Franklin Bsp Realty Trust, Inc. · NYSE:FBRT
Franklin Bsp Realty Trust — Q1 2026 Earnings Presentation
29 slides from Franklin Bsp Realty Trust's earnings presentation, Apr 30, 2026
Slide 1: First Quarter 2026 Supplemental Information
First 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 March 31, 2026 and does not reflect subsequent developments. Risk Factors Investing in and owning our common stock involves a high degree of risk. For a discussion of these risks, see the s
Slide 3: FBRT 1Q 2026 Financial Update
FBRT 1Q 2026 Financial Update
Slide 4: 1Q 2026 Highlights
FBRT 1Q 2026 Financial Update 1Q 2026 Highlights Earnings • GAAP Net Income of $12.3 million or $0.07 per diluted common share or $0.08 per fully converted share (1) • Distributable Earnings before realized losses (2) of $25.9 million or $0.22 per fully converted share (1) • Distributable Earnings (
Slide 5: Financial Highlights
FBRT 1Q 2026 Financial Update Financial Highlights Income Statement Balance Sheet - Assets (End of Quarter) (1) Net interest income $27.6 Total core portfolio $4,546.8 (1), (2) Operating expenses (14.3) Loans held-for-sale 423.0 (1) (Provision) / Benefit for credit loss (13.5) Total real estate secu
Slide 6: Earnings & Distributions
FBRT 1Q 2026 Financial Update Earnings & Distributions Distributable Earnings ($M) (1) GAAP Net Income (Loss) ($M) $29.0 $28.4 (2) $27.7 (2) $25.1 (2) $26.7 $25.9 (2) $24.4 $17.9 $17.6 $18.4 $13.5 $12.3 2Q'25 3Q'25 4Q'25 1Q'26 2Q'25 3Q'25 4Q'25 1Q'26 2Q'25 3Q'25 4Q'25 1Q'26 $0.355 $0.355 $0.355 $0.2
Slide 7: Core Net Fundings
FBRT 1Q 2026 Financial Update Core Net Fundings 1Q 2026 ($M) $462 $34 $4,609 ($323) $4,436 Total Commitment of $468M 4Q25 Loans Fundings on Fundings on Repayments¹ 1Q26 Loans Outstanding New Loans Existing Loans Outstanding Note: All numbers in millions. 1. Includes full paydowns, dispositions, part
Slide 8: Capitalization Overview
FBRT 1Q 2026 Financial Update Capitalization Overview Average debt cost including financing was 6.0% in 1Q26 vs. 6.5% in 4Q25 Financing Sources (1) Net Leverage (2) Unsecured Debt, 4% 3.00x 2.84x Repo - Securities, 5% Asset Specific 2.50x Financings, Warehouse, 1% 33% 2.00x 1.50x 1.16x 1.00x Collate
Slide 9: Financing Lines
FBRT 1Q 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 2022-FL8 $289 million Ended S + 2.24% JP Morgan $750 million BSPRT 2023-FL10 $535 million Ended S + 2.70% Barclays (Warehouse) $500 million BS
Slide 10: Liquidity
FBRT 1Q 2026 Financial Update Liquidity Liquidity ($M) $402 $521 $116 $3 Unrestricted CLO Reinvestment Financing Available & Total Cash Available In Progress¹ Liquidity 1. Represents cash available at 3/31/2026 that we can invest at a market advance rate utilizing our available capacity on financing
Slide 11: NewPoint Financial Highlights
FBRT 1Q 2026 Financial Update NewPoint Financial Highlights Income Statement (QTD) Volume UPB Count Net interest income ($0.6) Q1 2026 Total $646.3 27 Gain / (loss) on sales 16.5 Mortgage servicing rights 6.7 Mortgage servicing rights amortization, impairments & payoffs (9.0) Servicing and ancillary
Slide 12: NewPoint MSR & Servicing Book
FBRT 1Q 2026 Financial Update NewPoint MSR & Servicing Book MSR Rollforward Value on Total (1) MSR Commitments MSR Value Ending balance at 12/31 $212.2 $7.8 $220.0 OMSR - new commitments - 6.7 6.7 OMSR - moved at settlement 8.7 (8.7) - Amortization, impairments & payoffs (9.0) - (9.0) Ending Balance
Slide 13: Portfolio
Portfolio O2
Slide 14: Core Loan Portfolio Composition
Portfolio Core Loan Portfolio Composition Portfolio Overview Portfolio Summary Rate Type $4.6B total portfolio; 64.8% WA LTV (1) Mezzanine, 1% Floating, 91% Fixed, 9% 166 senior loans; average UPB (2) of $27M 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 26 loans; $468 million total commitment ($462 million Multifamily, 92% of initial funding / $6 million of future funding) Healthcare, 5% Industrial, 3% 2.78% weighted average spread; 6.49% all-in coupon (1) 0.5% and 0.5% weighted aver
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 456-Unit Apartment Community Q4 2021 Q1 2026 Yes Multifamily Acquisition Durham, NC 5 Senior Loan Floating Ra
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 471-Unit Apartment Community Q2 2022 Q2 2024 Multifamily 4
Slide 18: Appendix
Appendix
Slide 19: Core Portfolio – Top 15 Loans
Appendix Core Portfolio – FBRT Portfolio Details – Top 15 Loans Effective Fully Extended Loan Loan Type Origination Date Par Value Amortized Cost Spread Yield (1) Maturity State Collateral Type As-is LTV (2) Loan 1 Senior Loan 5/10/24 117 116 + 2.50% 6.16% 5/9/29 Connecticut Multifamily 50.7% Loan 2
Slide 20: Core Portfolio – Risk Ratings
Appendix Core Portfolio – Risk Ratings Average risk rating was 2.5 for the quarter vs. 2.4 from 4Q25 Risk Ratings 69.0% 20.9% 6.1% 4.0% 0.0% Risk Rating 1 2 3 4 5 Principal Balance - 3,180 965 281 183 Loan Count, 4Q25 - 137 22 6 4 (+) Addition - 16 5 1 1 (-) Reduction - (13) (1) - (1) Loan Count, 1Q
Slide 21: Core Portfolio – Earnings Sensitivity
Appendix Core Portfolio – Earnings Sensitivity Positive earnings correlation to falling rates due to rate floor activations Annual EPS Sensitivity on Index Rates As of 4/15/26 $0.17 1M SOFR: 3.67% As of 3/31/26 1M SOFR: 3.66% $0.11 $0.06 $0.00 ($0.02) -1.00% -0.75% -0.50% 3/31/2026 +0.25% Change in
Slide 22: Core Portfolio – Fully Extended Maturities
Appendix Core Portfolio – Fully Extended Maturities Fully Extended Maturity by Year $1,312 $985 $806 $731 $529 $246 2026 ROY 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 All Other Hospitality 3% Multifamily 6% 91% Provision/ As % of 4Q25 (Benefit) Write offs 1Q26 UPB Total UPB General CECL Provision $34.5 ($1.3) - $33.2 $4,447 0.7% Specific CECL Provision 4.1 14.8 (2
Slide 24: GAAP Net Income to Distributable Earnings Reconciliation
Appendix GAAP Net Income to Distributable Earnings Reconciliation 1Q'26 4Q'25 3Q'25 2Q'25 GAAP Net Income (Loss) 12.3 18.4 17.6 24.4 Adjustments: Unrealized (Gain) / Loss (1) 3.2 1.8 1.9 (2.5) Subordinated Performance Fee (2) - (0.3) (0.3) (0.8) Non-Cash Compensation Expense 3.1 3.3 5.2 2.3 Deprecia
Slide 25: Book Value Per Share & Shares Outstanding
Appendix Book Value Per Share & Shares Outstanding Book Value Per Share March 31, 2026 Stockholders' equity applicable to convertible common stock $ 1,308,242 Shares: Common stock 76,902,793 Restricted stock and restricted stock units 1,630,921 Series H convertible preferred stock 5,370,498 Class A
Slide 26: FBRT Income Statement
Appendix FBRT Income Statement Three Months Ended March 31, 2026 2025 Income Interest income $ 92,249 $ 113,908 Less: Interest expense 65,230 70,593 Net interest income 27,019 43,315 Gain/(loss) on sales, including fee-based services, net 21,330 5,039 Mortgage servicing rights 6,742 — Servicing reve
Slide 27: FBRT Balance Sheet
Appendix FBRT Balance Sheet March 31, 2026 ASSETS Cash and cash equivalents $ 115,600 Restricted cash 20,845 Investment securities, held to maturity 21,958 Commercial mortgage loans, held for investment, net of allowance for credit losses of $49,173 as of March 31, 2026 4,546,828 Commercial mortgage
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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