# EDGAR Filing Document

**Accession Number:** 0001562528
**File Stem:** 0001562528-25-000033
**Filing Date:** 2025-7
**Character Count:** 75958
**Document Hash:** a282d68aac8388934f811128f12cf9dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562528-25-000033.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001562528-25-000033

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20250730

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**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:** 251167870

**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-20250730

**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): July 30, 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 July 30, 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 June 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](fbrtq22025earningsrelease.htm)</u> | Press Release dated July 30, 2025 announcing the Company's financial results for the quarter ended June 30, 2025 |
| <u>[99.2](a2q25investorsupplementa.htm)</u> | Supplemental Presentation for the quarter ended June 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: July 30, 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 Second Quarter 2025 Results** 

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

Reported GAAP net income of $24.4 million for the three months ended June 30, 2025, compared to $23.7 million for the three months ended March 31, 2025. Reported diluted earnings per share ("EPS") to common stockholders of $0.19 for the three months ended June 30, 2025, compared to $0.20 for the three months ended March 31, 2025.

Reported Distributable Earnings (a non-GAAP financial measure) of $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, compared to $(6.2) million, or $(0.12) per diluted common share on a fully converted basis<sup>(1)</sup>, for the three months ended March 31, 2025, respectively.

**Second Quarter 2025 Summary**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Core portfolio principal balance of $4.5 billion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Portfolio consisted of 145 loans with an average loan size of $31.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 99.1% of the Company's portfolio is in senior mortgage loans and approximately 88.1% is floating rate loans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 74.0% of the portfolio is collateralized by multifamily properties and only 2.9% is collateralized by office properties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed $60.8 million of new loan commitments at a weighted average spread of 384 basis points

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Funded $90.6 million of principal balance including future funding on existing loans and received loan repayments of $316.8 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total liquidity of $500.6 million, which includes $76.8 million in cash and cash equivalents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Produced GAAP and Distributable Earnings ROE (a non-GAAP financial measure) of 5.5% and 7.3%, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Declared a common stock cash dividend of $0.355, representing an annualized 9.6% yield on book value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Book value of $14.82 per diluted common share on a fully converted basis<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to quarter end, the Company acquired NewPoint Holdings JV LLC ("NewPoint"), a privately held commercial real estate finance company headquartered in Plano, Texas

Michael Comparato, President of FBRT, said, "We continue to make meaningful progress across our legacy portfolio and see a clear path to dividend coverage. With the NewPoint acquisition now closed, FBRT is uniquely positioned to grow and create long-term value for stockholders."

**Portfolio and Investment Activity**

*Core portfolio*: For the quarter ended June 30, 2025, the Company closed $60.8 million of new loan commitments, funded $90.6 million of principal balance on new and existing loans, and received loan repayments of $316.8 million. As of June 30, 2025, the Company had eight loans on its watch list, one of which was risk rated a five and seven of which were risk rated a four.

*Conduit:* For the quarter ended June 30, 2025, the Company originated $25.2 million of fixed rate conduit loans and sold $8.0 million of conduit loans for a gain of $0.3 million, gross of related derivatives.

*Real estate owned*: The Company ended the quarter with ten foreclosure real estate owned positions totaling $246.2 million, one investment real estate owned position of $120.4 million, and two equity investment positions of $23.4 million.

*Allowance for credit losses*: The Company recognized a benefit for credit losses of $1.5 million, comprised of a $2.6 million general allowance benefit, partially offset by a $1.1 million specific allowance provision.

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

------

**Book Value**

As of June 30, 2025, book value was $14.82 per diluted common share on a fully converted basis<sup>(1)</sup>.

**Share Repurchase Program**

As of July 28, 2025, $31.1 million remains available under the $65.0 million share repurchase program, which extends through December 31, 2025.

**Subsequent Events**

On July 1, 2025, the Company completed the previously announced acquisition of NewPoint Holdings JV LLC for a total consideration of $428.2 million. The consideration was comprised of $337.3 million in cash (which amount remains subject to possible post-closing adjustment) and 8,385,951 Class A Units of FBRT OP LLC, a consolidated subsidiary of Franklin BSP Realty Trust, Inc. NewPoint Holdings JV LLC historical financial statements were filed on July 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.

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 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 June 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, July 31, 2025 at 9:00 a.m. ET. Participants are encouraged to pre-register for the call and webcast at https://dpregister.com/sreg/10200726/ff69771bb8. 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=49FOOjpl. 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 June 30, 2025, FBRT had approximately $5.6 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)**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Cash and cash equivalents | $414085 | $184443 |
| Restricted cash | 8695 | 12421 |
| Commercial mortgage loans, held for investment, net of allowance for credit losses of $43,241 and $78,083 as of June 30, 2025 and December 31, 2024, respectively<sup>(1)</sup> | 4482201 | 4908667 |
| Commercial mortgage loans, held for sale, measured at fair value<sup>(2)</sup> | 17150 | 87270 |
| Real estate securities, available for sale, measured at fair value, amortized cost of $83,656 and $202,894 as of June 30, 2025 and December 31, 2024, respectively<sup>(3)</sup> | 83361 | 202973 |
| Receivable for loan repayment<sup>(4)</sup> | 171775 | 157582 |
| Accrued interest receivable | 35830 | 42225 |
| Prepaid expenses and other assets | 23155 | 17526 |
| Intangible lease asset, net of amortization | 38394 | 39834 |
| Real estate owned, net of depreciation | 111839 | 113160 |
| Real estate owned, held for sale | 220357 | 222890 |
| Equity method investments | 23376 | 13395 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**5630218** | $**6002386** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Collateralized loan obligations | $3043604 | $3628270 |
| Repurchase agreements and revolving credit facilities - commercial mortgage loans | 573093 | 329811 |
| Repurchase agreements - real estate securities | 128890 | 236608 |
| Mortgage note payable | 23998 | 23998 |
| Other financings | 12865 | 12865 |
| Unsecured debt | 184934 | 81395 |
| Derivative instruments, measured at fair value | 350 | 713 |
| Interest payable | 12378 | 12844 |
| Distributions payable | 36456 | 36237 |
| Accounts payable and accrued expenses | 14310 | 14443 |
| Due to affiliates | 13074 | 14106 |
| Intangible lease liability, held for sale | 880 | 1291 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | $**4044832** | $**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 June 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 June 30, 2025 and December 31, 2024 | $258742 | $258742 |
| Common stock, $0.01 par value, 900,000,000 shares authorized, 82,928,544 and 83,066,789 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 822 | 818 |
| Additional paid-in capital | 1603162 | 1600997 |
| Accumulated other comprehensive income/(loss) | (296) | 79 |
| Accumulated deficit | (373710) | (348074) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | $**1488720** | $**1512562** |
| Non-controlling interest | 6918 | 7495 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | $**1495638** | $**1520057** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, redeemable convertible preferred stock and equity** | $**5630218** | $**6002386** |

---

______________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Includes pledged assets of $613.5 million and $268.7 million as of June 30, 2025 and December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> There were no pledged assets of June 30, 2025 and $61.1 million pledged assets as of December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Includes pledged assets of $83.4 million and $180.7 million as of June 30, 2025 and December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> Includes $171.3 million and $157.0 million of cash held by servicer related to the CLOs as of June 30, 2025 and December 31, 2024, respectively.

------

**FRANKLIN BSP REALTY TRUST, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | $111171 | $133553 | $225079 | $264111 |
| &nbsp;&nbsp;&nbsp;Less: Interest expense | 70213 | 86740 | 140806 | 168058 |
| &nbsp;&nbsp;&nbsp;Net interest income | 40958 | 46813 | 84273 | 96053 |
| &nbsp;&nbsp;&nbsp;Revenue from real estate owned | 8336 | 4072 | 15133 | 8784 |
| &nbsp;&nbsp;&nbsp;**Total income** | $**49294** | $**50885** | $**99406** | $**104837** |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset management and subordinated performance fee | $5537 | $6252 | $12092 | $14117 |
| &nbsp;&nbsp;&nbsp;Acquisition expenses | 175 | 195 | 474 | 433 |
| &nbsp;&nbsp;&nbsp;Administrative services expenses | 3884 | 704 | 7232 | 3564 |
| &nbsp;&nbsp;&nbsp;Professional fees | 4698 | 3864 | 11274 | 7948 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 2316 | 2087 | 4562 | 3886 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1381 | 1417 | 2761 | 2835 |
| &nbsp;&nbsp;&nbsp;Other expenses | 11569 | 3202 | 21505 | 5565 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | $**29560** | $**17721** | $**59900** | $**38348** |
| **Other income/(loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Provision)/benefit for credit losses | $1487 | $(32178) | $3385 | $(35059) |
| &nbsp;&nbsp;&nbsp;Realized gain/(loss) on real estate securities, available for sale | 113 |  | 113 | 88 |
| &nbsp;&nbsp;&nbsp;Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value | 264 | 1384 | 5303 | 6897 |
| &nbsp;&nbsp;&nbsp;Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value |  | 158 |  | 615 |
| &nbsp;&nbsp;&nbsp;Gain/(loss) on other real estate investments | 2684 | (6249) | 452 | (6243) |
| &nbsp;&nbsp;&nbsp;Unrealized gain/(loss) on derivatives | (153) | (183) | (1209) | (321) |
| &nbsp;&nbsp;&nbsp;Realized gain/(loss) on derivatives | (64) | 22 | 874 | 313 |
| &nbsp;&nbsp;&nbsp;Income/(loss) from equity method investments | 181 |  | 181 |  |
| &nbsp;&nbsp;&nbsp;**Total other income/(loss)** | $**4512** | $**(37046)** | $**9099** | $**(33710)** |
| &nbsp;&nbsp;&nbsp;Income/(loss) before taxes | 24246 | (3882) | 48605 | 32779 |
| &nbsp;&nbsp;&nbsp;(Provision)/benefit for income tax | 138 | 117 | (516) | (717) |
| **Net income/(loss)** | $**24384** | $**(3765)** | $**48089** | $**32062** |
| Net (income)/loss attributable to non-controlling interest | (1183) | 1590 | (830) | 1683 |
| **Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.** | $**23201** | $**(2175)** | $**47259** | $**33745** |
| &nbsp;&nbsp;&nbsp;Less: Preferred stock dividends | 6748 | 6748 | 13496 | 13497 |
| **Net income/(loss) applicable to common stock** | $**16453** | $**(8923)** | $**33763** | $**20248** |
| Basic earnings per share | $0.19 | $(0.11) | $0.40 | $0.24 |
| Diluted earnings per share | $0.19 | $(0.11) | $0.40 | $0.24 |
| Basic weighted average shares outstanding | 82181403 | 81815681 | 82117897 | 81904888 |
| Diluted weighted average shares outstanding | 82181403 | 81815681 | 82117897 | 81904888 |

---

------

**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 six months ended June 30, 2025 and 2024 (amounts in thousands, except share and per share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **GAAP Net Income (Loss)** | $24384 | $(3765) | $48089 | $32062 |
| **Adjustments:** |  |  |  |  |
| Unrealized (gain)/loss on financial instruments<sup>(1)</sup> | (2531) | 6274 | 757 | 5949 |
| Subordinated performance fee<sup>(2)</sup> | (791) | (2158) | (540) | (2712) |
| Non-cash compensation expense | 2316 | 2087 | 4562 | 3886 |
| Depreciation and amortization | 1381 | 1417 | 2761 | 2835 |
| Transaction-related and non-recurring items<sup>(3)</sup> | 1847 |  | 4821 |  |
| (Reversal of)/provision for credit losses | (1487) | 32178 | (3385) | 35059 |
| **Distributable Earnings before realized loss** | $**25119** | $**36033** | $**57065** | $**77079** |
| Realized gain/(loss) adjustment on loans and REO<sup>(4)</sup> | 3886 | (3680) | (34294) | (3680) |
| **Distributable Earnings** | $**29005** | $**32353** | $**22771** | $**73399** |
| 7.5% series E cumulative redeemable preferred stock dividend | (4842) | (4842) | (9684) | (9684) |
| Non-controlling interests in joint ventures net (income) / loss | (1183) | 1590 | (830) | 1683 |
| Non-controlling interests in joint ventures adjusted net (income) / loss DE adjustments | 1094 | (1676) | 744 | (1952) |
| **Distributable Earnings to Common** | $**24074** | $**27425** | $**13001** | $**63446** |
| Average common stock & common stock equivalents<sup>(5)</sup> | 1324424 | 1370731 | 1331629 | 1380321 |
| GAAP net income/(loss) ROE | 5.5% | (2.0)% | 5.6% | 3.5% |
| Distributable earnings ROE | 7.3% | 8.0% | 2.0% | 9.2% |
| GAAP net income/(loss) per share, diluted | $0.19 | $(0.11) | $0.40 | $0.24 |
| GAAP net income/(loss) per share, fully converted<sup>(6)</sup> | $0.21 | $(0.08) | $0.42 | $0.27 |
| Distributable earnings per share, fully converted<sup>(6)</sup> | $0.27 | $0.31 | $0.15 | $0.72 |
| Distributable earnings per share before realized gain/(loss), fully converted<sup>(6)</sup> | $0.23 | $0.35 | $0.53 | $0.76 |

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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 June 30, 2025, the Company had $5.0 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 full vesting of our outstanding equity compensation awards.

## Exhibit 99.2

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Franklin BSP Realty Trust Second 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 June 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 June 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 2Q 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 1. Fully converted per share information assumes applicable conversion of our outstanding series of convertible preferred stock into common stock and the 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 $16.0 million and $14.8 million at 6/30/25 and 3/31/25, respectively. 4. Cash excludes restricted cash and cash reserved for the acquisition of NewPoint Holdings JV LLC. Total liquidity amount includes the cash available we can invest at a market advance rate utilizing our available capacity on financing lines. FBRT 2Q 2025 Financial Update • Fully-converted book value per share is $14.82 vs. $14.95 in Q1 2025 (1). Undepreciated fully-converted book value per share is $15.00 vs. $15.12 in Q1 2025 (1) (3) • Net debt to equity is 2.2x; recourse net debt to equity is 0.3x • 79% of financing sources are non-mark-to-market on our core book • $501 million of liquidity of which $77 million is cash and $79 million is CLO reinvest/ramp available (4) • Core Portfolio: Principal balance decreased by $263 million in the quarter. Closed $61 million of new loan commitments and funded $91 million of principal balance including future funding on existing loans. Received loan repayments of $317 million. Transferred $37 million to real estate owned • Core Portfolio: Originated $0.4 billion of new loan commitments year-to-date and funded $0.3 billion of principal balance on new loans • Core Portfolio of 145 CRE loans and $4.5 billion of principal balance, average size of $31 million and 74% multifamily. One asset was removed from the watch list. Eight assets remain on the watch list, one of which is risk rated a five and seven of which are risk rated a four • Ten foreclosure real estate owned positions, totaling $246 million, one investment real estate owned position of $120 million, and two equity investment positions of $23 million Capitalization Investments Portfolio Earnings • GAAP Net Income of $24.4 million and $0.19 per diluted common share and $0.21 per fully converted share (1) • Distributable Earnings (2) of $29.0 million and $0.27 per fully converted share (1) • Declared a cash dividend of $0.355 per share, representing an annualized yield of 9.6% on fully-converted book value per share (1). GAAP and Distributable Earnings (2) dividend coverage of 58% and 76%, respectively

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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 NewPoint Strategic Rationale FBRT 2Q 2025 Financial Update This Transaction Adds Capital-Light Businesses and Long-Term Assets to FBRT Agency Licenses Provides highly sought-after Agency licenses allowing FBRT to directly originate Agency loans Book Value per Share Growth Adds mortgage servicing rights ("MSR") as a long-term asset on FBRT's balance sheet. Provides a potential avenue for recurring BVPS growth, delivering long-term value to FBRT's stockholders CRE Servicing Enhances income stability, predictability and duration through a scaled servicer. Enables FBRT to service Agency loans, third party CRE loans and FBRT originated loans Strategic Growth Creates a natural expansion of FBRT's core competency in multifamily lending. Strategically positions FBRT to grow and diversify product lines within this high conviction sector 1 3 2 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 6 Expanding FBRT's Multifamily Lending Capabilities with NewPoint FBRT 2Q 2025 Financial Update FBRT is a One Stop Shop Supporting the Entire Multifamily Lending Lifecycle FBRT Capabilities Loan Type Pre-Acquisition Post-Acquisition Originations Servicing Originations Servicing Construction Loans (2-3 years)     Transitional Loans (2-3 years) Lease Up     Value Add     Stabilized Bridge     CMBS Loans (5-10 years)     Agency Loans (5-10 years) Fannie Mae     Freddie Mac     Ginnie Mae (HUD)    

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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 Income Statement Balance Sheet - Assets (End of Quarter) Net interest income $41.0 Total core portfolio $4,482.2 Operating expenses (1) (18.1) Total real estate securities 83.4 (Provision) / Benefit for credit loss $1.5 Cash and restricted cash 422.8 Other income/(loss) - CLO reinvestment available 79.4 GAAP net income (loss) $24.4 Other assets 562.4 Adjustments to GAAP net income (loss) (2) 0.7 Total assets $5,630.2 Distributable Earnings before realized gain/(loss) (2) $25.1 Realized gain/(loss) adjustments to GAAP net income (loss) (2) $3.9 Balance Sheet - Debt & Equity Distributable Earnings (2) $29.0 Collateralized loan obligations $3,043.6 Warehouse 573.1 GAAP net income (loss) per share, fully converted (3) $0.21 Repo - securities 128.9 GAAP return on common equity 5.5% Asset specific financings 36.9 GAAP dividend coverage, fully converted (2), (3) 58.1% Unsecured debt 184.9 Total debt $3,967.4 Distributable Earnings per share, fully converted (2), (3) $0.27 Preferred equity (4) 348.5 Distributable Earnings return on common equity (2) 7.3% Common stock/retained earnings (5) 1,236.9 Distributable Earnings dividend coverage, fully converted (2), (3) 76.2% Total equity (4), (5) $1,585.4 Distributable Earnings per share before realized gain/(loss), fully converted (2), (3) $0.23 Book value per share, fully converted (3) $14.82 Distributable Earnings return on common equity before realized gain/(loss) (2) 6.1% Distributable Earnings dividend coverage before realized gain/(loss), fully converted (2), (3) 63.9% Net debt/total equity 2.24x Recourse net debt/total equity 0.32x Dividend per share $0.355 Dividend per share yield on book value 9.6% Financial Highlights Note: All numbers in millions except per share and share data. 1. Does not include real estate owned operating income which is reported under Other income / (loss). 2. Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings. 3. Fully converted per share information assumes applicable conversion of our outstanding series of convertible preferred stock into common stock and the full vesting of our outstanding equity compensation awards. 4. 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. 5. Includes non-controlling interest. FBRT 2Q 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 8 Path to Dividend Coverage Note: Current State Distributable Earnings estimate is based on the earnings power of FBRT's portfolio at 6/30/2025. FBRT 2Q 2025 Financial Update We have three key earnings opportunities that we expect to bring us back to full dividend coverage: 1. Calling older CLOs that are outside of their reinvestment period and investing the liquidity into new originations 2. Reinvestment of equity currently tied up in non-performing loans and our REO portfolio 3. Once NewPoint is fully integrated, we believe it will deliver an 8% ROE or better. Current earnings range below represents a 4%-8% ROE Distributable Earnings FBRT Current State Distributable Earnings Incremental Earnings Opportunities Potential CLO call and originations $0.04 $0.06 REO and Workout Resolutions $0.08 $0.12 NewPoint $0.04 $0.08 Proforma Distributable EPS $0.38 $0.48 Proforma Coverage 107% 135% Quarterly EPS Range $0.22

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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 -$4.0 $31.2 -$6.2 $29.0 3Q'24 4Q'24 1Q'25 2Q'25 $31.9 (2)$32.5 (2) $36.0 $31.7 (2) $25.1 (2) $30.2 $30.2 $23.7 $24.4 3Q'24 4Q'24 1Q'25 2Q'25 3Q'24 4Q'24 1Q'25 2Q'25 $0.355 $0.355 $0.355 $0.355 Dividend per share ($0.10) $0.30 ($0.12) $0.27 Distributable earnings per share, fully converted (1), (3) $0.31 $0.30 $0.31 $0.23 Distributable earnings per share before realized gain/(loss), fully converted (1), (3) (28%) 84% (35%) 76% Distributable dividend coverage, fully converted (1), (3) 88% 86% 86% 64% Distributable dividend coverage before realized gain/(loss), fully converted (1), (3) Earnings & Distributions Note: All numbers in millions except per share data. 1. Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings. 2. Distributable earnings before realized gain/(loss). 3. Fully converted per share information assumes applicable conversion of our outstanding series of convertible preferred stock into common stock and the full vesting of our outstanding equity compensation awards. FBRT 2Q 2025 Financial Update Distributable Earnings ($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 10 $4,801 $56 $35 ($317) ($37) $4,538 1Q25 Loans Outstanding Fundings on New Loans Fundings on Existing Loans Repayments REO/ Foreclosures 2Q25 Loans Outstanding $5,000 $317 $94 ($670) ($203) $4,538 4Q24 Loans Outstanding Fundings on New Loans Fundings on Existing Loans Repayments REO/ Foreclosures 2Q25 Loans Outstanding (1) (1) (2) (2) Note: All numbers in millions. 1. Includes full paydowns, dispositions, partial paydowns, non-REO related charge-offs and amortization. 2. Includes REO related charge-offs. Core Net Fundings FBRT 2Q 2025 Financial Update 2Q 2025 ($M) YTD 2025 ($M) Total Commitment of $61M Total Commitment of $402M

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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 Capitalization Overview 1. On our core book (excluding repo-securities), 79% 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 2Q 2025 Financial Update Financing Sources (1) Net Leverage (2) Average debt cost including financing was 7.1% in 2Q25 vs. 6.9% in 1Q25 Collateralized Loan Obligations 77% Warehouse 14% Unsecured Debt 5% Repo - Securities 3% Asset Specific Financings 1% 0.32x 2.24x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 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 12 Financing Detail 1. Outstanding balance as of June 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 2Q 2025 Financial Update CLOs Warehouse/Revolver/Other CLO Name Debt Amount(1) Reinvest End Date Cost of Debt(2) BSPRT 2021-FL6 $214 million Ended S + 1.96% BSPRT 2021-FL7 $374 million Ended S + 1.93% BSPRT 2022-FL8 $504 million Ended S + 1.92% BSPRT 2022-FL9 $379 million Ended S + 3.18% BSPRT 2023-FL10 $710 million Ended S + 2.59% BSPRT 2024-FL11 $886 million 10/8/27 S + 1.99% Total $3,067 million CLO reinvestment available $79 million Repo – Securities (outstanding) $129 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 Total $2,075 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 13 Liquidity 1. On July 1, 2025, the Company completed the previously announced acquisition of NewPoint Holdings JV LLC for a total consideration of approximately $428.2 million. The consideration was comprised of $337.3 million in cash, inclusive of closing adjustments (which amount remains subject to possible post-closing adjustment), and 8,385,951 Class A Units of FBRT OP LLC, a consolidated subsidiary of Franklin BSP Realty Trust, Inc. 2. Represents cash available at 6/30/2025 that we can invest at a market advance rate utilizing our available capacity on financing lines. FBRT 2Q 2025 Financial Update Liquidity ($M) $79 -$337 $156 $345 $501 $414 Unrestricted Cash CLO Reinvestment Available NewPoint Transaction Proforma Cash/ Reinvest Financing Available & In Progress Total Liquidity (1) (2)

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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 NewPoint Disclosure Note: Our guidelines are based on the current projections of the federal funds rate. NewPoint historical numbers are unaudited. FBRT 2Q 2025 Financial Update 1H 2025 FY 2025 FY 2026 Agency/FHA Volume $1.9B $4.0B - $4.5B $5.0B - $6.0B GAAP Net Income $15M $23M - $27M $35M - $45M Distributable Earnings $10M $13M - $17M $22M - $28M NewPoint Guidelines Additional Guidelines • NewPoint's earnings contribution to FBRT should grow meaningfully over time as its income is directly correlated to the cumulative Agency/FHA origination volume and MSR portfolio • NewPoint's MSR Portfolio details as of June 30, 2025: • Value is approximately $217M • Implied life of 6.8 years • Weighted average origination year of the Agency/FHA portfolio is 2021 • NewPoint Agency/FHA originations should outpace NewPoint Agency/FHA payoffs for the next 8-12 quarters which increases FBRT's MSR portfolio - Received $0.5B, $0.3B and $0.5B of payoffs in 2023, 2024 and 1H2025, respectively • We expect NewPoint to be accretive from a GAAP earnings and book value per share standpoint in the first half of 2026 and in the second half of 2026 for Distributable Earnings

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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 16 Collateral by Region Texas 31% Florida 14% North Carolina 14% Georgia 6% South Carolina 5% New York 5% Various 4% Arizona 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. One risk rated 5 and one risk rated 4. Portfolio Rate TypePortfolio Summary Collateral by StateCollateral Summary • $4.5B total portfolio; 63.3% WA LTV (1) • 135 senior loans; average UPB (2) of $33M • 10 mezzanine loans; average UPB (2) of $4M • 2 non-performing loans (3) Portfolio Overview Southeast 43% Southwest 35% Mideast 8% Far West 4% New England 4% Great Lakes 2% Rocky Mountain 1% Various 3% Floating 88% Fixed 12%Senior 99% Mezzanine 1% Multifamily 74% Hospitality 14% Industrial 6% Office 3% Retail 1% Other 2%

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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 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 6/30/25 SOFR indices. Portfolio • 5 loans; $61 million total commitment ($56 million of initial funding / $5 million of future funding) • 3.84% weighted average spread; 8.16% all-in coupon (1) • 0.2% and 0.4% weighted average origination and exit fees, respectively Overview Southwest 78% Southeast 22% Texas 41% Oklahoma 37% North Carolina 11% Virginia 11% Multifamily 83% Industrial 11% Office 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 18 Pre-Rate Hike Book Total Commitment Post-Rate Hike Book Total Commitment Collateral Type $% Collateral Type $% Multifamily 1,711 79% Multifamily 1,929 71% Hospitality 196 9% Hospitality 444 16% Industrial 76 4% Industrial 220 8% Office 137 6% Office - 0% Mixed Use 33 2% Mixed Use 66 2% Retail - 0% Retail 42 2% Manufactured Housing - 0% Manufactured Housing 29 1% Total 2,153 100% Total 2,730 100% Portfolio Vintage Detail Portfolio • 71% of the post-rate hike book is multifamily • 56% 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 • 44% of our book consists of loans originated before the interest rate hikes • 89% 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 19 Loan/Asset Location Carrying/Book Value CV/BV PSF Recorded CECL % Written Down Status Office Loan Triple Net Lease 1 (1) Acton, MA $59.7 $170 - —% Performing Subtotal Triple Net Office Loan $59.7 $170 - 0% Office Loan 1 Phoenix, AZ $13.5 $43 - —% Performing; Watchlist Office Loan 2 Alpharetta, GA $21.8 $81 $0.3 1% Non-Performing; Watchlist Office Loan 3 Houston, TX $15.4 $65 - —% Performing Office Loan 4 (2) Detroit, MI $20.6 $46 - —% Performing Subtotal Office Loans $71.3 $56 $0.3 0% Subtotal REO Office Properties $33.9 $38.6 53% Total Office Book $164.9 $38.9 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 matures in September 2025 and tenant/owner has indicated loan will be repaid in full at maturity. 2. Principal paydown of $5 million in Q2 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 20 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 5 307-Unit Student Housing Community Floating Rate Senior Loan Q2 2022 None No Multifamily Acquisition Norfolk, VA 4 222-Unit Apartment Community Floating Rate Senior Loan Q3 2021 Q4 2024 Yes Multifamily Acquisition Charlotte, NC 4 77-Unit Apartment Community Floating Rate Senior Loan Q4 2021 None No Multifamily Acquisition Philadelphia, PA 4 176-Unit Apartment Community Floating Rate Senior Loan Q2 2022 None No Multifamily Acquisition Fort Worth, TX 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 Q3 2022 None No Multifamily Acquisition San Antonio, TX 4 Urban Office Building Floating Rate Senior Loan Q4 2019 None No Office Acquisition Phoenix, AZ 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 21 Foreclosure Real Estate Owned ("REO") 1. Includes one position that was transferred to REO more than two years ago. Portfolio • Over the past two years, we've taken 19 properties into REO. These REOs represented 13 investments and had $560M of unpaid principal balance at the time of transfer to REO • We've sold 10 of those properties for approximately $270M, including three this quarter for $56M. In aggregate, these properties were sold at our unpaid principal balance at the time of transfer to REO • As of 6/30, we have 10 foreclosure REO positions remaining for an aggregate book value of $246M (1) 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 3 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 224-Unit Apartment Community Q3 2021 Q3 2024 Multifamily 224-Unit, Garden Style Apartment Community San Antonio, TX 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 23 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% 6.82% 5/9/29 Connecticut Multifamily 50.7% Loan 2 Senior Loan 2/9/23 94 94 + 4.00% 8.32% 5/9/28 Various Hospitality 53.6% Loan 3 Senior Loan 2/24/22 85 85 + 3.15% 7.47% 3/9/27 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% 7.97% 3/9/29 Texas Multifamily 53.3% Loan 6 Senior Loan 2/10/22 79 79 + 3.20% 7.52% 2/9/27 Florida Multifamily 74.5% Loan 7 Senior Loan 8/1/23 79 79 + 3.20% 7.52% 8/9/28 Texas Multifamily 58.7% Loan 8 Senior Loan 12/21/21 78 78 + 3.45% 7.77% 1/9/27 Florida Multifamily 78.8% Loan 9 Senior Loan 3/7/24 75 75 + 2.70% 7.02% 3/9/29 North Carolina Industrial 58.6% Loan 10 Senior Loan 3/31/21 74 74 + 2.95% 7.39% 4/9/26 Texas Multifamily 72.6% Loan 11 Senior Loan 9/6/24 72 72 + 2.75% 7.07% 9/9/28 Florida Multifamily 72.7% Loan 12 Senior Loan 2/29/24 67 67 + 3.25% 7.57% 3/9/29 Florida Multifamily 58.7% Loan 13 Senior Loan 9/20/21 67 67 + 3.25% 7.69% 10/9/26 South Carolina Multifamily 77.1% Loan 14 Senior Loan 6/14/22 65 65 + 3.45% 7.77% 6/9/27 Georgia Multifamily 71.6% Loan 15 Senior Loan 11/10/21 61 61 + 3.35% 7.79% 11/9/26 South Carolina Multifamily 78.0% Loans 16 - 145 Senior & Mezz Loans Various 3,365 3,354 + 3.70% 8.03% Various Various Various 62.3% Total/Wtd. avg. $4,538 $4,525 + 3.51% 7.85% 2.3 years 63.3% Average Loan Size $31 $31

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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 Risk Rating Principal Balance - 3,467 829 220 23 Loan Count, 1Q25 - 126 20 5 1 (+) Addition - 4 7 3 - (-) Reduction - (16) (4) (1) - Loan Count, 2Q25 - 114 23 7 1 Change QoQ - (12) 3 2 - Non-Performing - - - 1 1 Watch List - - - 7 1 0.0% 76.4% 18.3% 4.8% 0.5% 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 vs. 2.2 in 1Q25

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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 $0.11 $0.03 $0.00 $0.00 $0.00 -1.50% -1.00% -0.50% 6/30/2025 +0.25% Change in Floating Base Rate Indices 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 EPS Sensitivity on Index Rates Positive earnings correlation to falling rates due to rate floor activations As of 7/14/25: 1M SOFR: 4.32% As of 6/30/25: 1M SOFR: 4.32%

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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 $348 $1,033 $1,174 $798 $1,154 $30 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 27 Multifamily 81% Office 2% Hospitality 13% All Other 4% 1Q25 Provision/ (Benefit) Write offs 2Q25 UPB As % of Total UPB General CECL Provision $46.4 ($2.6) - $43.8 $4,515 1.0% Specific CECL Provision 1.0 1.1 (1.8) 0.3 $23 0.0% Total Allowance for Credit Losses $47.4 ($1.5) ($1.8) $44.1 $4,538 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 28 2Q'25 1Q'25 4Q'24 3Q'24 GAAP Net Income (Loss) 24.4 23.7 30.2 30.2 Adjustments: Unrealized (Gain) / Loss (1) (2.5) 3.3 (1.5) 2.5 Subordinated Performance Fee (2) (0.8) 0.3 (1.4) (3.4) Non-Cash Compensation Expense 2.3 2.2 2.2 2.1 Depreciation & Amortization 1.4 1.4 1.4 1.4 Transaction-Related and Non-Recurring Items (3) 1.8 3.0 - - (Reversal of) / Provision for Credit Loss (1.5) (1.9) 0.9 (0.3) Distributable Earnings before realized gain/(loss) 25.1 31.9 31.7 32.5 Realized Gain / (Loss) Adjustment on Loans and REO (4) 3.9 (38.2) (0.5) (36.4) Distributable Earnings 29.0 (6.2) 31.2 (4.0) 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 (1.2) 0.4 0.4 1.4 Noncontrolling Interests in Joint Ventures Net (Income) / Loss DE Adjustments 1.1 (0.4) (0.4) (1.4) Distributable Earnings to Common 24.1 (11.1) 26.4 (8.8) Average Common Stock & Common Stock Equivalents (5) 1,324.4 1,338.9 1,346.2 1,349.1 GAAP Net Income / (Loss) ROE 5.5% 5.7% 7.6% 7.9% Distributable Earnings ROE 7.3% (3.3%) 7.8% (2.6%) GAAP Net Income / (Loss) Earnings Per Share, Diluted $0.19 $0.20 $0.29 $0.30 Fully Converted Weighted Average Shares Outstanding (6) 89,022,855 88,842,266 88,437,287 88,432,401 GAAP Net Income / (Loss) Earnings Per Share, Fully Converted (6) $0.21 $0.22 $0.29 $0.30 Distributable Earnings Per Share, Fully Converted (6) $0.27 ($0.12) $0.30 ($0.10) Distributable Earnings Per Share before realized gain/(loss), Fully Converted (6) $0.23 $0.31 $0.30 $0.31 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 June 30, 2025, the Company has $5.0 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 full vesting of our outstanding equity compensation awards. 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 June 30, 2025 December 31, 2024 Stockholders' equity applicable to convertible common stock $1,319,726 $1,343,568 Shares: Common stock 82,214,630 81,788,091 Restricted stock and restricted stock units 1,469,232 1,278,698 Series H convertible preferred stock 5,370,498 5,370,498 Total outstanding shares 89,054,360 88,437,287 Fully-converted book value per share(1)(2) $14.82 $15.19 Book Value Per Share & Shares Outstanding 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 reflects full conversion of our outstanding series of convertible preferred stock and vesting of our outstanding equity compensation awards. 2. Book value per share as of June 30, 2025 and December 31, 2024, excluding the impact for accumulated depreciation and amortization of real property of $16.0 million and $13.8 million, respectively, was $15.00 and $15.35. 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 30 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Income Interest income $111,171 $133,553 $225,079 $264,111 Less: Interest expense 70,213 86,740 140,806 168,058 Net interest income 40,958 46,813 84,273 96,053 Revenue from real estate owned 8,336 4,072 15,133 8,784 Total income $49,294 $50,885 $99,406 $104,837 Expenses Asset management and subordinated performance fee $5,537 $6,252 $12,092 $14,117 Acquisition expenses 175 195 474 433 Administrative services expenses 3,884 704 7,232 3,564 Professional fees 4,698 3,864 11,274 7,948 Share-based compensation 2,316 2,087 4,562 3,886 Depreciation and amortization 1,381 1,417 2,761 2,835 Other expenses 11,569 3,202 21,505 5,565 Total expenses $29,560 $17,721 $59,900 $38,348 Other income/(loss) (Provision)/benefit for credit losses $1,487 $(32,178) $3,385 $(35,059) Realized gain/(loss) on real estate securities, available for sale 113 — 113 88 Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value 264 1,384 5,303 6,897 Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value — 158 — 615 Gain/(loss) on other real estate investments 2,684 (6,249) 452 (6,243) Unrealized gain/(loss) on derivatives (153) (183) (1,209) (321) Realized gain/(loss) on derivatives (64) 22 874 313 Income/(loss) from equity method investments 181 — 181 — Total other income/(loss) $4,512 $(37,046) $9,099 $(33,710 Income/(loss) before taxes 24,246 (3,882) 48,605 32,779 (Provision)/benefit for income tax 138 117 (516) (717) Net income/(loss) $24,384 $(3,765) $48,089 $32,062 Net (income)/loss attributable to non-controlling interest (1,183) 1,590 (830) 1,683 Net income/(loss) attributable to Franklin BSP Realty Trust, Inc. $23,201 $(2,175) $47,259 $33,745 Less: Preferred stock dividends 6,748 6,748 13,496 13,497 Net income/(loss) applicable to common stock $16,453 $(8,923) $33,763 $20,248 Basic earnings per share $0.19 $(0.11) $0.40 $0.24 Diluted earnings per share $0.19 $(0.11) $0.40 $0.24 Basic weighted average shares outstanding 82,181,403 81,815,681 82,117,897 81,904,888 Diluted weighted average shares outstanding 82,181,403 81,815,681 82,117,897 81,904,888 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 31 June 30, 2025 December 31, 2024 ASSETS Cash and cash equivalents $414,085 $184,443 Restricted cash 8,695 12,421 Commercial mortgage loans, held for investment, net of allowance for credit losses of $43,241 and $78,083 as of June 30, 2025 and December 31, 2024, respectively 4,482,201 4,908,667 Commercial mortgage loans, held for sale, measured at fair value 17,150 87,270 Real estate securities, available for sale, measured at fair value, amortized cost of $83,656 and $202,894 as of June 30, 2025 and December 31, 2024, respectively 83,361 202,973 Receivable for loan repayment 171,775 157,582 Accrued interest receivable 35,830 42,225 Prepaid expenses and other assets 23,155 17,526 Intangible lease asset, net of amortization 38,394 39,834 Real estate owned, net of depreciation 111,839 113,160 Real estate owned, held for sale 220,357 222,890 Equity method investment 23,376 13,395 Total assets $5,630,218 $6,002,386 LIABILITIES AND STOCKHOLDERS' EQUITY Collateralized loan obligations $3,043,604 $3,628,270 Repurchase agreements and revolving credit facilities - commercial mortgage loans 573,093 329,811 Repurchase agreements - real estate securities 128,890 236,608 Mortgage note payable 23,998 23,998 Other financings 12,865 12,865 Unsecured debt 184,934 81,395 Derivative instruments, measured at fair value 350 713 Interest payable 12,378 12,844 Distributions payable 36,456 36,237 Accounts payable and accrued expenses 14,310 14,443 Due to affiliates 13,074 14,106 Intangible lease liability, held for sale 880 1,291 Total liabilities $4,044,832 $4,392,581 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 June 30, 2025 and December 31, 2024 $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 June 30, 2025 and December 31, 2024 $258,742 $258,742 Common stock, $0.01 par value, 900,000,000 shares authorized, 82,928,544 and 83,066,789 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 822 818 Additional paid-in capital 1,603,162 1,600,997 Accumulated other comprehensive income/(loss) (296) 79 Accumulated deficit (373,710) (348,074) Total stockholders' equity $1,488,720 $1,512,562 Non-controlling interest 6,918 7,495 Total equity $1,495,638 $1,520,057 Total liabilities, redeemable convertible preferred stock and equity $5,630,218 $6,002,386 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 32 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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