Franklin Bsp Realty Trust, Inc. · NYSE:FBRT
Franklin Bsp Realty Trust — Q3 2025 Earnings Presentation
30 slides from Franklin Bsp Realty Trust's earnings presentation, Oct 30, 2025
Slide 1: Franklin BSP Realty Trust Third Quarter 2025 Supplemental Information
Third 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 September 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 t
Slide 3: FBRT 3Q 2025 Financial Update
FBRT 3Q 2025 Financial Update
Slide 4: Highlights
FBRT 3Q 2025 Financial Update Highlights Earnings • GAAP Net Income of $17.6 million and $0.12 per diluted common share and $0.13 per fully converted share (1) • Distributable Earnings (2) of $26.7 million and $0.22 per fully converted share (1). Distributable Earnings includes $1.7 million of reali
Slide 5: Financial Highlights
FBRT 3Q 2025 Financial Update Financial Highlights Income Statement Balance Sheet - Assets (End of Quarter) (1) Net interest income $30.1 Total core portfolio $4,368.8 (1), (2) Operating expenses (18.9) Loans held-for-sale 659.9 (1) (Provision) / Benefit for credit loss (0.5) Total real estate secur
Slide 6: Earnings & Distributions
FBRT 3Q 2025 Financial Update Earnings & Distributions Distributable $36.0 Earnings ($M) (1) GAAP Net Income (Loss) ($M) $31.7 (2) $31.2 $31.9 (2) $28.4 (2) $30.2 $29.0 $26.7 $25.1 (2) $23.7 $24.4 $17.6 -$6.2 4Q'24 1Q'25 2Q'25 3Q'25 4Q'24 1Q'25 2Q'25 3Q'25 4Q'24 1Q'25 2Q'25 3Q'25 $0.355 $0.355 $0.35
Slide 7: Core Net Fundings
FBRT 3Q 2025 Financial Update Core Net Fundings 3Q 2025 ($M) YTD 2025 ($M) $148 $459 $5,000 $53 Total Commitment $143 of $706M $4,538 ($945) Total Commitment $4,425 ($275) $4,425 of $304M ($34) ($203) ($34) (1) (1) 2Q25 Loans Fundings on Fundings on Repayments Transfer 3Q25 Loans 4Q24 Loans Fundings
Slide 8: Capitalization Overview
FBRT 3Q 2025 Financial Update Capitalization Overview Average debt cost including financing was 7.1% in 3Q25 (no change from 2Q25) Financing Sources (1) Net Leverage (2) Warehouse 3.00x 27% Unsecured Debt 4% 2.54x Repo - Securities 2.50x 3% Asset Specific Financings 2.00x 1% 1.50x 1.00x 0.84x Collat
Slide 9: Financing Lines
FBRT 3Q 2025 Financial Update Financing Lines CLOs Warehouse/Revolver/Other Debt Reinvest Cost of Name Commitment (3) CLO Name Amount(1) End Date Debt(2) Barclays (Warehouse) $500 million BSPRT 2021-FL6 $184 million Ended S + 2.07% Wells Fargo $400 million BSPRT 2021-FL7 $310 million Ended S + 2.06%
Slide 10: Liquidity
FBRT 3Q 2025 Financial Update Liquidity Liquidity ($M) $384 $522 $21 $117 Unrestricted CLO Reinvestment Financing Total Cash Available Available & Liquidity (1) In Progress 1. Represents cash available at 9/30/2025 that we can invest at a market advance rate utilizing our available capacity on finan
Slide 11: NewPoint Financial Highlights
FBRT 3Q 2025 Financial Update NewPoint Financial Highlights Value on Total Income Statement Mortgage servicing rights MSR Commitments (1) MSR Value Net interest income ($0.4) Beginning Balance $211.5 $5.5 $217.1 Gain / (loss) on sales 26.0 OMSR - new commitments - $19.7 $19.7 Mortgage servicing righ
Slide 12: Portfolio
Portfolio O2
Slide 13: Core Loan Portfolio Composition
Portfolio Core Loan Portfolio Composition Portfolio Overview Portfolio Summary Rate Type • $4.4B total portfolio; 64.8% WA LTV (1) Fixed Senior 12% 99% • 137 senior loans; average UPB (2) of $32M • 10 mezzanine loans; average UPB (2) of $4M Floating • 3 non-performing loans (3) Mezzanine 88% 1% Coll
Slide 14: Core Originations in the Quarter
Portfolio Core Originations in the Quarter Overview By Collateral • 12 loans; $304 million total commitment ($143 million of initial funding / $161 million of future funding) Mixed Use 6% • 5.11% weighted average spread; 9.24% all-in coupon (1) • 11 senior loans; 4.47% weighted average spread • 1 me
Slide 15: Portfolio Vintage Detail
Portfolio Portfolio Vintage Detail Pre-Rate Hike Book Total Commitment Post-Rate Hike Book Total Commitment Collateral Type $ % Collateral Type $ % Multifamily 1,554 79% Multifamily 2,159 75% Hospitality 178 9% Hospitality 417 14% Industrial 76 4% Industrial 204 7% Office 136 7% Office - 0% Mixed Us
Slide 16: Office Portfolio
Portfolio Office Portfolio • Excluding our triple net leased office loan, our traditional multi-tenant office exposure is only 2.2% of our total portfolio. Carrying/Book CV/BV Recorded Loan/Asset Location % Written Down Status Value PSF CECL Office Loan Triple Net Lease 1 (1) Acton, MA $59.1 $168 -
Slide 17: Core Portfolio - Watch List Loans (Risk Rating 4&5)
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 Suburban Office Park Q4 2019 None Yes Office Acquisition Alpharetta, GA 5 Senior Loan Floating Rate 77-Unit A
Slide 18: 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 - 2 Freestanding Retail Single Tenant Retail Portfolio Q2 2022 Retail Various Q2 2023 Properties 124k Square Foot Office CBD Office Compl
Slide 19: Appendix
Appendix
Slide 20: Core Portfolio – FBRT Portfolio Details – Top 15 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% 6.63% 5/9/29 Connecticut Multifamily 50.7% Loan 2
Slide 21: Core Portfolio – Risk Ratings
Appendix Core Portfolio – Risk Ratings Average risk rating was 2.3 for the quarter (no change from 2Q25) Risk Ratings 76.8% 15.5% 6.7% 0.0% 1.0% Risk Rating 1 2 3 4 5 Principal Balance - 3,397 686 297 45 Loan Count, 2Q25 - 114 23 7 1 (+) Addition - 14 2 3 1 (-) Reduction - (10) (6) (2) - Loan Count,
Slide 22: 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 10/15/25: 1M SOFR: 4.04% As of 9/30/25: $0.14 1M SOFR: 4.13% $0.05 $0.01 $0.00 $0.00 -1.50% -1.00% -0.50% 9/30/2025 +0.25% Change in Floati
Slide 23: Core Portfolio – Fully Extended Maturities
Appendix Core Portfolio – Fully Extended Maturities Fully Extended Maturity by Year $1,228 $1,014 $1,024 $804 $295 $60 2025 ROY 2026 2027 2028 2029 2030 Note: All numbers in millions. BENEFIT STREET PARTNERS | ALCENTRA 23
Slide 24: Core Portfolio – Allowance For Loan Loss
Appendix Core Portfolio – Allowance For Loan Loss Total Allowance for Credit Loss by Collateral Type All Other 4% Hospitality 13% Office 2% Multifamily 81% Provision/ As % of 2Q25 Write offs 3Q25 UPB (Benefit) Total UPB General CECL Provision $43.8 ($1.5) - $42.3 $4,403 1.0% Specific CECL Provision
Slide 25: GAAP Net Income to Distributable Earnings Reconciliation
Appendix GAAP Net Income to Distributable Earnings Reconciliation 3Q'25 2Q'25 1Q'25 4Q'24 GAAP Net Income (Loss) 17.6 24.4 23.7 30.2 Adjustments: Unrealized (Gain) / Loss (1) 1.9 (2.5) 3.3 (1.5) (2) (0.3) (0.8) 0.3 (1.4) Subordinated Performance Fee Non-Cash Compensation Expense 5.2 2.3 2.2 2.2 Depr
Slide 26: Book Value Per Share & Shares Outstanding
Appendix Book Value Per Share & Shares Outstanding September 30, 2025 Stockholders' equity applicable to convertible common stock $ 1,391,864 Shares: Common stock 82,214,630 Restricted stock and restricted stock units 1,435,383 Series H convertible preferred stock 5,370,498 Class A - OP Units 8,385,
Slide 27: FBRT Income Statement
Appendix FBRT Income Statement Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Income Interest income $ 106,167 $ 134,142 $ 331,246 $ 398,253 Less: Interest expense 76,492 89,884 217,298 257,942 Net interest income 29,675 44,258 113,948 140,311 Gain/(loss) on sal
Slide 28: FBRT Balance Sheet
Appendix FBRT Balance Sheet September 30, 2025 ASSETS Cash and cash equivalents $ 116,652 Restricted cash 27,211 Investment securities, held to maturity 18,948 Commercial mortgage loans, held for investment, net of allowance for credit losses of $43,981 as of September 30, 2025 4,368,800 Commercial
Slide 29: 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 30: 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.benefitstreetpartners.com www.alcentra.c
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