Franklin Bsp Realty Trust, Inc. · NYSE:FBRT
Franklin Bsp Realty Trust — Q3 2026 Earnings Presentation
29 slides from Franklin Bsp Realty Trust's earnings presentation, Oct 29, 2026
Slide 1: Third Quarter 2026 Supplemental Information
Third Quarter 2026 Franklin BSP Realty Trust Supplemental Information
Slide 2: Important Information
Important Information The information herein relates to the Company’s business and financial information as of September 30, 2026 and does not reflect subsequent developments. Risk Factors Investing in and owning our common stock involves a high degree of risk. For a discussion of these risks, see t
Slide 3: FBRT 3Q 2026 Financial Update
FBRT 3Q 2026 Financial Update
Slide 4: 3Q 2026 Highlights
FBRT 3Q 2026 Financial Update 3Q 2026 Highlights Earnings • GAAP net loss of ($27.0) million or ($0.41) per diluted common share or ($0.36) per fully converted share (1) • Distributable Earnings (2) of $3.3 million or ($0.02) per fully converted share (1) • Distributable Earnings before realized los
Slide 5: Financial Highlights
FBRT 3Q 2026 Financial Update Financial Highlights Income Statement Balance Sheet - Assets (End of Quarter) (1) Net interest income $23.8 Total core portfolio $3,967.6 (1), (2) Operating expenses (16.1) Variable interest entities assets, at fair value 521.3 (1) (Provision) / Benefit for credit loss
Slide 6: Earnings & Distributions
FBRT 3Q 2026 Financial Update Earnings & Distributions Distributable Earnings ($M) (1) GAAP Net Income (Loss) ($M) $30.2 (2) $18.4 $27.7 (2) $28.3 $16.3 $25.9 (2) $25.8 (2) $12.3 $17.9 $13.5 $3.3 ($27.0) 4Q'25 1Q'26 2Q'26 3Q'26 4Q'25 1Q'26 2Q'26 3Q'26 4Q'25 1Q'26 2Q'26 3Q'26 $0.355 $0.200 $0.200 $0.
Slide 7: Core Net Fundings
FBRT 3Q 2026 Financial Update Core Net Fundings 3Q 2026 ($M) YTD 2026 ($M) $154 $875 $38 $248 $4,436 $4,343 Total Total Commitment of ($1,186) Commitment of ($406) $884M $249M $4,052 $4,052 ($171) ($227) 2Q26 Loans Fundings on Fundings on Repayments¹ REO/ 3Q26 Loans 4Q25 Loans Fundings on Fundings o
Slide 8: Capitalization Overview
FBRT 3Q 2026 Financial Update Capitalization Overview Average cost of debt, including financing costs, was 6.1% in 3Q26 vs. 6.2% in 2Q26 Financing Sources (1) Net Leverage (2) Unsecured Debt, 3.00x Warehouse, 4% 2.66x Repo - Securities, 21% 1% Asset 2.50x Specific Financings, 1% 2.00x 1.50x 1.00x 0.
Slide 9: Financing Lines
FBRT 3Q 2026 Financial Update Financing Lines CLOs Warehouse/Revolver/Other Reinvest Cost of CLO Name Debt Amount(1) End Date Debt(2) Name Capacity (3) BSPRT 2023-FL10 $267 million Ended S + 3.14% JP Morgan $750 million BSPRT 2024-FL11 $886 million 10/8/27 S + 1.99% Barclays (Warehouse) $500 million
Slide 10: Liquidity
FBRT 3Q 2026 Financial Update Liquidity Liquidity ($M) $296 $407 $10 $101 Unrestricted CLO Reinvestment Financing Available & Total Cash Available In Progress¹ Liquidity 1. Represents cash available at 9/30/2026 that we can invest at a market advance rate utilizing our available capacity on financin
Slide 11: NewPoint Financial Highlights
FBRT 3Q 2026 Financial Update NewPoint Financial Highlights Income Statement Volume UPB Count Net interest income $0.5 Q3 2026 Total $670.4 36 Gain / (loss) on sales 19.8 Mortgage servicing rights 8.7 Mortgage servicing rights amortization, impairments & payoffs (9.7) Servicing and ancillary fees 13
Slide 12: NewPoint MSR & Servicing Book
FBRT 3Q 2026 Financial Update NewPoint MSR & Servicing Book MSR Rollforward Value on Total MSR Commitments (1) MSR Value Ending balance at 6/30 $205.5 $4.8 $210.3 OMSR - new commitments - 8.7 8.7 OMSR - moved at settlement 5.4 (5.4) - Amortization, impairments & payoffs (9.7) - (9.7) Ending Balance
Slide 13: Portfolio
Portfolio O2
Slide 14: Core Loan Portfolio Composition
Portfolio Core Loan Portfolio Composition Portfolio Overview Portfolio Summary Rate Type $4.1B total portfolio; 64.6% WA LTV (1) Mezzanine, 1% Floating, 92% Fixed, 8% 164 senior loans; average UPB (2) of $24M 11 mezzanine loans; average UPB (2) of $5M Senior, 99% 7 non-performing loans (3) Collatera
Slide 15: Core Originations in the Quarter
Portfolio Core Originations in the Quarter Overview By Collateral 17 loans; $249 million total commitment ($248 million Multifamily, 97% of initial funding / $1 million of future funding) 2.66% weighted average spread; 6.57% all-in coupon (1) Hospitality, 3% 0.9% and 0.1% weighted average originatio
Slide 16: Core Portfolio - Watch List Loans (Risk Rating 4&5)
Portfolio Core Portfolio - Watch List Loans (Risk Rating 4&5) Loan Risk Investment Loan Type Investment Date Default Date Non-Performing Collateral Loan Purpose Location Rating Floating Rate 276-Unit Apartment Community Q2 2022 Q1 2026 Yes Multifamily Acquisition Charlotte, NC 5 Senior Loan Floating
Slide 17: Foreclosure Real Estate Owned (REO)
Portfolio Foreclosure Real Estate Owned (“REO”) Loan Investment Foreclosure / Investment Date Deed-In-Lieu Date Collateral Type Collateral Detail Location CBD Office Complex Q1 2020 Q3 2023 Office 124k Square Foot Office Complex Portland, OR 297-Unit Apartment Community Q3 2022 Q2 2026 Multifamily 2
Slide 18: Appendix
Appendix
Slide 19: Core Portfolio – FBRT Portfolio Details – Top Loans
Appendix Core Portfolio – FBRT Portfolio Details – Top 15 Loans Effective Fully Extended (1) (2) Loan Loan Type Origination Date Par Value Amortized Cost Spread Yield Maturity State Collateral Type As-is LTV Loan 1 Senior Loan 5/10/24 117 116 + 2.50% 6.41% 5/9/29 Connecticut Multifamily 50.7% Loan 2
Slide 20: Core Portfolio – Risk Ratings
Appendix Core Portfolio – Risk Ratings Average risk rating was 2.4 for the quarter (no change from previous quarter) Risk Ratings 73.2% 18.6% 3.5% 4.7% 0.0% Risk Rating 1 2 3 4 5 Principal Balance - $2,966 $752 $141 $193 Loan Count, 2Q26 - 136 24 7 5 (+) Addition - 17 4 4 3 (-) Reduction - (13) (6)
Slide 21: Core Portfolio – Earnings Sensitivity
Appendix Core Portfolio – Earnings Sensitivity Annual EPS Sensitivity on Index Rates As of 10/15/26 1M SOFR: 3.97% As of 9/30/26 1M SOFR: 3.91% $0.03 $0.02 $0.00 - $0.01 9/30/2026 +0.50% +1.00% +1.50% +2.00% Change in Floating Base Rate Indices Note: Reflects earnings impact of an increase or decrea
Slide 22: Core Portfolio – Fully Extended Maturities
Appendix Core Portfolio – Fully Extended Maturities Fully Extended Maturity by Year $1,070 $761 $723 $646 $634 $218 2026 Remainder 2027 2028 2029 2030 2031 Note: All numbers in millions. BENEFIT STREET PARTNERS 22
Slide 23: Core Portfolio – Allowance For Loan Loss
Appendix Core Portfolio – Allowance For Loan Loss Total Allowance for Credit Loss by Collateral Type Hospitality All Other 3% 2% Multifamily 95% Provision/ As % of 2Q26 (Benefit) Write offs 3Q26 UPB Total UPB General CECL Allowance $36.8 ($1.0) - $35.8 $3,880 0.9% Specific CECL Allowance 17.8 38.7 (
Slide 24: GAAP Net Income to Distributable Earnings Reconciliation
Appendix GAAP Net Income to Distributable Earnings Reconciliation 3Q'26 2Q'26 1Q'26 4Q'25 GAAP Net Income (Loss) (27.0) 16.3 12.3 18.4 Adjustments: Unrealized (Gain) / Loss (1) 12.5 (6.5) 3.2 1.8 Subordinated Performance Fee (2) - - - (0.3) Non-Cash Compensation Expense 1.5 3.4 3.1 3.3 Depreciation
Slide 25: Book Value Per Share & Shares Outstanding
Appendix Book Value Per Share & Shares Outstanding Book Value Per Share September 30, 2026 Stockholders' equity applicable to convertible common stock $ 1,181,742 Shares: Common stock 75,608,720 Restricted stock and restricted stock units 1,437,163 Series H convertible preferred stock 5,370,498 Clas
Slide 26: FBRT Income Statement
Appendix FBRT Income Statement Three Months Ended September 30, 2026 2025 Income Interest income $ 84,218 $ 106,167 Less: Interest expense 59,845 76,492 Net interest income 24,373 29,675 Gain/(loss) on sales, including fee-based services, net 20,717 29,423 Mortgage servicing rights 8,654 19,745 Serv
Slide 27: FBRT Balance Sheet
Appendix FBRT Balance Sheet September 30, 2026 ASSETS Cash and cash equivalents $ 100,821 Restricted cash 18,787 Investment securities, held to maturity 24,781 Commercial mortgage loans, held for investment, net of allowance for credit losses of $71,932 as of September 30, 2026 3,967,590 Commercial
Slide 28: Definitions
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
Slide 29: New York London Boston West Palm Beach
New York London Boston West Palm Beach One Madison Avenue Cannon Place 100 Federal Street 360 South Rosemary Avenue Suite 1600 78 Cannon Street 22nd Floor Suite 1510 New York London Boston West Palm Beach NY 10010 EC4N 6HL MA 02110 FL 33401 USA UK USA USA www.bspcredit.com
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