Franklin Bsp Realty Trust, Inc. · NYSE:FBRT
Franklin Bsp Realty Trust — Q2 2026 Earnings Presentation
29 slides from Franklin Bsp Realty Trust's earnings presentation, Jul 30, 2026
Slide 1: Second Quarter 2026 Supplemental Information
Second 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 June 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 the se
Slide 3: FBRT 2Q 2026 Financial Update
FBRT 2Q 2026 Financial Update
Slide 4: 2Q 2026 Highlights
FBRT 2Q 2026 Financial Update 2Q 2026 Highlights Earnings • GAAP Net Income of $16.3 million or $0.12 per diluted common share or $0.13 per fully converted share (1) • Distributable Earnings before realized losses (2) of $30.2 million or $0.28 per fully converted share (1) • Distributable Earnings (
Slide 5: Financial Highlights
FBRT 2Q 2026 Financial Update Financial Highlights Income Statement Balance Sheet - Assets (End of Quarter) (1) Net interest income $29.3 Total core portfolio $4,275.1 (1), (2) Operating expenses (15.0) Variable interest entities assets, at fair value 544.0 (1) (Provision) / Benefit for credit loss
Slide 6: Earnings & Distributions
FBRT 2Q 2026 Financial Update Earnings & Distributions Distributable Earnings ($M) (1) GAAP Net Income (Loss) ($M) $30.2 (2) $28.4 (2) $27.7 (2) $28.3 $26.7 $25.9 (2) $17.6 $18.4 $17.9 $16.3 $13.5 $12.3 3Q'25 4Q'25 1Q'26 2Q'26 3Q'25 4Q'25 1Q'26 2Q'26 3Q'25 4Q'25 1Q'26 2Q'26 $0.355 $0.355 $0.200 $0.2
Slide 7: Core Net Fundings
FBRT 2Q 2026 Financial Update Core Net Fundings 2Q 2026 ($M) YTD 2026 ($M) $117 $627 $84 $165 $4,609 Total $4,436 Commitment of $4,343 $4,343 $167M ($458) Total ($780) ($57) ($57) Commitment of $635M 1Q26 Loans Fundings on Fundings on Repayments¹ REO/ 2Q26 Loans 4Q25 Loans Fundings on Fundings on Re
Slide 8: Capitalization Overview
FBRT 2Q 2026 Financial Update Capitalization Overview Average cost of debt, including financing costs, was 6.2% in 2Q26 vs. 6.0% in 1Q26 Financing Sources (1) Net Leverage (2) Unsecured Debt, 3.00x 4% Repo - Securities, 5% 2.60x Asset Warehouse, Specific 2.50x 19% Financings, 1% 2.00x 1.50x 1.00x 0.
Slide 9: Financing Lines
FBRT 2Q 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 $356 million Ended S + 2.92% JP Morgan $750 million BSPRT 2024-FL11 $886 million 10/8/27 S + 1.99% Barclays (Warehouse) $500 million
Slide 10: Liquidity
FBRT 2Q 2026 Financial Update Liquidity Liquidity ($M) $583 $797 $78 $136 Unrestricted CLO Reinvestment Financing Available & Total Cash Available In Progress¹ Liquidity 1. Represents cash available at 6/30/2026 that we can invest at a market advance rate utilizing our available capacity on financin
Slide 11: NewPoint Financial Highlights
FBRT 2Q 2026 Financial Update NewPoint Financial Highlights Income Statement (QTD) Volume UPB Count Net interest income $0.6 Q2 2026 Total $398.8 20 Gain / (loss) on sales 9.7 Mortgage servicing rights 3.9 Mortgage servicing rights amortization, impairments & payoffs (11.3) Servicing and ancillary f
Slide 12: NewPoint MSR & Servicing Book
FBRT 2Q 2026 Financial Update NewPoint MSR & Servicing Book MSR Rollforward Value on Total MSR Commitments (1) MSR Value Ending balance at 3/31 $211.9 $5.8 $217.7 OMSR - new commitments - 3.9 3.9 OMSR - moved at settlement 4.9 (4.9) - Amortization, impairments & payoffs (11.3) - (11.3) Ending Balanc
Slide 13: Portfolio
Portfolio O2
Slide 14: Core Loan Portfolio Composition
Portfolio Core Loan Portfolio Composition Portfolio Overview Portfolio Summary Rate Type $4.3B total portfolio; 64.2% WA LTV (1) Mezzanine, 1% Floating, 90% Fixed, 10% 161 senior loans; average UPB (2) of $27M 11 mezzanine loans; average UPB (2) of $5M Senior, 99% 9 non-performing loans (3) Collater
Slide 15: Core Originations in the Quarter
Portfolio Core Originations in the Quarter Overview By Collateral 9 loans; $167 million total commitment ($165 million Multifamily, 78% of initial funding / $2 million of future funding) Mixed Use, 22% 2.38% weighted average spread (1); 6.03% all-in coupon (2) 1.0% and 0.1% weighted average originat
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”) • During the quarter, we sold the largest REO asset in the portfolio and completed the foreclosure of a Huntersville, North Carolina asset, where favorable underlying economics supported an increase in carrying value. Loan Investment Foreclosure / Inve
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% 6.15% 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 vs. 2.5 from 1Q26 Risk Ratings 70.3% 19.7% 5.1% 4.9% 0.0% Risk Rating 1 2 3 4 5 Risk Rating Principal Balance Loan Count, 1Q26 (+) Addition (-) Reduction Loan Count, 2Q26 Change QoQ Non-Performing Watch List 1 - - - -
Slide 21: Core Portfolio – Earnings Sensitivity
Appendix Core Portfolio – Earnings Sensitivity Annual EPS Sensitivity on Index Rates As of 7/15/26 1M SOFR: 3.68% $0.11 $0.06 As of 6/30/26 1M SOFR: 3.66% $0.00 ($0.02) ($0.03) -0.75% -0.50% 6/30/2026 +0.25% +0.50% Change in Floating Base Rate Indices Note: Reflects earnings impact of an increase or
Slide 22: Core Portfolio – Fully Extended Maturities
Appendix Core Portfolio – Fully Extended Maturities Fully Extended Maturity by Year $1,281 $892 $795 $593 $417 $365 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% 4% Multifamily 93% Provision/ As % of 1Q26 (Benefit) 2Q26 UPB Total UPB General CECL Allowance $33.2 $3.7 $36.9 $4,152 0.9% Specific CECL Allowance 16.3 1.5 17.8 $191 0.4% To
Slide 24: GAAP Net Income to Distributable Earnings Reconciliation
Appendix GAAP Net Income to Distributable Earnings Reconciliation 2Q'26 1Q'26 4Q'25 3Q'25 GAAP Net Income (Loss) 16.3 12.3 18.4 17.6 Adjustments: Unrealized (Gain) / Loss (1) (6.5) 3.2 1.8 1.9 Subordinated Performance Fee (2) - - (0.3) (0.3) Non-Cash Compensation Expense 3.4 3.1 3.3 5.2 Depreciation
Slide 25: Book Value Per Share & Shares Outstanding
Appendix Book Value Per Share & Shares Outstanding Book Value Per Share June 30, 2026 Stockholders' equity applicable to convertible common stock $ 1,288,620 Shares: Common stock 75,124,154 Restricted stock and restricted stock units 1,634,880 Series H convertible preferred stock 5,370,498 Class A O
Slide 26: FBRT Income Statement
Appendix FBRT Income Statement Three Months Ended June 30, 2026 2025 Income Interest income $ 97,187 $ 111,171 Less: Interest expense 67,261 70,213 Net interest income 29,926 40,958 Gain/(loss) on sales, including fee-based services, net 15,775 264 Mortgage servicing rights 3,917 — Servicing revenue
Slide 27: FBRT Balance Sheet
Appendix FBRT Balance Sheet June 30, 2026 ASSETS Cash and cash equivalents $ 136,347 Restricted cash 18,664 Investment securities, held to maturity 23,356 Commercial mortgage loans, held for investment, net of allowance for credit losses of $54,457 as of June 30, 2026 4,275,122 Commercial mortgage l
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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