average Shares Outstanding (6) 97,406,462 89,022,855 88,842,266 88,437,287 GAAP Net Income / (Loss) Earnings Per Share, Fully Converted (6) $0.13 $0.21 $0.22 $0.29 Distributable Earnings Per Share, Fully Converted (6) $0.22 $0.27 ($0.12) $0.30 Distributable Earnings Per Share before realized gain/(loss), Fully Converted (6) $0.23 $0.23 $0.31 $0.30

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 26 Book Value Per Share & Shares Outstanding Appendix September 30, 2025 Stockholders' equity applicable to convertible common stock $1,391,864 Shares: Common stock 82,214,630 Restricted stock and restricted stock units 1,435,383 Series H convertible preferred stock 5,370,498 Class A - OP Units 8,385,951 Total outstanding shares 97,406,462 Fully-converted book value per share(1)(2) $14.29 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, Class A Units and the vesting of the Company's unvested RSUs. 2. Book value per share as of September 30, 2025, excluding the impact for accumulated depreciation and amortization of real property of $16.4 million, was $14.46.

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 27 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Income Interest income $106,167 $134,142 $331,246 $398,253 Less: Interest expense 76,492 89,884 217,298 257,942 Net interest income 29,675 44,258 113,948 140,311 Gain/(loss) on sales, including fee-based services, net 29,423 5,613 34,726 13,125 Mortgage servicing rights 19,745 — 19,745 — Servicing revenue 3,606 — 3,606 — Gain/(loss) on derivatives (122) (1,251) (456) (1,260) Revenue from real estate owned 7,222 5,412 22,355 14,196 Total income $89,549 $54,032 $193,924 $166,372 Expenses Compensation and benefits $34,434 $— $34,434 $— Asset management and subordinated performance fee 6,082 4,906 18,174 19,023 Acquisition expenses 265 255 739 688 Administrative services expenses 3,455 3,801 10,687 7,365 Professional fees 9,334 3,588 20,609 11,536 Other expenses 14,052 5,709 35,557 11,274 Depreciation and amortization 3,432 1,387 6,193 4,221 Share-based compensation 2,237 2,134 6,799 6,020 Total expenses $73,291 $21,780 $133,192 $60,127 Other income/(loss) (Provision)/benefit for credit losses $569 $268 $3,954 $(34,790) Realized gain/(loss) on real estate securities, available for sale — 55 113 143 Gain/(loss) on other real estate investments (2,116) (2,193) (1,664) (8,436) Income/(loss) from equity method investments 6 — 187 — Total other income/(loss) $(1,541) $(1,870) $2,590 $(43,083) Income/(loss) before taxes 14,717 30,382 63,322 63,162 (Provision)/benefit for income tax 2,899,, (209) 2,383.. (927) Net income/(loss) $17,616 $30,173 $65,705 $62,235 Net (income)/loss attributable to non-controlling interest (302) 1,441 (1,132) 3,124 Net income/(loss) attributable to Franklin BSP Realty Trust, Inc. $17,314 $31,614 $64,573 $65,359 Less: Preferred stock dividends 6,749 6,749 20,245 20,245 Net income/(loss) applicable to common stock $10,565 $24,865 $44,328. $45,114 Basic earnings per share $0.12 $0.30 $0.52 $0.53 Diluted earnings per share $0.12 $0.30 $0.51 $0.53 Basic weighted average shares outstanding 82,214,630 81,788,091 82,150,496 81,865,672 Diluted weighted average shares outstanding 90,600,581 81,788,091 84,976,530 81,865,672 FBRT Income Statement Appendix

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 28 September 30, 2025 ASSETS Cash and cash equivalents $116,652 Restricted cash 27,211 Investment securities, held to maturity 18,948 Commercial mortgage loans, held for investment, net of allowance for credit losses of $43,981 as of September 30, 2025 4,368,800 Commercial mortgage loans, held for sale, measured at fair value 619,031 Commercial mortgage loans, held for sale 40,909 Real estate securities, available for sale, measured at fair value, amortized cost of $82,578 as of September 30, 2025 82,640 Mortgage servicing rights, measured at fair value 208,564 Accrued interest receivable 41,183 Receivable for loan repayment 25,736 Prepaid expenses and other assets 46,739 Real estate owned, net of depreciation 99,853 Real estate owned, held for sale 212,429 Equity method investments 69,071 Intangible lease asset, net of amortization 117,981 Goodwill 90,848 Derivative instruments, measured at fair value 18,779 Loan repurchase option 13,102 Total assets $6,218,475 LIABILITIES AND STOCKHOLDERS' EQUITY Collateralized loan obligations $2,813,699 Repurchase agreements and revolving credit facilities - commercial mortgage loans 1,176,808 Repurchase agreements - real estate securities 131,657 Other financings 12,865 Unsecured debt 185,262 Mortgage note payable 23,998 Allowance for loss sharing 22,555 Accrued compensation 48,092 Loan repurchase option 13,102 Interest payable 20,086 Distributions payable 39,425 Accounts payable and accrued expenses 20,836 Due to affiliates 12,728 Derivative instruments, measured at fair value 7,554 Other liabilities 34,039 Total liabilities $4,562,706 Commitments and Contingencies Redeemable convertible preferred stock: Redeemable convertible preferred stock Series H, $0.01 par value, 20,000 authorized issued and outstanding as of September 30, 2025 $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, 2025 $258,742 Common stock, $0.01 par value, 900,000,000 shares authorized, 82,925,055 shares issued and outstanding as of September 30, 2025 822 Additional paid-in capital 1,605,399 Accumulated other comprehensive income/(loss) 62 Accumulated deficit (392,841) Total stockholders' equity $1,472,184 Non-controlling interest 93,837 Total equity $1,566,021 Total liabilities, redeemable convertible preferred stock and equity $6,218,475 FBRT Balance Sheet Appendix

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B E N E F I T S T R E E T P A R T N E R S \| A L C E N T R A 29 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, and (vii) certain other non-cash items. 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 and Distributable Earnings to Common provide meaningful information to consider in addition to the disclosed GAAP results. The Company believes Distributable Earnings 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 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 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.

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www.benefitstreetpartners.com www.alcentra.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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