Franklin Bsp Realty Trust, Inc. · NYSE:FBRT
Franklin Bsp Realty Trust — Q4 2025 Earnings Presentation
32 slides from Franklin Bsp Realty Trust's earnings presentation, Feb 12, 2026
Slide 1: Fourth Quarter 2025 Supplemental Information
Fourth Quarter 2025 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 December 31, 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 th
Slide 3: FBRT 4Q 2025 Financial Update
FBRT 4Q 2025 Financial Update
Slide 4: Highlights
FBRT 4Q 2025 Financial Update Highlights Earnings • GAAP Net Income of $18.4 million or $0.13 per diluted common share or $0.13 per fully converted share (1) • Distributable Earnings before realized losses (2) of $27.7 million or $0.22 per fully converted share (1) • Distributable Earnings (2) of $1
Slide 5: Financial Highlights
FBRT 4Q 2025 Financial Update Financial Highlights Income Statement Balance Sheet - Assets (End of Quarter) (1) Net interest income $28.7 Total core portfolio $4,383.1 (1), (2) Operating expenses (19.1) Loans held-for-sale 360.7 (1) (Provision) / Benefit for credit loss 4.8 Total real estate securit
Slide 6: Earnings & Distributions
FBRT 4Q 2025 Financial Update Earnings & Distributions Distributable Earnings ($M) (1) GAAP Net Income (Loss) ($M) $31.9 (2) $29.0 $28.4 (2) $27.7 (2) $26.7 $25.1 (2) $23.7 $24.4 $17.9 $17.6 $18.4 -$6.2 1Q'25 2Q'25 3Q'25 4Q'25 1Q'25 2Q'25 3Q'25 4Q'25 1Q'25 2Q'25 3Q'25 4Q'25 $0.355 $0.355 $0.355 $0.3
Slide 7: Core Net Fundings
FBRT 4Q 2025 Financial Update Core Net Fundings 4Q 2025 ($M) YTD 2025 ($M) $191 $966 $43 $507 $4,425 $4,436 $5,000 ($510) ($29) Total Commitment Total Commitment of $528M of $1.2B ($1,455) $4,436 ($232) ($34) (1) (1) 3Q25 Loans Fundings on Fundings on Repayments REO/ 4Q25 Loans 4Q24 Loans Fundings o
Slide 8: Capitalization Overview
FBRT 4Q 2025 Financial Update Capitalization Overview Average debt cost including financing was 6.5% in 4Q25 vs. 7.1% in 3Q25 Financing Sources (1) Net Leverage (2) Warehouse 3.00x 26% Unsecured Debt 4% 2.50x Repo - Securities 2.50x 4% Asset Specific Financings 2.00x 1% 1.50x 1.00x 0.81x Collaterali
Slide 9: Financing Lines
FBRT 4Q 2025 Financial Update Financing Lines CLOs Warehouse/Revolver/Other Reinvest Cost of Name Commitment (3) CLO Name Debt Amount(1) End Date Debt(2) Barclays (Warehouse) $500 million BSPRT 2022-FL8 $370 million Ended S + 2.07% JP Morgan $500 million BSPRT 2023-FL10 $553 million Ended S + 2.68%
Slide 10: Liquidity
FBRT 4Q 2025 Financial Update Liquidity Liquidity ($M) $624 $821 $30 $167 Unrestricted CLO Reinvestment Financing Total Cash Available Available & Liquidity In Progress(1) 1. Represents cash available at 12/31/2025 that we can invest at a market advance rate utilizing our available capacity on finan
Slide 11: NewPoint Financial Highlights
FBRT 4Q 2025 Financial Update NewPoint Financial Highlights Income Statement (Q4 2025) Volume UPB Count Net interest income ($0.7) Q4 2025 Total $1,073.0 32 Gain / (loss) on sales 11.3 Mortgage servicing rights 8.8 Mortgage servicing rights amortization, impairments & payoffs (9.7) Servicing and anc
Slide 12: NewPoint MSR & Servicing Book
FBRT 4Q 2025 Financial Update NewPoint MSR & Servicing Book MSR Rollforward Value on Total MSR Commitments (1) MSR Value Ending balance at 9/30 $208.6 $12.3 $220.9 OMSR - new commitments - 8.8 8.8 OMSR - moved at settlement 13.3 (13.3) - Amortization, impairments & payoffs (9.7) - (9.7) Ending Balan
Slide 13: NewPoint Performance & 2026 Outlook
FBRT 4Q 2025 Financial Update NewPoint Performance & 2026 Outlook NewPoint Guidelines FY 2025 FY 2025 FY 2026 Prior Guidance Actuals Guidance Agency/FHA Volume $4.0B - $4.5B $5.1B $4.5B - $5.5B Distributable Earnings $13M - $17M $20M $25M - $33M Additional Guidelines • As we continue to scale the bu
Slide 14: Portfolio
Portfolio O2
Slide 15: Core Loan Portfolio Composition
Portfolio Core Loan Portfolio Composition Portfolio Overview Portfolio Summary Rate Type • $4.4B total portfolio; 64.5% WA LTV (1) Fixed Senior 10% 99% • 158 senior loans; average UPB (2) of $28M • 11 mezzanine loans; average UPB (2) of $4M Floating • 7 non-performing loans (3) Mezzanine 90% 1% Coll
Slide 16: Core Originations in the Quarter
Portfolio Core Originations in the Quarter Overview By Collateral Industrial 13% • 37 loans; $528 million total commitment ($507 million of initial funding / $21 million of future funding) Healthcare 8% Senior Housing • 2.84% weighted average spread; 6.53% all-in coupon (1) 2% Hospitality 1% • 0.9%
Slide 17: Core Portfolio Vintage Detail
Portfolio Core Portfolio Vintage Detail Pre-Rate Hike Book Total Commitment Post-Rate Hike Book Total Commitment Collateral Type $ % Collateral Type $ % Multifamily 1,258 82% Multifamily 2,537 76% Hospitality 98 6% Hospitality 424 13% Industrial 76 5% Industrial 267 8% Office 64 4% Office - - Mixed
Slide 18: Office Core Portfolio
Portfolio Office Core Portfolio • Our traditional multi-tenant office exposure is only 1.9% of our total portfolio with two major payoffs within the quarter 3Q25 4Q25 Carrying/Book Carrying/Book CV/BV Recorded % Written Loan/Asset Location Value Change Value PSF CECL Down Status Office Loan Triple N
Slide 19: Core Portfolio - Watch List Loans
Portfolio Core Portfolio - Watch List Loans (Risk Rating 4&5) Investment Loan Type Investment Date Default Date Non-Performing Collateral Loan Purpose Location Loan Risk Rating Floating Rate 276-Unit Apartment Community Q2 2022 None Yes Multifamily Acquisition Charlotte, NC 5 Senior Loan Floating Ra
Slide 20: Foreclosure Real Estate Owned (REO)
Portfolio Foreclosure Real Estate Owned (“REO”) Foreclosure / Investment Loan Investment Date Deed-In-Lieu Date Collateral Type Collateral Detail Location Q4 2022 - 1 Freestanding Retail Single Tenant Retail Portfolio Q2 2022 Retail Roseboro, NC Q2 2023 Property 124k Square Foot Office CBD Office Co
Slide 21: Appendix
Appendix
Slide 22: 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% 6.19% 5/9/29 Connecticut Multifamily 50.7% Loan 2
Slide 23: Core Portfolio – Risk Ratings
Appendix Core Portfolio – Risk Ratings Average risk rating was 2.4 for the quarter vs. 2.3 from 3Q25 Risk Ratings 72.5% 19.1% 5.6% 2.8% 0.0% Risk Rating 1 2 3 4 5 Principal Balance - 3,214 849 247 126 Loan Count, 3Q25 - 118 19 8 2 (+) Addition - 37 6 2 2 (-) Reduction - (18) (3) (4) - Loan Count, 4Q
Slide 24: Core Portfolio – Earnings Sensitivity
Appendix Core Portfolio – Earnings Sensitivity Positive earnings correlation to falling rates due to rate floor activations EPS Sensitivity on Index Rates As of 1/15/26: 1M SOFR: 3.67% As of 12/31/25: 1M SOFR: 3.69% $0.14 $0.08 $0.04 $0.00 ($0.01) -1.00% -0.75% -0.50% 12/31/2025 +0.25% Change in Flo
Slide 25: Core Portfolio – Fully Extended Maturities
Appendix Core Portfolio – Fully Extended Maturities Fully Extended Maturity by Year $1,280 $974 $922 $791 $387 $81 2026 2027 2028 2029 2030 2031 Note: All numbers in millions. BENEFIT STREET PARTNERS 25
Slide 26: Core Portfolio – Allowance For Loan Loss
Appendix Core Portfolio – Allowance For Loan Loss Total Allowance for Credit Loss by Collateral Type All Other Hospitality 1% 12% Multifamily 87% Provision/ As % of 3Q25 Write offs 4Q25 UPB (Benefit) Total UPB General CECL Provision $42.3 ($7.8) - $34.5 $4,333 0.8% Specific CECL Provision 2.3 3.0 (1
Slide 27: GAAP Net Income to Distributable Earnings Reconciliation
Appendix GAAP Net Income to Distributable Earnings Reconciliation 4Q'25 3Q'25 2Q'25 1Q'25 GAAP Net Income (Loss) 18.4 17.6 24.4 23.7 Adjustments: (1) Unrealized (Gain) / Loss 1.8 1.9 (2.5) 3.3 (2) Subordinated Performance Fee (0.3) (0.3) (0.8) 0.3 Non-Cash Compensation Expense 3.3 5.2 2.3 2.2 Deprec
Slide 28: Book Value Per Share & Shares Outstanding
Appendix Book Value Per Share & Shares Outstanding December 31, 2025 Stockholders' equity applicable to convertible common stock $ 1,359,363 Shares: Common stock 80,843,557 Restricted stock and restricted stock units 1,435,383 Series H convertible preferred stock 5,370,498 Class A OP Units 8,385,951
Slide 29: FBRT Income Statement
Appendix FBRT Income Statement Year Ended December 31, 2025 2024 2023 Income Interest income $ 430,280 $ 526,076 $ 552,506 Less: Interest expense 288,327 338,471 305,577 Net interest income 141,953 187,605 246,929 Gain/(loss) on sales, including fee-based services, net 57,599 13,125 3,917 Mortgage s
Slide 30: FBRT Balance Sheet
Appendix FBRT Balance Sheet December 31, 2025 ASSETS Cash and cash equivalents $ 167,292 Restricted cash 17,889 Investment securities, held to maturity 20,483 Commercial mortgage loans, held for investment, net of allowance for credit losses of $38,302 as of December 31, 2025 4,383,134 Commercial mo
Slide 31: 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 32: Offices and contact
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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