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Franklin BSP Realty Trust
FBRT
#6691
Rank
C$0.97 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
C$12.62
Share price
2.09%
Change (1 day)
-16.83%
Change (1 year)
๐Ÿ  Real estate๐Ÿ’ฐ Investment ๐Ÿ˜๏ธ REITs
Categories
  1. Franklin BSP Realty Trust
  2. Quarterly Reports (10-Q)
  3. Submitted on 2026-04-29

Franklin BSP Realty Trust - 10-Q quarterly report FY


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2026
 OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-40923
FRANKLIN BSP REALTY TRUST, INC.
(Exact name of registrant as specified in its charter) 
Maryland46-1406086
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
1 Madison Ave, Suite 1600
New York, New York
10010
(Address of Principal Executive Office)(Zip Code)
(212) 588-6770
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per share
FBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large accelerated Filer x
Accelerated filer o
Non-accelerated filer o
Smaller reporting company ☐
Emerging growth filer ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

The number of shares of the registrant's common stock, $0.01 par value, outstanding as of April 27, 2026 was 76,963,009.

FRANKLIN BSP REALTY TRUST, INC.

TABLE OF CONTENTS


PART I
Page
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PART II
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i
PART I. Item 1. Consolidated Financial Statements and Notes (unaudited)
FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)

March 31, 2026December 31, 2025
ASSETS
Cash and cash equivalents$115,600 $167,292 
Restricted cash20,845 17,889 
Investment securities, held to maturity(1)
21,958 20,483 
Commercial mortgage loans, held for investment, net of allowance for credit losses of $49,173 and $38,302 as of March 31, 2026 and December 31, 2025, respectively(2)
4,546,828 4,383,134 
Commercial mortgage loans, held for sale, measured at fair value(3)
423,031 360,718 
Real estate securities, available for sale, measured at fair value, amortized cost of $179,768 and $151,946 as of March 31, 2026 and December 31, 2025, respectively(4)
178,712 151,662 
Mortgage servicing rights, net211,854 212,216 
Accrued interest receivable38,942 41,468 
Receivable for loan repayment(5)
79,248 50,619 
Prepaid expenses and other assets38,822 45,112 
Real estate owned, net of depreciation98,676 99,265 
Real estate owned, held for sale192,653 198,883 
Equity method investments98,626 71,682 
Intangible assets, net of amortization113,050 115,553 
Goodwill92,048 92,048 
Derivative instruments, measured at fair value17,195 11,315 
Loans eligible for repurchase12,913 17,911 
Total assets$6,301,001 $6,057,250 
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations$2,637,338 $2,735,582 
Repurchase agreements and revolving credit facilities - commercial mortgage loans1,495,300 1,087,087 
Repurchase agreements - real estate securities212,168 187,371 
Other financings12,865 12,865 
Unsecured debt185,693 185,466 
Mortgage note payable23,998 23,998 
Allowance for loss sharing17,349 19,484 
Accrued compensation29,381 43,662 
Liability for loans eligible for repurchase12,913 17,911 
Interest payable16,751 16,110 
Distributions payable23,304 38,935 
Accounts payable and accrued expenses20,310 18,892 
Due to affiliates11,058 12,054 
Derivative instruments, measured at fair value4,279 6,951 
Other liabilities28,500 29,657 
Total liabilities$4,731,207 $4,436,025 
Commitments and Contingencies
Redeemable convertible preferred stock:
Redeemable convertible preferred stock Series H, $0.01 par value, 20,000 authorized and 17,950 issued and outstanding as of March 31, 2026 and December 31, 2025
$89,748 $89,748 
Total redeemable convertible preferred stock$89,748 $89,748 
Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 7.5% Cumulative Redeemable Preferred Stock, Series E, 10,329,039 shares issued and outstanding as of March 31, 2026 and December 31, 2025
$258,742 $258,742 
Common stock, $0.01 par value, 900,000,000 shares authorized, 77,214,904 and 81,553,982 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively
755 808 
Additional paid-in capital1,553,770 1,593,365 
Accumulated other comprehensive income/(loss)(1,056)(284)
Accumulated deficit(420,743)(411,101)
Total stockholders' equity$1,391,468 $1,441,530 
Non-controlling interest88,578 89,947 
Total equity$1,480,046 $1,531,477 
Total liabilities, redeemable convertible preferred stock and equity$6,301,001 $6,057,250 

1
PART I. Item 1. Consolidated Financial Statements and Notes (unaudited)
FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)


_________________________________________________________
(1) Includes pledged assets of $21.6 million and $20.2 million as of March 31, 2026 and December 31, 2025, respectively.
(2) Includes pledged assets of $1.2 billion and $855.2 million as of March 31, 2026 and December 31, 2025, respectively.
(3) Includes pledged assets of $409.4 million and $329.2 million as of March 31, 2026 and December 31, 2025, respectively.
(4) Includes pledged assets of $178.7 million and $151.7 million as of March 31, 2026 and December 31, 2025, respectively.
(5) Includes $79.1 million and $50.5 million of cash held by servicer related to the CLOs as of March 31, 2026 and December 31, 2025, respectively.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
2
FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended March 31,
20262025
Income
Interest income$92,249 $113,908 
Less: Interest expense65,230 70,593 
Net interest income27,019 43,315 
Gain/(loss) on sales, including fee-based services, net21,330 5,039 
Mortgage servicing rights6,742 — 
Servicing revenue, net10,550 — 
Gain/(loss) on derivatives1,854 (118)
Revenue from real estate owned 6,882 6,797 
Total income$74,377 $55,033 
Expenses
Compensation and benefits$22,824 $— 
Asset management and subordinated performance fee6,054 6,555 
Acquisition expenses171 299 
Administrative services expenses2,334 3,348 
Professional fees9,285 6,576 
Other expenses11,205 9,936 
Depreciation and amortization3,420 1,380 
Share-based compensation2,403 2,246 
Total expenses$57,696 $30,340 
Other income/(loss)
(Provision)/benefit for credit losses$(11,391)$1,898 
Gain/(loss) on other real estate investments(4,476)(2,232)
Income/(loss) from equity method investments12,407 — 
Total other income/(loss)$(3,460)$(334)
Income/(loss) before taxes13,221 24,359 
(Provision)/benefit for income tax(929)(654)
Net income/(loss)$12,292 $23,705 
Net (income)/loss attributable to non-controlling interest(312)353 
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.$11,980 $24,058 
Less: Preferred stock dividends5,916 6,748 
Net income/(loss) applicable to common stock$6,064 $17,310 
Basic earnings per share$0.07 $0.20 
Diluted earnings per share$0.07 $0.20 
Basic weighted average shares outstanding79,926,118 82,053,686 
Diluted weighted average shares outstanding79,926,118 82,053,686 
    
The accompanying notes are an integral part of these unaudited consolidated financial statements.
3
FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
Three Months Ended March 31,
20262025
Net income/(loss)$12,292 $23,705 
Amounts related to available for sale real estate securities:
Change in net unrealized gain/(loss)$(772)$(397)
Reclassification adjustment for amounts included in net income/(loss)— — 
$(772)$(397)
Comprehensive (income)/loss attributed to non-controlling interest(312)353 
Comprehensive income/(loss) attributable to Franklin BSP Realty Trust, Inc.$11,208 $23,661 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
4
FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(In thousands, except share data)
(Unaudited)




Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income/(Loss)Accumulated DeficitPreferred ETotal Stockholders' EquityNon-Controlling InterestTotal Equity
Number of SharesPar Value
Balance, December 31, 202483,066,789 $818 $1,600,997 $79 $(348,074)$258,742 $1,512,562 $7,495 $1,520,057 
Share-based compensation— 4 2,242 — — — 2,246 — 2,246 
Shares canceled for tax withholding on vested equity rewards(196,020)— (2,393)— — — (2,393)— (2,393)
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.— — — — 24,058 — 24,058 — 24,058 
Net income/(loss) attributable to non-controlling interest— — — — — — — (353)(353)
Distributions declared— — — — (36,440)— (36,440)— (36,440)
Other comprehensive income/(loss)— — — (397)— — (397)— (397)
Contributions/(distributions) in non-controlling interest, net— — — — — — — (1,467)(1,467)
Balance, March 31, 202582,870,769 $822 $1,600,846 $(318)$(360,456)$258,742 $1,499,636 $5,675 $1,505,311 

Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income/(Loss)Accumulated DeficitPreferred ETotal Stockholders' EquityNon-Controlling InterestTotal Equity
Number of SharesPar Value
Balance, December 31, 202581,553,982 $808 $1,593,365 $(284)$(411,101)$258,742 $1,441,530 $89,947 $1,531,477 
Common stock repurchases(4,361,596)(44)(39,779)— — — (39,823)— (39,823)
Share-based compensation241,659 (9)2,412 — — — 2,403 — 2,403 
Shares canceled for tax withholding on vested equity rewards(219,141)— (2,228)— — — (2,228)— (2,228)
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.— — — — 11,980 — 11,980 — 11,980 
Net income/(loss) attributable to non-controlling interest— — — — — — — 312 312 
Distributions declared— — — — (21,622)— (21,622)— (21,622)
Other comprehensive income/(loss)— — — (772)— — (772)— (772)
Contributions/(distributions) in non-controlling interest, net— — — — — — — (1,681)(1,681)
Balance, March 31, 202677,214,904 $755 $1,553,770 $(1,056)$(420,743)$258,742 $1,391,468 $88,578 $1,480,046 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
5
FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended March 31,
20262025
Cash flows from operating activities:
Net income/(loss)$12,292 $23,705 
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Premium amortization and (discount accretion), net$(2,028)$(2,531)
Accretion of deferred commitment fees(363)(2,324)
Amortization of deferred financing costs2,787 3,246 
Share-based compensation2,403 2,246 
Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value(4,344)(5,039)
(Income)/loss from equity method investments(12,407)— 
(Gain)/loss on derivative instruments(1,854)1,056 
(Gain)/loss from other real estate investments4,476 2,232 
Depreciation and amortization3,420 1,380 
Straight line rental income(185)288 
Provision/(benefit) for credit losses11,391 (1,898)
Origination of commercial mortgage loans, held for sale, measured at fair value(835,996)(24,150)
Proceeds from sale or repayment of commercial mortgage loans, held for sale, measured at fair value778,027 111,467 
Distributions from equity method investments2,002 — 
MSR impairment and amortization7,483 — 
Mortgage banking activities(15,414)— 
Changes in assets and liabilities:
Accrued interest receivable2,889 7,715 
Prepaid expenses and other assets5,602 (2,587)
Accounts payable and accrued expenses1,380 4,840 
Due to affiliates(996)(1,950)
Interest payable641 (1,458)
Accrued compensation(14,281)— 
Other liabilities(937)— 
Net cash (used in)/provided by operating activities$(54,012)$116,238 
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment$(495,505)$(171,855)
Principal repayments received on commercial mortgage loans, held for investment291,666 396,900 
Purchase of and contributions to equity method investments(20,760)— 
Distributions from equity method investments4,221 — 
Proceeds from sale of real estate owned, held for sale2,272 28,843 
Purchase of real estate owned and capital expenditures(240)(706)
Purchase of real estate securities, available for sale(30,752)— 
Proceeds from sale or paydown of real estate securities2,911 35,442 
Payment of software development costs(120)— 
Purchases of investment securities, held to maturity(5,000)— 
Sales of investment securities, held to maturity3,600 — 
Proceeds from sale/(purchase) of derivative instruments1,595 (1,681)
Net cash (used in)/provided by investing activities$(246,112)$286,943 
Cash flows from financing activities:
Payments for common stock repurchases$(39,823)$— 
Shares cancelled for tax withholding on vested equity rewards(2,228)(2,393)
Repayments of collateralized loan obligations(99,755)(403,953)
Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans1,376,591 234,794 
Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans(968,378)(135,291)
6
FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Net borrowings (paydowns) on repurchase agreements - real estate securities, less than 90 days maturity24,797 (30,444)
Payments of deferred financing costs(882)(954)
Distributions to non-controlling interest(2,977)(1,467)
Distributions paid(35,957)(36,233)
Net cash (used in)/provided by financing activities:$251,388 $(375,941)
Net change in cash, cash equivalents and restricted cash(48,736)27,240 
Cash, cash equivalents and restricted cash, beginning of period185,181 196,864 
Cash, cash equivalents and restricted cash, end of period$136,445 $224,104 
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period167,292 184,443 
Restricted cash, beginning of period17,889 12,421 
Cash, cash equivalents and restricted cash, beginning of period$185,181 $196,864 
Cash and cash equivalents, end of period115,600 215,368 
Restricted cash, end of period20,845 8,736 
Cash, cash equivalents and restricted cash, end of period$136,445 $224,104 
Supplemental disclosures of cash flow information:
Cash payments for income taxes$3 $3,733 
Cash payments for interest60,713 68,275 
Supplemental disclosures of non - cash flow information:
Distribution payable$23,304 $36,444 
Loans transferred from commercial mortgage loans, held for investment to real estate owned, held for sale— 134,848 
Seller-based financing on sales of real estate owned, held for sale— 88,500 
Modification accounted for as repayment and new loan— 60,000 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
7
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)



Note 1 - Organization and Business Operations
Franklin BSP Realty Trust, Inc., (the "Company") is a Maryland corporation that operates as a real estate finance company. The Company has elected to be taxed as a real estate investment trust (a “REIT”) for U.S. federal income tax purposes since 2013. The Company’s operations are organized into two business units: (i) Commercial Real Estate Financing, and (ii) Agency Business.
Commercial Real Estate Financing
The Commercial Real Estate Financing unit primarily focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinated mortgage loans, mezzanine loans and participations in such loans. Secondarily, this unit also invests in and asset manages real estate securities, with a historical focus on commercial mortgage-backed securities ("CMBS"), commercial real estate collateralized loan obligation bonds and single asset single borrower bonds (collectively "CMBS bonds"), collateralized debt obligations ("CDOs") and other securities. Through this unit the Company also originates conduit loans which the Company intends to sell through its taxable REIT subsidiary ("TRS") into CMBS securitization transactions, and owns real estate that was either acquired by the Company through foreclosure, deed-in-lieu of foreclosure or that was purchased for investment.
Agency Business
On July 1, 2025, through a wholly owned subsidiary, we acquired NewPoint Holdings JV LLC ("NewPoint"), which now comprises our Agency Business unit. Through this unit, we originate, sell and service a range of multifamily finance products under programs offered by government-sponsored enterprises (“GSEs”), such as the Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) and by government agencies (“Agencies”), such as the Government National Mortgage Association (“Ginnie Mae”) and the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (together with Ginnie Mae, “HUD”). We retain the servicing rights and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We are an approved Fannie Mae Delegated Underwriting and Servicing (“DUS”) lender, a Freddie Mac Program Plus Seller/Servicer, a Multifamily Accelerated Processing (“MAP”) and Section 232 LEAN lender for HUD and a Ginnie Mae issuer. Additionally, the Company services external portfolios of commercial real estate financing products.
Structure
The Company believes that it has qualified as a REIT and intends to continue to meet the requirements for qualification and taxation as a REIT. As of March 31, 2026, substantially all of the Company's business is conducted through FBRT OP LLC (the “OP”), a Delaware limited liability company. As of March 31, 2026, the Company is the managing member of the OP and directly or indirectly holds 90% of the common units of membership interest in the OP. In addition, the Company, through subsidiaries which are treated as taxable REIT subsidiaries (“TRS”), is indirectly subject to U.S. federal, state and local income taxes.
The Company is externally-managed by Benefit Street Partners L.L.C. (the "Advisor") pursuant to an advisory agreement, as amended on August 18, 2021 (the "Advisory Agreement"). Established in 2008, the Advisor's credit platform manages funds for institutions and high-net-worth investors across various credit funds and complementary strategies including high yield, levered loans, private/opportunistic debt, liquid credit, structured credit and commercial real estate debt. These strategies complement each other as they all leverage the sourcing, analytical, compliance, and operational capabilities that encompass the platform. The Advisor manages the Company's affairs on a day-to-day basis. The Advisor receives compensation fees and reimbursements for services related to the investment and management of the Company's assets and the operations of the Company. The Advisor is a wholly-owned subsidiary of Franklin Resources, Inc., which together with its various subsidiaries operates as "Franklin Templeton.”

8
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 2 - Summary of Significant Accounting Policies
Basis of Accounting
The Company's unaudited consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate.
These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2025, which are included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 25, 2026, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this report.
Reclassifications
Certain prior year balances have been reclassified in order to conform to the current period presentation.
For the three months ended March 31, 2025, $5.0 million was reclassified from Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value to Gain/(loss) on sales, including fee-based services, net on the consolidated statements of operations.
For the three months ended March 31, 2025, Unrealized gain/(loss) on derivatives and Realized gain/(loss) on derivatives were combined and reclassified to Gain/(loss) on derivatives, resulting in net $(0.1) million, respectively, being reclassified on the consolidated statements of operations.
Use of Estimates
GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods.
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary.
The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP.
The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Non-controlling interest represents the equity of consolidated joint ventures that are not owned by the Company.
The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation.
9
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Cash and Cash Equivalents
Cash consists of amounts deposited with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits.
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires disaggregated disclosures of certain categories of expenses that are included on the face of the income statement. The standard is to be adopted prospectively, with the option to apply retrospectively, and is effective for annual periods starting after December 15, 2026. The Company is currently assessing the impact that ASU 2024-03 will have on the consolidated financial statements.
In September 2025, the FASB issued ASU, 2025-06 “Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40),” or ASU 2025-06. ASU 2025-06 modernizes the accounting for software costs. ASU 2025-06 is effective on a prospective basis, with options for modified transition and retrospective application, for annual periods beginning after December 15, 2027 and early adoption is permitted. The Company is currently assessing the impact that ASU 2025-06 will have on the consolidated financial statements.
Note 3 - Business Combinations
Acquisition of NewPoint
On July 1, 2025 (the “Acquisition Date”), the Company completed the acquisition ("the Transaction") of NewPoint, a commercial real estate finance company offering lending solutions nationwide to investors in multifamily, affordable housing, seniors housing, healthcare, and manufactured housing properties.
The Transaction has expanded the Company's presence in the multifamily lending sector, with the opportunity to enhance its diversified mortgage finance platform and capitalize on agency capabilities.
The Company purchased 100% of the outstanding equity interests of NewPoint for an aggregate purchase price of $427.8 million, comprised of $336.9 million in cash and $90.9 million of equity, in the form of 8,385,951 Class A units of the OP ("OP Units") issued as consideration. The OP Units were valued based on the closing market price of the Company's common shares on the acquisition date. The Company operates the acquired business through a taxable REIT subsidiary.
The Company accounted for the Transaction as a business combination under the acquisition method of accounting, which requires allocation of the total consideration transferred to the assets acquired and liabilities assumed based on their fair values as of the Acquisition Date, with the excess of the consideration transferred over those fair values recorded as goodwill. Determining the fair value of the assets acquired requires significant judgments, assumptions, and estimates about future events, which the Company believes are reasonable. Use of different estimates and judgments could produce materially different results. The Company may refine such estimates and adjust the assets acquired and liabilities assumed over the measurement period, which will not exceed one year from the Acquisition Date. The following is a preliminary purchase price allocation, which is subject to change as the Company finalizes its analysis over certain items such as intangible assets, MSRs, and other items.
The allocation of the purchase consideration, subject to future measurement period adjustments, is as follows (dollars in thousands):
10
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Amount
Total Purchase Price$427,774 
ASSETS
Cash and cash equivalents25,357 
Restricted cash14,205 
Investment securities, held to maturity17,843 
Commercial mortgage loans, held for sale, measured at fair value422,011 
Mortgage servicing rights, net211,545 
Derivative assets4,268 
Accrued Interest Receivable4,475 
Prepaid expenses and other assets23,434 
Equity method investments47,614 
Loan repurchase option asset13,197 
Intangible assets - agency licenses72,500 
Intangible assets - other9,500 
Goodwill92,048 
Total assets acquired$957,997 
Repurchase agreements - commercial mortgage loans413,797 
Allowance for loss sharing23,586 
Accrued compensation34,650 
Interest Payable1,154 
Accounts payable and accrued expenses15,929 
Loan repurchase option liability13,197 
Other liabilities27,910 
Total liabilities assumed$530,223 
Total purchase consideration$427,774 
During the three months ended March, 31, 2026, the Company did not make any measurement period adjustments.
The purchase price exceeded the estimated fair value of the assets acquired and liabilities assumed and, as a result of the purchase allocation, the Company recorded goodwill of $92.0 million, which has been allocated to the Agency Business segment. The goodwill recognized is attributable primarily to anticipated growth opportunities and synergies resulting from the Transaction, which provides the Company with an expanded presence in the multifamily sector and the ability to originate and service agency mortgage loans. The amount of goodwill expected to be deductible for tax purposes is approximately $61.7 million.
The fair value of the identifiable tangible assets and liabilities acquired in the Transaction approximated their carrying values at the Acquisition Date. The Company used independent third-party valuation specialists to assist in determining the fair value of certain intangible assets acquired and liabilities assumed, which are classified as Level III. Provisional estimates of fair value are established at the time of the acquisition. There are significant estimates used in determining the fair values of certain intangible assets acquired, which consist of mortgage servicing rights, licenses, developed technology, and non-compete agreements.
Mortgage servicing rights: When a mortgage loan is sold, the Company retains the right to service the loan and recognizes the MSR at fair value. The initial fair value represents expected net cash flows from servicing, borrower prepayment penalties, interest earnings on escrows, interim cash balances, delinquency rates, late charges and ancillary fees that are discounted at a rate that reflects the credit and liquidity risk of the MSR over the estimated life of the underlying loan. After initial recognition, the MSRs will be amortized using the amortization method.
Licenses: The fair value of the licenses were estimated using a discounted cash flow method, which involves projecting revenue and servicing fees associated with the license, while accounting for related expenses. The significant unobservable input used to discount the future cash flows to present value is the discount rate of 11.5%. These licenses are considered to have
11
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


indefinite useful lives, reflecting their continuous economic value. Key assumptions are drawn from management’s projections and legal guidance.
Developed technology: The fair value was estimated based on a replacement cost method of the cost approach, which estimates the cost the Company would incur in rebuilding the technology. Under this method, fair value is equal to the replacement cost of the technology plus developer’s profit and entrepreneurial incentive, which are the key assumptions embedded into the valuation. The technology is amortized over five years based upon the estimated economic benefits received.
Non-compete agreements: The fair value of the non-compete agreements were estimated using a discounted cash flow method, which calculates the present value of projected revenue differences attributable to the agreement, adjusted for operating expenses. The significant unobservable input used to discount the future cash flows to present value is the discount rate of 11.5%. Key assumptions are based on management input and the terms of the non-compete agreement. The agreements are amortized over a period of nine to 12 months.
The estimates above directly impact the amount of identified intangible assets recognized and the related amortization expenses in future periods. Intangible assets acquired had a weighted average useful economic life of 2.7 years. As of March 31, 2026, aggregate intangible assets relating to the Transaction of $76.3 million were recorded in Intangible assets, net on the consolidated balance sheets. The Company may record certain measurement period adjustments, which will be made in the period in which the amounts are determined. The current period income effect of such adjustments will be calculated as if the adjustments had been completed as of the Acquisition Date.
The Company recognized acquisition-related expenses of $0.1 million and $2.9 million in Other Expenses and Professional Fees, respectively, on the consolidated statement of operations for the three months ended March 31, 2025.
The Company's consolidated financial statements for the three months ended March 31, 2026 include the operations of NewPoint from the Acquisition Date. The following table presents NewPoint's revenue and earnings as reported in the Company's consolidated statement of operations (dollars in thousands):
Three months ended March 31, 2026
Revenue$33,300 
Net income (loss) attributable to Franklin BSP Realty Trust, Inc.3,237 
Supplemental Pro Forma Combined Information (unaudited)
The following unaudited pro forma combined financial information presents the combined results of operations of the Company, as if the Transaction occurred on January 1, 2024. The unaudited proforma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the Transaction had taken place on the date indicated or of results that may occur in the future (dollars in thousands):
Three months ended March 31,
2025
Revenue$74,985 
Net income (loss) attributable to Franklin BSP Realty Trust, Inc.29,420 
The unaudited pro forma financial information is based on historical information of the Company and NewPoint, along with certain material, non-recurring pro forma adjustments. The material, non-recurring pro forma adjustments primarily consist of (i) incremental amortization expense based on the preliminary fair values of the intangible assets acquired; (ii) recognition of non-controlling interest to reflect the reclassification of the OP units; (iii) a change in the valuation methodology of mortgaging servicing rights from fair value to the amortization method; (iv) a change in provision for credit loss expense due to revised loss estimation methodology, (v) non-recurring transaction costs; and (vi) income tax impact of the aforementioned pro forma adjustments.
12
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 4 - Commercial Mortgage Loans, Held for Investment
Commercial Mortgage Loans, Held for Investment
The following table presents a summary of the Company's commercial mortgage loans, held for investment, carrying values by class (dollars in thousands):
March 31, 2026December 31, 2025
Senior loans$4,545,717 $4,376,873 
Mezzanine loans50,284 44,563 
Total gross carrying value of loans4,596,001 4,421,436 
General allowance for credit losses32,838 34,196 
Specific allowance for credit losses16,335 4,106 
Less: Allowance for credit losses49,173 38,302 
Total commercial mortgage loans, held for investment, net$4,546,828 $4,383,134 
For the three months ended March 31, 2026 and year ended December 31, 2025, the activity in the Company's commercial mortgage loans, held for investment carrying values, was as follows (dollars in thousands):
Three months ended March 31, 2026Year Ended
December 31, 2025
Amortized cost, beginning of period$4,421,436 $4,986,750 
Acquisitions and originations496,306 1,156,575 
Principal repayments(319,501)(1,420,373)
Dispositions— (35,116)
Principal charge-off(2,617)(32,860)
Deferred fees and other items(1)
(801)(10,304)
Amortization/accretion of fees and other items(1)
1,972 9,557 
Transfer to real estate owned(2)
— (197,396)
Transfer to held for sale— (33,909)
Cost recovery(794)(1,488)
Amortized cost, end of period$4,596,001 $4,421,436 
Allowance for credit losses, beginning of period$(38,302)$(78,083)
General (provision)/benefit for credit losses1,358 12,669 
Specific (provision)/benefit for credit losses(14,846)(5,748)
Charge offs from specific allowance for credit losses2,617 32,860 
Allowance for credit losses, end of period$(49,173)$(38,302)
Total commercial mortgage loans, held for investment, net $4,546,828 $4,383,134 
________________________
(1) Other items primarily consist of purchase discounts or premiums and deferred origination expenses.
(2) For additional details on properties obtained through foreclosure or deed-in-lieu of foreclosure, see Note 8 - Real Estate Owned.
As of March 31, 2026 and December 31, 2025, the Company's total commercial mortgage loan, held for investment, portfolio was comprised of 177 and 169 loans, respectively.
13
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Loan Portfolio by Collateral Type and Geographic Region
The following tables present the composition by loan collateral type and region of the Company's commercial mortgage loans, held for investment portfolio (dollars in thousands):
March 31, 2026December 31, 2025
Loan Collateral Type Par Value Percentage Par ValuePercentage
Multifamily$3,647,729 79.3 %$3,434,672 77.5 %
Hospitality490,423 10.6 %515,144 11.6 %
Industrial272,910 5.9 %309,522 7.0 %
Office57,112 1.2 %58,259 1.3 %
Retail1,986 — %1,986 — %
Other139,118 3.0 %115,928 2.6 %
Total $4,609,278 100.0 %$4,435,511 100.0 %
March 31, 2026December 31, 2025
Loan RegionPar Value Percentage Par Value Percentage
Southeast$1,840,930 39.8 %$1,832,831 41.4 %
Southwest1,496,133 32.5 %1,431,471 32.3 %
Mideast381,080 8.3 %348,750 7.9 %
Far West185,940 4.0 %239,874 5.4 %
New England136,899 3.0 %125,982 2.8 %
Great Lakes128,674 2.8 %108,095 2.4 %
Rocky Mountain113,030 2.5 %76,180 1.7 %
Various(1)
326,592 7.1 %272,328 6.1 %
Total$4,609,278 100.0 %$4,435,511 100.0 %
________________________
(1) Represents loans secured by a portfolio of properties located in various parts of the United States.
Allowance for Credit Losses
The following table presents the quarterly changes in the Company's allowance for credit losses for the three months ended March 31, 2026 (dollars in thousands):
General Allowance for Credit Losses
Specific Allowance for Credit LossesFundedUnfundedTotalTotal Allowance for Credit Losses
December 31, 2025$4,106 $34,196 $296 $34,492 $38,598 
Changes:
Provision/(Benefit)14,846 (1,358)38 (1,320)13,526 
Charge offs(2,617)— — — (2,617)
March 31, 2026$16,335 $32,838 $334 $33,172 $49,507 
Specific Allowance for Credit Losses
The Company has elected to apply a practical expedient for collateral dependent assets in which the allowance for credit losses is calculated as the difference between the estimated fair value of the underlying collateral, less estimated cost to sell, and the amortized cost basis of the loan. As such, these loans receivable are measured at fair value on a nonrecurring basis using significant unobservable inputs and are classified as Level 3 assets in the fair value hierarchy. The fair value of the underlying collateral is determined using the market approach, the income approach, or a combination thereof. The significant unobservable input used for the income approach is the exit capitalization rate assumptions, which ranged from 5.00% to 9.25%. The significant unobservable input used for the market approach is the estimated fair value less cost to sell based on a negotiated price from an anticipated buyer.
14
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


In December 2021, the Company originated a first mortgage loan with a commitment of $23.0 million secured by a multifamily property in Pennsylvania. The loan was identified by management as non-performing and placed on non-accrual status, with an amortized cost of $21.7 million as of December 31, 2025. The Company recorded a specific allowance for credit losses of $2.0 million on this loan as of December 31, 2025, and an additional specific allowance for credit losses of $0.6 million in the first quarter of 2026. The loan was paid off in March 2026 at a discount, and the Company charged off the specific allowance for credit losses at the time of the payoff.
In November 2021, the Company originated a first mortgage loan with a commitment of $39.0 million secured by a multifamily property in Arizona. The loan was identified by management as non-performing and placed on non-accrual status,
with an amortized cost of $36.8 million, as of March 31, 2026. The Company recorded a specific allowance for credit losses
of $2.0 million on this loan as of March 31, 2026.
In June 2022, the Company originated a first mortgage loan with a commitment of $46.0 million secured by a multifamily property in North Carolina. The loan was identified by management as non-performing and placed on cost recovery status, with
an amortized cost of $44.5 million, as of March 31, 2026. The Company recorded a specific allowance for credit losses of
$1.1 million on this loan as of March 31, 2026.
In December 2021, the Company originated a first mortgage loan with a commitment of $82.9 million secured by a multifamily property in North Carolina. The loan was identified by management as non-performing and placed on cost recovery status, with an amortized cost of $79.8 million, as of March 31, 2026. The Company recorded a specific allowance for credit losses of $13.2 million on this loan as of March 31, 2026.
General Allowance for Credit Losses
The Company recorded a total decrease in its general allowance for credit losses during the three months ended March 31, 2026 of $1.3 million. The primary driver for the lower reserve balance is attributable to more favorable economic assumptions utilized for the CECL model compared to preceding periods. Changes in the provision for credit losses for the Company’s financial instruments are recorded in (Provision)/benefit for credit losses in the consolidated statements of operations with a corresponding offset to the financial instrument’s amortized cost recorded in the consolidated balance sheet, or as a component of Accounts payable and accrued expenses for unfunded loan commitments.
Past Due Status
The following table presents a summary of the loans amortized cost basis as of March 31, 2026 (dollars in thousands):
CurrentLess than 90 days past due
90 or more days past due(1)
Total
As of March 31, 2026$4,254,872 $150,513 $190,616 $4,596,001 
________________________
(1) Comprised of six mortgage loans, one of which was collateralized by an office property and the other five by multifamily properties. The mortgage loan collateralized by an office property and three mortgage loans collateralized by multifamily properties have been designated as non-performing.
15
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Non-performing Status
The following table presents the amortized cost basis of our non-performing loans as of March 31, 2026 and December 31, 2025 (dollars in thousands):
March 31, 2026December 31, 2025
Non-performing loan amortized cost at beginning of year, January 1$213,980 $133,230 
Addition of non-performing loan amortized cost150,660 346,323 
Less: Removal of non-performing loan amortized cost55,746 265,573 
Non-performing loan amortized cost end of period(1)
$308,894 $213,980 
________________________
(1) As of each of March 31, 2026 and December 31, 2025, the Company had seven loans designated as non-performing. As of March 31, 2026, three non-performing loans were placed on cost recovery status, one of which was collateralized by an office property and the other two of which were collateralized by multifamily properties, with a combined specific allowance for credit losses of $14.3 million. The other four were collateralized by multifamily properties and placed on non-accrual status, one of which had a specific allowance for credit losses of $2.0 million. As of December 31, 2025, four non-performing loans were placed on cost recovery status, one of which was collateralized by an office property and the other three by multifamily properties with a combined specific allowance for credit losses of $4.1 million. The other three were collateralized by multifamily properties and placed on non-accrual status with no specific allowance for credit losses.
Loan Credit Characteristics, Quality and Vintage
As part of the Company's process for monitoring the credit quality of its commercial mortgage loans, excluding those held for sale, measured at fair value, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its loans. The loans are scored on a scale of 1 to 5 as follows:
Investment Rating
Summary Description
1
Very Low Risk - Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable.
2
Low Risk - Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable.
3
Average Risk - Performing investments requiring closer monitoring. Trends and risk factors show some deterioration.
4
High Risk/Delinquent/Defaulted/Potential For Loss - Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative.
5
Impaired/Defaulted/Loss Likely - Underperforming investment with expected loss of interest and some principal.
All commercial mortgage loans, excluding loans classified as Commercial mortgage loans, held for sale, measured at fair value within the consolidated balance sheets, are assigned an initial risk rating of 2. As of March 31, 2026 and December 31, 2025, the weighted average risk rating of loans was 2.5 and 2.4, respectively.
16
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


The following tables present the par value and amortized cost of our commercial mortgage loans, held for investment as of March 31, 2026 and December 31, 2025, by the Company’s internal risk rating and year of origination (dollars in thousands):
March 31, 2026
Amortized Cost by Year of Origination
Risk RatingNumber of LoansTotal Par Value20262025202420232022PriorTotal Amortized Cost% of Portfolio
1—$— $— $— $— $— $— $— $— — %
21403,179,650 335,970 1,053,023 969,099 296,753 285,640 228,836 3,169,321 69.0 %
326964,906 — 71,915 383,275 129,299 268,147 111,791 964,427 21.0 %
47281,406 — — 35,880 — 138,732 106,792 281,404 6.1 %
54183,316 — — — — 44,483 136,366 180,849 3.9 %
Total177$4,609,278 $335,970 $1,124,938 $1,388,254 $426,052 $737,002 $583,785 $4,596,001 100.0 %
Allowance for credit losses(49,173)
Total carrying value, net$4,546,828 
December 31, 2025
Amortized Cost by Year of Origination
Risk RatingNumber of LoansTotal Par Value20252024202320222021PriorTotal Amortized Cost% of Portfolio
1—$— $— $— $— $— $— $— $— — %
21373,213,933982,678 1,175,376 322,490 387,548 313,728 20,559 3,202,37972.4 %
322848,719— 305,158 129,792 220,090 178,500 14,756 848,29619.2 %
46246,682— — — 138,889 107,790 — 246,6795.6 %
54126,177 — — — 44,483 58,504 21,095 124,082 2.8 %
Total169$4,435,511 $982,678 $1,480,534 $452,282 $791,010 $658,522 $56,410 $4,421,436 100.0 %
Allowance for credit losses(38,302)
Total carrying value, net$4,383,134 


17
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 5 - Commercial Mortgage Loans, Held for Sale
Commercial Mortgage Loans, Held for sale, Measured at Fair Value
Our commercial mortgage loans, held for sale, measured at fair value are comprised of both Agency loans and non-Agency loans. Our Agency loans held for sale are typically sold within 60 days of loan origination, while non-Agency loans are generally expected to be sold to third parties or securitized within 180 days of loan origination. The following table shows the aggregate unpaid principal balance and fair value of our mortgage loans, held for sale, measured at fair value (dollars in thousands):
March 31, 2026December 31, 2025
Aggregate UPBFair ValueAggregate UPBFair Value
Agency loans$246,121 $247,281 $324,162 $331,218 
Non-Agency loans175,750 175,750 29,500 29,500 
Total commercial mortgage loans, held for sale, measured at fair value$421,871 $423,031 $353,662 $360,718 
As of March 31, 2026 and December 31, 2025, respectively, there were no loans that were 90 days or more past due or on a non-accrual status.


18
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 6 - Mortgage Servicing Rights
Mortgage Servicing Rights (“MSRs”) represent servicing rights retained by the Company for loans it originates and sells. The servicing fees are collected from the monthly payments made by the borrowers. The Company generally receives other remuneration including rights to various loan fees such as late charges, collateral re-conveyance charges, loan prepayment penalties, and other ancillary fees. In addition, the Company earns placement fees on funds held pending remittance related to its collection of loan principal and escrow balances. As of March 31, 2026, the Company had a servicing portfolio consisting of 1,045 loans with an unpaid principal balance of $22.0 billion for which it owns MSRs. As of December 31, 2025, the Company had a servicing portfolio consisting of 1,042 loans with an unpaid principal balance of $21.6 billion for which it owns MSRs.
Activity related to MSRs for the three months ended March 31, 2026 and the year ended December 31, 2025 was as follows (in thousands):

Three months ended March 31, 2026
Beginning balance, as of January 1, 2026$212,216 
Additions8,639 
Amortization(10,085)
Impairment reversal2,601 
Prepayments and write-offs(1,517)
Ending balance, as of March 31, 2026$211,854 

Year Ended December 31, 2025
Beginning balance, as of January 1, 2025$— 
Acquired MSRs at July 1, 2025211,545 
Additions26,295 
Amortization(19,434)
Impairment(2,590)
Prepayments and write-offs(3,600)
Ending balance, as of December 31, 2025$212,216 
The discount rates used to determine the present value of the MSRs, at recognition, were between 8%-14% (representing a weighted average discount rate of 10.0%) as of March 31, 2026. The weighted average estimated life remaining of the MSRs was 6.3 years as of March 31, 2026. The weighted average estimated life remaining of the MSRs was 6.4 years as of December 31, 2025.
Contractual servicing fees, including late fees, and ancillary fees were $12.5 million for the three months ended March 31, 2026, and are included in servicing fees, net in the consolidated statement of operations. At March 31, 2026, $0 of MSRs were considered impaired. At December 31, 2025, $2.6 million of MSRs were considered impaired.
The expected amortization of capitalized MSRs recorded at March 31, 2026 is as follows (in thousands):

YearAmortization
2026 (April-December)$26,354 
202730,768 
202825,664 
202921,408 
203017,857 
Thereafter89,803 
Total$211,854 

Based on scheduled maturities, actual amortization may vary from these estimates.
19
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 7 - Real Estate Securities
Real Estate Securities Classified As Available For Sale
The following is a summary of the Company's real estate securities, available for sale, measured at fair value, as of March 31, 2026 and December 31, 2025 (dollars in thousands):
CMBS Bonds
Number of BondsBenchmark Interest RateWeighted Average Interest Rate
Weighted Average Contractual Maturity (years)
Par ValueFair Value
March 31, 2026121 Month SOFR6.59%9.7$179,051 $178,712 
December 31, 2025101 Month SOFR6.61%8.4$151,362 $151,662 
The Company classified its CMBS bonds as available for sale and reports them at fair value in the consolidated balance sheets with changes in fair value recorded in Accumulated other comprehensive income/(loss) in the consolidated balance sheets.
The following table shows the amortized cost, unrealized gain/(loss) and fair value of the Company's CMBS bonds as of March 31, 2026 and December 31, 2025 (dollars in thousands):
Amortized CostUnrealized GainUnrealized (Loss)Fair Value
March 31, 2026$179,768 $— $(1,056)$178,712 
December 31, 2025$151,946 $76 $(360)$151,662 
As of March 31, 2026, the Company held 12 CMBS bonds with an amortized cost basis of $179.8 million and a net unrealized loss of $1.1 million, all of which were held in a gross unrealized loss position of $1.1 million. As of December 31, 2025, the Company held 10 CMBS bonds with an amortized cost basis of $151.9 million and a net unrealized loss of $0.3 million, seven of which were held in a gross unrealized loss position of $0.4 million. As of March 31, 2026 and December 31, 2025, zero positions had an unrealized loss for a period greater than twelve months. As of March 31, 2026 and December 31, 2025, the fair value of the Company's CMBS bonds that were in an unrealized loss position for less than twelve months was $178.7 million and $105.9 million, respectively.
20
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 8 - Real Estate Owned
Real Estate Owned, Held for Investment
The following table summarizes the Company's real estate owned, held for investment assets as of March 31, 2026 and December 31, 2025 (dollars in thousands):
As of March 31, 2026
Acquisition DateProperty TypePrimary Location(s)LandBuilding and ImprovementsFurniture, Fixtures and EquipmentAccumulated DepreciationReal Estate Owned, net
September 2021(1)
IndustrialJeffersonville, GA$3,436 $84,259 $2,929 $(10,359)$80,265 
August 2023OfficePortland, OR16,479 2,065 — (133)18,411 
Total$19,915 $86,324 $2,929 $(10,492)$98,676 
________________________
See note below.
As of December 31, 2025
Acquisition Date
Property TypePrimary Location(s)LandBuilding and ImprovementsFurniture, Fixtures and EquipmentAccumulated DepreciationReal Estate Owned, net
September 2021(1)
IndustrialJeffersonville, GA$3,436 $84,259 $2,929 $(9,783)$80,841 
August 2023OfficePortland, OR16,479 2,065 — (120)18,424 
Total$19,915 $86,324 $2,929 $(9,903)$99,265 
________________________
(1) The Company and an affiliate of the Company entered into a joint venture agreement and formed a joint venture entity, Jeffersonville Member, LLC (the “Jeffersonville JV”) to acquire a triple net lease property in Jeffersonville, GA. Refer to Note 18 - Related Party Transactions and Arrangements for details.
Depreciation expense for the three months ended March 31, 2026 and 2025 totaled $0.6 million and $0.7 million, respectively.
21
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Real Estate Owned, Held for Sale
The following table summarizes the Company's real estate owned, held for sale assets and liabilities as of March 31, 2026 and December 31, 2025 (dollars in thousands):
As of March 31, 2026
Property TypePrimary Location(s)Assets, NetLiabilities, Net
Office(1)
Denver, CO$17,442 $1,514 
Multifamily(2)
Various176,650 2,815 
Total$194,092 $4,329 
____________________
See notes below.
As of December 31, 2025
Property TypePrimary Location(s)Assets, NetLiabilities, Net
Office(1)
Denver, CO$17,267 $1,321 
Multifamily(2)
Various180,942 3,911 
Retail(3)
Various2,980 217 
Total$201,189 $5,449 
________________________
(1) During the three months ended March 31, 2026, the Company recognized a net loss of $0.3 million included within Gain/(loss) on other real estate investments in the Company's consolidated financial statements of operations related to this property.
(2) As of March 31, 2026, the Company's real estate owned, held for sale assets included four multifamily properties that previously collateralized four commercial mortgage loans. During the three months ended March 31, 2026, the Company recognized a net loss of $3.7 million included within Gain/(loss) on other real estate investments in the Company's consolidated financial statements of operations primarily related to the fair value write-down of one of these properties.
(3) In November 2022, the Company and an affiliate of the Company entered into a joint venture agreement and formed a joint venture entity, BSPRT Walgreens Portfolio, LLC (the "Walgreens JV") to assume a group of 24 retail properties with various locations throughout the United States (the "Walgreens Portfolio"). Refer to Note 18 - Related Party Transactions and Arrangements. The Company sold the final property within the Walgreens Portfolio during the first quarter of 2026. As a result, the Company recorded a loss of $0.5 million for the three months ended March 31, 2026 included within Gain/(loss) on other real estate investments in the Company's consolidated financial statements of operations.
As of March 31, 2026, the Company has designated certain properties included within the real estate owned business segment as held for sale in accordance with ASC 360. The properties are currently being marketed and sales are probable to occur within one year.
22
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 9 - Equity Method Investments
55 Riverwalk Aker/BSP Venture LLC - The Company holds a 21.01% interest in 55 Riverwalk Aker/BSP Venture LLC (the "55 Riverwalk JV"), a joint venture that is a mixed-use development property consisting of a multifamily apartment complex and retail shopping stores. The 55 Riverwalk JV was formed on December 20, 2024, where the Company made an initial investment of $13.3 million. The Company has received total distributions of $0.6 million as of March 31, 2026. The equity investment in 55 Riverwalk JV has a carrying value of $19.0 million and $13.5 million on the consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively.
Garfield PG JV HoldCo LLC - The Company holds a 28.87% interest in Garfield PG JV HoldCo LLC (the "Garfield JV"), a joint venture that is an industrial property for warehousing and distribution. The Garfield JV was formed on May 22, 2025, where the Company made an initial investment of $9.8 million. The Company has received total distributions of $1.0 million as of March 31, 2026. The equity investment in Garfield JV has a carrying value of $12.9 million and $8.6 million on the consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively.
NewPoint JV LLC - The Company holds a 7.58% ownership interest in NewPoint JV LLC (the “Bridge JV”), a joint venture with the purpose of investing in multifamily bridge loans. The Company has received total distributions of $1.8 million as of March 31, 2026. The Company has a total commitment of $25.0 million which was completely funded as of March 31, 2026. The equity investment in Bridge JV has a carrying value of $24.1 million and $24.2 million on the consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively.
NewPoint + MORE Capital Affordable Fund LLC - The Company holds a 29.34% ownership interest in NewPoint + MORE Capital Affordable Fund LLC (the “Affordable JV”), a joint venture with the purpose of investing in multifamily affordable debt instruments through its subsidiary, NewPoint Impact Fund I LP. The Company has a total capital commitment of $30.0 million to Affordable JV, of which $5.8 million was unfunded as of March 31, 2026. The Company has received total distributions of $1.2 million as of March 31, 2026. The equity investment in Affordable JV has a carrying value of $29.0 million and $25.3 million on the consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively.
Zelda PG JV HoldCo LLC - The Company holds a 27.95% interest in Zelda PG JV HoldCo LLC (the "Gardena JV"), a joint venture that is an industrial property for warehousing and distribution. The Gardena JV was formed on March 18, 2026, where the Company made an initial investment of $13.7 million.
The following table provides a summary of the combined financial position of the Company’s equity method investments as of March 31, 2026 and December 31, 2025 (dollars in thousands):
March 31, 2026December 31, 2025
Total Assets$1,354,411 $1,450,001 
Total Liabilities789,669 918,504 
Net Assets/Member's Equity564,742 531,497 
The following provides a summary of the combined results of operations of the Company’s equity method of investments for the three months ended March 31, 2026 and 2025, respectively (dollars in thousands):
Three Months Ended March 31,
20262025
Total Revenue/Investment Income$26,200 $— 
Unrealized Gain/(Loss) from Investments60,275 — 
Total Expenses19,921 — 
Net Income/(Loss)66,553 — 
Net Income/(Loss) attributable to the Company12,407 — 
23
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 10 - Leases
The Company leases office space, classified as operating leases, in the normal course of business at varying lengths through 2033. Leases are negotiated with third parties and, in some instances, contain renewal, expansion and termination options. As of March 31, 2026 and December 31, 2025, the Company recorded ROU assets of $8.0 million and $8.4 million within Prepaid expenses and other assets, and operating lease liabilities of $10.0 million and $10.5 million within other liabilities, on the consolidated balance sheets, respectively. All lease commencement dates are recorded as of July 1, 2025 in conjunction with the acquisition of NewPoint.
Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
Lease Cost:
Operating lease cost$588 $— 
Variable lease cost213 — 
Net lease cost$801 $— 
Other Information
Operating cash outflows from operating leases$659 $— 
 
Weighted-average remaining lease term5.3
Weighted-average discount rate6.7 %
Operating lease cost is included in Other expenses in the consolidated statement of operations. The discount rate was determined by using the Company's incremental borrowing rate.
The following table shows future minimum payments under the Company's operating leases as of March 31, 2026 (dollars in thousands):
Future Minimum PaymentsMarch 31, 2026
2026 (Nine Months Ended December 31, 2026)$2,007 
20272,528 
20282,381 
20292,004 
2030804 
2031 and beyond2,246 
Total Lease Payments11,970 
Less: imputed interest(1,943)
Total$10,027 
Rental Income
Rental income for the three months ended March 31, 2026 and 2025 totaled $6.9 million and $6.8 million, respectively. Rental income is included in Revenue from real estate owned in the consolidated statements of operations.
24
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


The following table summarizes the Company's schedule of future minimum rents on its real estate owned, held for investment properties, to be received under the leases (dollars in thousands):
Future Minimum RentsMarch 31, 2026
2026 (Nine Months Ended December 31, 2026)$6,676 
20278,710 
20288,884 
20299,062 
20309,243 
2031 and beyond79,083 
Total future minimum rent$121,658 
25
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 11 - Goodwill & Other Intangible Assets
Goodwill
The carrying amount of goodwill was as follows (dollars in thousands). The goodwill is attributable entirely to the Agency Business.
Agency BusinessTotal
Balance at December 31, 2025$92,048 $92,048 
Goodwill acquired during the period— — 
Balance at March 31, 2026$92,048 $92,048 

Intangible Assets
The following table summarizes the carrying value of the Company’s intangible assets, as described in Note 2 as of March 31, 2026 and December 31, 2025 (dollars in thousands):

March 31, 2026December 31, 2025
Carrying ValueAccumulated AmortizationTotalCarrying ValueAccumulated AmortizationTotal
Indefinite lived intangibles:
Agency License Intangibles$72,500 $— $72,500 $72,500 $— $72,500 
Finite lived intangibles:
Non-compete Agreements$5,200 $(4,975)$225 $5,200 $(3,317)$1,883 
Software development4,780 (689)4,091 4,660 (444)4,216 
Intangible lease assets49,192 (12,958)36,234 49,192 (12,238)36,954 
Total$131,672 $(18,622)$113,050 $131,552 $(15,999)$115,553 

Amortization expense for the three months ended March 31, 2026 and 2025 totaled $2.6 million and $0.7 million, respectively.
The following table summarizes the Company's expected other identified intangible assets, net amortization over the next five years (dollars in thousands):
Weighted Avg. Life (in Years)2026 (April - December)2027202820292030
Non-compete Agreements0.2$225 $— $— $— $— 
Software development4.5717 956 956 956 506 
Intangible lease assets12.62,160 2,880 2,880 2,880 2,880 
Total$3,102 $3,836 $3,836 $3,836 $3,386 
26
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 12 - Debt
Below is a summary of the Company's Repurchase facilities and revolving credit facilities - commercial mortgage loans ("Repo and Revolving Credit Facilities"), Mortgage note payable, Other financings and Unsecured debt as of March 31, 2026 and December 31, 2025 (dollars in thousands):
March 31, 2026
Repo and revolving credit facilities - commercial mortgage loans(2):
CapacityAmount Outstanding
Interest Expense(1)
Ending Weighted Average Interest RateTerm Maturity
JPM Repo Facility(3)
$750,000 $619,179 $8,452 5.8 %07/2026
Atlas Repo Facility350,000 211,827 3,649 6.17 %01/2027
WF Repo Facility(4)
250,000 165,220 1,809 5.11 %10/2027
Barclays Revolver Facility(5)
100,000 — 31 N/A09/2026
Barclays Repo Facility(5)
500,000 154,942 1,400 5.31 %03/2028
Churchill Repo Facility(6)
— — — N/AN/A
BAML WH Line of Credit(7)
500,000 55,105 398 4.97 %06/2026
Fifth Third WH Line of Credit(7)
400,000 87,419 369 4.98 %07/2026
Fifth Third Line of Credit(8)
125,000 100,000 623 6.40 %03/2027
JPM WH Line of Credit(9)
700,000 66,345 1,012 5.02 %01/2027
PNC WH Line of Credit(10)
500,000 35,263 497 4.96 %12/2026
ASAP WH Line of Credit(11)
100,000 — — N/AN/A
Total/Weighted average$4,275,000 $1,495,300 $18,240 5.63 %
Mortgage note payable:
Debt related to our REO(12)
N/A$23,998 $407 6.79 %10/2026
Other financings:
Other financings(13)
N/A$12,865 $193 6.00 %07/2028
Unsecured Debt
Senior Notes(14)(15)
N/A$107,000 $2,381 
Various(14)(15)
Various(14)(15)
Junior Note I(16)
N/A17,500 337 7.43 %10/2035
Junior Note II(16)
N/A40,000 737 7.24 %12/2035
Junior Note III(16)
N/A25,000 461 7.24 %09/2036
Total/Weighted averageN/A$189,500 $3,916 7.75 %
________________________
See notes below.

27
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


December 31, 2025
Repo and revolving credit facilities - commercial mortgage loans(2):
CapacityAmount Outstanding
Interest Expense(1)
Ending Weighted Average Interest RateTerm Maturity
JPM Repo Facility(3)
$500,000 $439,408 $18,107 6.04 %07/2026
Atlas Repo Facility350,000 150,744 10,598 6.35 %01/2027
WF Repo Facility(4)
250,000 75,172 1,749 5.22 %10/2027
Barclays Revolver Facility(5)
100,000 — 438 N/A09/2026
Barclays Repo Facility(5)
500,000 82,602 8,889 5.59%03/2028
Churchill Repo Facility(6)
— — 555 N/AN/A
BAML WH Line of Credit(7)
500,000 9,399 1,210 5.17%06/2026
Fifth Third WH Line of Credit(7)
400,000 44,007 3,169 5.02%07/2026
Fifth Third Line of Credit(8)
100,000 15,000 1,265 6.53 %08/2026
JPM WH Line of Credit(9)
700,000 222,831 5,892 5.04 %01/2026
PNC WH Line of Credit(10)
500,000 47,924 1,628 4.99 %12/2026
ASAP WH Line of Credit(11)
100,000 — — N/AN/A
Total/Weighted average$4,000,000 $1,087,087 $53,500 5.70 %
Mortgage note payable:
Debt related to our REO(12)
N/A$23,998 $1,783 6.87 %10/2026
Other financings:
Other financings(13)
N/A$12,865 $783 6.00 %07/2028
Unsecured Debt
Senior Notes(14)(15)
N/A$107,000 $6,158 
Various(14)(15)
Various(14)(15)
Junior Note I(16)
N/A17,500 1,458 7.60 %10/2035
Junior Note II(16)
N/A40,000 3,195 7.28 %12/2035
Junior Note III(16)
N/A25,000 1,997 7.28 %09/2036
Total/Weighted averageN/A$189,500 $12,808 7.81 %
________________________
(1) Represents year to date expense and includes amortization of deferred financing costs.
(2) The Company may pledge one or more mortgage loans to the financing entity in exchange for funds typically at an advance rate of between 60% to 75% of the principal amount of the mortgage loan being pledged. These loans are all floating rate at the Secured Overnight Financing Rate ("SOFR") plus an applicable spread. Additionally, the Repo and Revolving Credit Facilities generally provide that in the event of a decrease in the value of the Company's collateral, the lenders can demand additional collateral. As of both March 31, 2026 and December 31, 2025, the Company was in compliance with all debt covenants.
(3) On February 6th, 2026, the Company upsized the capacity of the JPM MRA by $250.0 million to a total of $750.0 million. There are two one-year extension options.
(4) There are three one-year extension options remaining.
(5) There is one one-year extension option.
(6) On October 21, 2025, the Company terminated the Churchill MRA.
(7) Collateralized by a first lien on the Company’s interest in the mortgage loans that it originates. Advances cannot exceed 100% of the principal amounts of the mortgage loans originated by the Company and must be repaid at the earlier of the sale or other disposition of the mortgage loans or at the expiration date of the Line of Credit.
(8) Operating line that is secured by an equity interest in NewPoint Real Estate Capital LLC ("NPREC"). On March 13, 2026, the Company upsized the capacity of the Fifth Third Line of Credit by $25.0 million to a total of $125.0 million and extended the maturity date to March 12, 2027.
(9) On January 31, 2026, the Company extended the maturity date to January 29th, 2027.
(10) Collateralized by a first lien on the Company’s interest in the mortgage loans that it originates.
(11) The Company has a $100.0 million ASAP agreement with Fannie Mae providing us with a warehousing credit facility for mortgage loans that are to be sold to Fannie Mae and serviced under the Fannie Mae DUS program. The ASAP agreement is not a committed line, has no expiration date and bears interest at SOFR + 1.50%, with a 0.25% SOFR floor.
28
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


(12) Relates to a mortgage note payable in Jeffersonville JV, a consolidated joint venture. The loan has a principal amount of $112.7 million of which $88.7 million of the loan is owned by the Company and was eliminated in our consolidated financial statements (see Note 8 - Real Estate Owned).
(13) Comprised of one note-on-note financing via a participation agreement. From inception of the loan, the Company's outstanding loans could increase as a result of future fundings, leading to an increase in amount outstanding via the participation agreement. The contractual maturity date of this loan is July 2028.
(14) During the second quarter of 2025, the Company issued $82.0 million of 8.25% fixed-rate senior unsecured notes. These notes mature on April 25, 2030.
(15) During the second quarter of 2025, the Company issued $25.0 million of floating-rate senior unsecured notes. As of March 31, 2026, the interest rate on these notes was SOFR + 4.00%. These notes mature on April 25, 2028.
(16) The notes are currently redeemable, in whole or in part, without penalty, at the Company’s option. Interest paid on unsecured junior debt totaled $1.5 million for the three months ended March 31, 2026.
Repurchase Agreements - Real Estate Securities
The Company has entered into various Master Repurchase Agreements (the "MRAs") that allow the Company to sell real estate securities while providing a fixed repurchase price for the same real estate securities in the future. The repurchase contracts on each security under an MRA generally mature in 30-90 days and terms are adjusted for current market rates as necessary.
Below is a summary of the Company's MRAs which were included in Repurchase agreements - real estate securities in the Company's consolidated balance sheets as of March 31, 2026 and December 31, 2025 (dollars in thousands):
March 31, 2026
CounterpartyAmount OutstandingInterest Expense
Collateral Pledged(1)
Weighted Average Interest RateWeighted Average Days to Maturity
JP Morgan Securities LLC$22,875 $188 $26,587 4.63 %9
Wells Fargo Securities, LLC— — — — %0
Barclays Capital Inc.24,139 293 28,676 4.77 %22
Lucid Prime Fund65,073 699 77,853 4.62 %16
Santander Securities100,081 1,128 119,544 4.50 %13
Total/Weighted Average $212,168 $2,308 $252,660 4.58 %14
________________________
See note below
December 31, 2025
CounterpartyAmount OutstandingInterest Expense
Collateral Pledged(1)
Weighted Average Interest RateWeighted Average Days to Maturity
JP Morgan Securities LLC$7,856 $1,278 $9,254 4.63 %29
Wells Fargo Securities, LLC— 2,288 — — %0
Barclays Capital Inc.25,044 1,510 31,386 4.83 %25
Lucid Prime Fund54,718 1,644 65,324 4.67 %15
Santander Securities99,753 1,294 119,880 4.60 %14
Total/Weighted Average$187,371 $8,014 $225,844 4.65 %16
________________________
(1) Includes $73.9 million and $74.2 million of CMBS bonds, held by the Company, which is eliminated through consolidation of the related CLO's on the Company's consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively.
Collateralized Loan Obligation
The following table represents the terms of the notes issued by 2022-FL8 Issuer, 2023-FL10 Issuer, 2024-FL11 Issuer and 2025-FL12 Issuer (collectively the “CLOs”), as of March 31, 2026 and December 31, 2025:
29
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


March 31, 2026
CLO Facility
Number of Loans in pool(1)
Benchmark interest rateWeighted Average SpreadPar Value
Par Value Outstanding(2)
Principal Balance of Collateralized Mortgage AssetsMaturity Dates
2022-FL8 Issuer
19AVG SOFR2.24 %960,000 289,241 506,481 2/15/2037
2023-FL10 Issuer
30Term SOFR2.70 %717,243 534,566 663,965 9/15/2035
2024-FL11 Issuer37Term SOFR1.99 %886,176 886,176 1,023,899 7/15/2039
2025-FL12 Issuer
62Term SOFR1.61 %947,189 947,189 1,073,770 4/17/2043
$3,510,608 $2,657,172 $3,268,115 
December 31, 2025
CLO Facility
Number of Loans in pool(1)
Benchmark interest rateWeighted Average SpreadPar Value
Par Value Outstanding(2)
Principal Balance of Collateralized Mortgage AssetsMaturity Dates
2022-FL8 Issuer
21AVG SOFR2.07 %960,000 370,348 609,074 2/15/2037
2023-FL10 Issuer
32Term SOFR2.68 %717,243 553,214 715,694 9/15/2035
2024-FL11 Issuer38Term SOFR1.99 %886,176 886,176 1,024,380 7/15/2039
2025-FL12 Issuer
50Term SOFR1.67 %947,189 947,189 1,046,909 4/17/2043
$3,510,608 $2,756,927 $3,396,057 
________________________
(1) Loan assets may be pledged towards one or multiple CLO pool.
(2) Excludes $366.1 million and $366.1 million of CLO notes held by the Company, which are eliminated in Collateralized loan obligations in the consolidated balance sheet as of March 31, 2026 and December 31, 2025, respectively.
The below table reflects the total assets and liabilities of the Company's outstanding CLOs. The CLOs are considered VIEs and are consolidated into the Company's consolidated financial statements as of March 31, 2026 and December 31, 2025 as the Company is the primary beneficiary of the VIE. The Company is the primary beneficiary of the CLOs because (i) the Company has the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIEs or the obligation to absorb losses of the VIEs that could be significant to the VIE. The VIEs are non-recourse to the Company.
March 31, 2026December 31, 2025
Assets (dollars in thousands)
Cash and cash equivalents(1)
$79,775 $51,153 
Commercial mortgage loans, held for investment, net(2)
3,192,044 3,317,040 
Accrued interest receivable16,045 18,302 
Total Assets$3,287,864 $3,386,495 
Liabilities (dollars in thousands)
Notes payable(3)(4)
$3,023,291 $3,123,046 
Accrued interest payable8,085 8,857 
Total Liabilities$3,031,376 $3,131,903 
________________________
(1) Includes $79.1 million and $50.5 million of cash held by the servicer related to CLO loan payoffs as of March 31, 2026 and December 31, 2025, respectively.
(2) The balance is presented net of allowance for credit losses of $13.1 million and $15.4 million as of March 31, 2026 and December 31, 2025, respectively.
(3) Includes $366.1 million and $366.1 million of CLO notes, held by the Company, which are eliminated in Collateralized loan obligations of the consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively.
30
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


(4) The balance is presented net of deferred financing cost and discount of $19.8 million and $21.3 million as of March 31, 2026 and December 31, 2025, respectively. The deferred financing costs are amortized over the expected lifetime of each CLO.
31
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 13 - Allowance for Loss Sharing
The Company has risk-sharing obligations on substantially all loans originated under the Fannie Mae DUS program. Servicing fees for risk-sharing loans include compensation for the risk-sharing obligations and are larger than the servicing fees received for loans with no risk-sharing obligations.
When a loan is sold under the Fannie Mae DUS program, the Company undertakes an obligation to partially guarantee the performance of the loan. A liability is recognized for the fair value of the guarantee obligation undertaken for the non-contingent aspect of the guarantee and is removed only upon either the expiration or settlement of the guarantee. At March 31, 2026 and December 31, 2025, we had $1.7 million of guarantee obligations included in the allowance for loss-sharing obligations, respectively.
In addition to and separately from the fair value of the guarantee, the Company estimates an allowance for loss-sharing under CECL over the contractual period in which we are exposed to credit risk. The general reserve related to loss-sharing was based on a collective pooling basis with similar risk characteristics, a reasonable and supportable forecast and a reversion period based on our average historical losses through the remaining contractual term of the portfolio. In instances where payment under the loss-sharing obligations of a loan is determined to be probable and estimable (as the loan is probable of, or is, in foreclosure), we record a liability for the estimated loss-sharing specific reserve. At March 31, 2026 and December 31, 2025, our allowance for loss-sharing obligations related to the specific reserve was $8.4 million and $9.3 million, respectively.
At March 31, 2026 and December 31, 2025, our allowance for loss-sharing obligations associated with expected losses under CECL was $7.3 million and $8.4 million, respectively, and represented 0.10% and 0.11%, respectively, of our Fannie Mae servicing portfolio. During the three months ended March 31, 2026, we recorded a decrease in CECL reserves of $1.2 million.
At March 31, 2026 and December 31, 2025, the unpaid principal balance outstanding of loans sold with loss sharing under the DUS program was approximately $7.9 billion, respectively. The Company’s internal credit risk rating process is used to classify loans and commitments according to the degree of credit risk associated with the ability of the borrower to repay. If payment is required under this program, the Company would not have a contractual interest in the collateral underlying the commercial mortgage loan on which the loss occurred, although the value of the collateral is taken into account in determining the Company’s share of such losses.
A summary of the Company’s allowance for loss sharing for the for the year ended December 31, 2025 and three months ended March 31, 2026 are as follows (dollars in thousands):
General ReserveSpecific ReserveTotal
Balance at January 1, 2026$10,151 $9,333 $19,484 
Write-offs— — — 
Recoveries
— — — 
Provision/(benefit) for loss sharing
(1,175)(960)(2,135)
Balance at March 31, 2026$8,976 $8,373 $17,349 
General ReserveSpecific ReserveTotal
Balance at January 1, 2025$— $— $— 
Allowance acquired in acquisition11,919 11,667 23,586 
Write-offs— — — 
Recoveries— — — 
Provision/(benefit) for loss sharing(1,768)(2,334)(4,102)
Balance at December 31, 2025$10,151 $9,333 $19,484 

As of March 31, 2026, the maximum quantifiable allowance for loss sharing associated with the Company’s guarantees under the Fannie Mae DUS agreement and the Loss Sharing Agreement was $1.2 billion from a total recourse at risk pool of $7.9 billion. The maximum quantifiable allowance for loss sharing is not representative of the actual loss the Company would incur. The Company would be liable for this amount only if all of the loans it services for Fannie Mae, for which the Company
32
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


retains some risk of loss, were to default and all of the collateral underlying these loans was determined to be without value at the time of settlement.
For U.S. Treasury securities classified as HTM, the Company does not record an allowance for credit losses as the expectation of nonpayment of the amortized cost basis, based on historical losses, adjusted for current conditions and reasonable and supportable forecasts, is zero.

33
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 14 - Earnings Per Share
The Company uses the two-class method in calculating basic and diluted earnings per share. Net income/(loss) is allocated between our common stock and other participating securities based on their participation rights. Diluted net income per share has been computed using the weighted average number of shares of common stock outstanding and other dilutive securities. The following table presents a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations and the calculation of basic and diluted earnings per share for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data):
Three Months Ended March 31,
Basic Numerator20262025
Net income/(loss)$12,292 $23,705 
Net (income)/loss from non-controlling interest(312)353 
Less: Preferred stock dividends(5,916)(6,748)
Net income/(loss) applicable to common stock$6,064 $17,310 
Less: Participating securities' share in earnings(326)(524)
Basic net income/(loss) applicable to common stockholders$5,738 $16,786 
Diluted Numerator
Basic net income/(loss) applicable to common stockholders$5,738 $16,786 
Diluted net income/(loss) applicable to common stockholders$5,738 $16,786 
Denominator
Weighted-average common shares outstanding for basic earnings per share79,926,118 82,053,686 
Weighted-average common shares outstanding for diluted earnings per share(1)(2)
79,926,118 82,053,686 
Basic earnings per share$0.07 $0.20 
Diluted earnings per share$0.07 $0.20 
________________________
(1) The effect of the weighted average dilutive shares excluded restricted shares and stock units for the three months ended March 31, 2026 and 2025 of 76,977 and 221,663, respectively, as the effect was anti-dilutive. Additionally, the effect of dilutive shares excluded 5,370,498 weighted average common share equivalents of convertible preferred stock for the three months ended March 31, 2026 and 2025, respectively, as the effect was anti-dilutive.
(2) The effect of the weighted average dilutive shares excluded Class A units of FBRT OP LLC for the three months ended March 31, 2026 of 8,385,951 as the effect was anti-dilutive.

34
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 15 - Redeemable Convertible Preferred Stock and Equity Transactions
The following table presents the summary of the Company's outstanding shares of redeemable convertible preferred stock, perpetual preferred stock, and common stock as of March 31, 2026 and December 31, 2025 (in thousands, except share and per share amounts):
Balance as ofShares Outstanding as of
First Quarter 2026 Dividend Per Share(1)
March 31, 2026December 31, 2025March 31, 2026December 31, 2025
Redeemable Convertible Preferred Stock:
Series H Preferred Stock(2)
$89,748 $89,748 17,950 17,950 $59.84 
Perpetual Preferred Stock:
Series E Preferred Stock$258,742 $258,742 10,329,039 10,329,039 $0.46875 
Common Stock:
Common Stock - at par value(3)(4)
$755 $808 77,214,904 81,553,982 $0.20 
________________________
(1) As declared by the Company's board of directors.
(2) On January 14, 2026, the Series H Preferred Stock was amended such that the mandatory conversion date was extended by two years, to January 21, 2028. Unless earlier converted, the Series H Preferred Stock will automatically convert into common stock at a rate of 299.2 shares of common stock per share of Series H Preferred Stock (subject to adjustments as described in the Articles Supplementary for the Series H Preferred Stock) on January 21, 2028. The holder of the Series H Preferred Stock has the right to convert up to 4,487 shares of Series H Preferred Stock one time in each calendar month through and including the month prior to the mandatory conversion date, upon 10 business days’ advance notice to the Company.
(3) Common stock includes shares issued pursuant to the Company's DRIP and unvested restricted shares.
(4) During the three months ended March 31, 2026, the Company repurchased 4,361,596 shares of common stock at a net average price of $9.13 per share, for a total of $39.8 million. All of these shares were retired upon settlement, reducing the total outstanding shares as of March 31, 2026. See discussion in the "Stock Repurchases" section below.
During the three months ended March 31, 2026 and 2025, the Company paid an aggregate of $29.2 million and $29.5 million, respectively, of common stock distributions comprised of quarterly common dividends of $0.355 per share.
Stock Repurchases
In February 2026, the Company’s board of directors reauthorized the Company's share repurchase program to provide $50.0 million available for share repurchases through December 31, 2026. The Company’s share repurchase program authorizes share repurchases at prices below the most recently reported book value per share as determined in accordance with GAAP. Repurchases made under the program may be made through open market, block, and privately negotiated transactions, including Rule 10b5-1 plans, as permitted by securities laws and other legal requirements. The timing, manner, price and amount of any purchases by the Company will be determined by the Company in its reasonable business judgment and consistent with the exercise of its legal duties and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The share repurchase program does not obligate the Company to acquire any particular amount of common stock. The Company share repurchase program will remain open until it expires or until the capital committed to the applicable repurchase program has been exhausted, whichever is sooner. Repurchases under the Company’s share repurchase program may be suspended from time to time at the Company’s discretion without prior notice. As of March 31, 2026, the Company had $10.2 million remaining under the share repurchase program.
The following table is a summary of the Company's repurchase activity of its common stock during the three months ended March 31, 2026.
Three Months Ended March 31, 2026
Shares
Amount (1)(2)
Beginning of period, authorized repurchase amount$50,000 
Repurchases paid4,361,596 $(39,822)
Remaining as of March 31, 2026$10,178 

35
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


(1) For the three months ended, March 31, 2026 the net average purchase price was $9.13 per share.
(2) Amount includes commissions paid associated with share repurchases.
Dividend Reinvestment and Direct Stock Purchase Plan
The Company has adopted a dividend reinvestment and direct stock purchase plan ("DRIP") under which we registered and reserved for issuance, in the aggregate, up to 63,000,000 shares of common stock. Under the dividend reinvestment component of this plan, the Company's common stockholders can designate all or a portion of their cash dividends to be reinvested in additional shares of common stock (which shares, at the Company's option, are either issued directly from the Company or purchased by the administrator on the open market). The direct stock purchase component allows stockholders, subject to the Company's approval, to purchase shares of common stock directly from us. During the three months ended March 31, 2026 and 2025, no shares common stock were issued by the Company, and 42,459 and 38,012 shares of common stock, respectively, were purchased in the open market by the DRIP administrator and allocated to DRIP participants under the dividend reinvestment component of the DRIP.
At-the-Market Sales Agreement
Pursuant to the sales agreement dated April 14, 2023 (as amended the "Sales Agreement"), the Company maintains a $200 million at-the-market offering program (the "ATM program") with a financial syndicate as sales agents (the "Agents"). Pursuant to the Sales Agreement, the Company may offer and sell shares of the Company's common stock, from time to time, and at various prices, through the Agents. Sales of the common stock, if any, made through the Agents may be made in "at the market" offerings (as defined in Rule 415 under the Securities Act of 1933, as amended), by means of ordinary brokers' transactions on the New York Stock Exchange or otherwise, at market prices prevailing at the time of sale, in block transactions, in negotiated transactions, in any manner permitted by applicable law or as otherwise as may be agreed by the Company and any Agent.
As of March 31, 2026, the Company had not sold any shares of common stock under the ATM program, and common stock with an aggregate sales price of $200 million remains available for issuance pursuant to the ATM program.
Non-Controlling Interest
In connection with the NewPoint Transaction, the Company issued 8,385,951 OP Units, providing those unit holders interest in the operating partnership. The OP Unit holders have the right to redeem their OP Units, for either shares of common stock or cash, at the Company's option and subject to certain restrictions. In the event OP Units are redeemed, one OP Unit is equal to one share of the Company’s common stock, or cash equal to the fair value of a share of the Company’s common stock at the time of redemption. When an OP Unit holder redeems an OP Unit, non-controlling interests in the operating partnership is reduced and the Company’s equity is increased. As of March 31, 2026, the non-controlling interest OP Unit holders owned 8,385,951 OP Units.
Accumulated Other Comprehensive Income/(Loss)
The following table sets forth the changes in accumulated other comprehensive income/(loss) related to the Company's real estate securities, available for sale, measured at fair value for the three months ended March 31, 2026 and 2025 (dollars in thousands):

For The Three Months Ended
March 31, 2026March 31, 2025
Balance, Beginning of Period$(284)$79 
Other comprehensive income/(loss)(772)(397)
Reclassification adjustment for amounts included in net income/(loss)— — 
Balance, End of Period$(1,056)$(318)
36
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 16 - Commitments and Contingencies
Unfunded Commitments Under Commercial Mortgage Loans, Held for Investment
As of March 31, 2026, the Company had the below unfunded commitments to the Company's borrowers (dollars in thousands):
Funding ExpirationMarch 31, 2026December 31, 2025
2026$49,054 $77,167 
2027140,504 132,465 
2028179,868 195,100 
202911,294 9,147 
2030 and beyond— — 
Total$380,720 $413,879 
The borrowers are generally required to meet or maintain certain metrics in order to qualify for the unfunded commitment amounts.
Unfunded Commitments Under Commercial Mortgage Loans, Held for Sale
Commitments to extend credit by the Company are generally agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Occasionally, the commitments may expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements. As of March 31, 2026, the Company had $115.5 million and $536.2 million of unfunded commitments to fund loans and sell loans, net, respectively.
Mortgage Impairment Insurance
As of March 31, 2026, the Company carried mortgage impairment and mortgagees’ errors and omissions insurance each with a limit of $50 million. Mortgage impairment insurance provides the Company with hazard insurance coverage for mortgage loan collateral in the event of a catastrophe for which the borrowers insurance does not provide sufficient coverage to protect the Company from loss on loans originated under the Fannie Mae DUS program.
Mortgage Bankers Bond
As of March 31, 2026, the Company carried a mortgage bankers bond, combining the fidelity bond and mortgagees errors and omissions insurance, with a limit of $60 million.
Office Leases
The Company executes lease arrangements for all of its office space in the normal course of business. All such lease arrangements are accounted for as operating leases. The Company initially recognizes a lease liability for the obligation to make lease payments and a right-of-use (“ROU”) asset for the right to use the underlying asset for the lease term. The lease liability is measured at the present value of the lease payments over the lease term. The ROU asset is measured at the lease liability amount, adjusted for lease prepayments, accrued rent, lease incentives received, and the lessee’s initial direct costs.
These operating leases do not provide an implicit discount rate; therefore, the Company uses its incremental borrowing rate to calculate lease liabilities. The Company’s lease agreements often include options to extend or terminate the lease. Lease costs are recognized on a straight-line basis over the term of the lease, which includes options to extend when it is reasonably certain that such options will be exercised and the Company knows what the lease payments will be during the optional periods.
Litigation and Regulatory Proceedings
Except as set forth below, the Company is not presently named as a defendant in any material litigation arising outside the ordinary course of business. However, the Company is involved in routine litigation arising in the ordinary course of business, none of which the Company believes, individually or in the aggregate, will have a material impact on the Company’s financial condition, operating results or cash flows.
On February 26, 2026, the Company and certain of its officers were named as defendants in a putative securities class action complaint filed in the United States District Court for the Eastern District of New York (the “Court”).  The complaint, captioned Robert Moses v. Franklin BSP Realty Trust, Inc., et al., asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The Company believes the action is without merit and intends to vigorously defend itself. The Company believes this action will not have a material impact on its financial condition, operating results or cash flows.
37
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 17 - Servicing Revenue
The components of servicing revenue are as follows (in thousands):
Three Months Ended March 31,
20262025
Servicing and ancillary fees$12,693 $— 
Interest on escrows6,858 — 
MSR payoffs(1,517)— 
MSR amortization(10,085)— 
MSR impairment reversal2,601 — 
Total servicing revenue, net$10,550 $— 

As of March 31, 2026 and December 31, 2025, the weighted average servicing fee was 8.8 basis points and 9.2 basis points, respectively. At March 31, 2026 and December 31, 2025, total escrow and reserve balances were approximately $1.2 billion and $921 million, respectively, none of which are included in our consolidated balance sheets. These escrows are maintained in separate accounts at several federally insured depository institutions, which may exceed FDIC insured limits. We earn placement fees on the total escrow deposits, which is generally based on a market rate of interest negotiated with the financial institutions that hold the escrow deposits. Placement fees earned on total escrows, net of interest paid to the borrower, is included as a component of servicing revenue, net in the consolidated statements of income as noted in the table above.

Product type concentrations that impact our servicing revenue are as follows ($ in millions):
Product Type Considerations
March 31, 2026December 31, 2025
UPB% of TotalEffective Earnings RateUPB% of TotalEffective Earnings Rate
Fannie Mae$7,937 14 %0.10 %$7,860 16 %0.21 %
Ginnie Mae5,205 9 %0.08 %5,125 11 %0.17 %
Freddie Mac8,877 15 %0.03 %8,649 18 %0.08 %
Bridge422 1 %0.02 %836 2 %0.08 %
Affordable448 1 %0.03 %425 1 %0.13 %
Benefit Street Partners(1)
10,025 17 %0.03 %— — %— %
Private Label25,216 43 %0.01 %24,951 52 %0.02 %
Total/Weighted Average$58,130 100 %0.04 %$47,846 100 %0.07 %
________________________
(1) Represents the bridge book serviced for the Company's affiliates, including $4.9 billion of the $10.0 billion serviced for a wholly owned subsidiary; related revenue is eliminated in consolidation.

38
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Geographic concentrations that impact our servicing revenue are as follows:
                               Geographic Considerations
March 31, 2026December 31, 2025
% of Total% of Total
New York14.8 %15.2 %
Texas10.4 %11.0 %
Maryland7.5 %8.5 %
California7.5 %7.2 %
Virginia6.3 %5.8 %
Florida5.4 %5.7 %
New Jersey5.1 %5.4 %
Other(3)
43.0 %41.2 %
Total100.0 %100.0 %
________________________
(3) No other individual state represented 5% or more of the total.
39
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 18 - Related Party Transactions and Arrangements
Advisory Agreement Fees and Reimbursements
Pursuant to the Advisory Agreement, the Company is required to make the following payments and reimbursements to the Advisor:
•The Company reimburses the Advisor’s costs of providing services pursuant to the Advisory Agreement, except the salaries and benefits paid by the Advisor to the Company’s executive officers.
•The Company pays the Advisor, or its affiliates, a monthly asset management fee equal to one-twelfth of 1.5% of stockholders' equity as calculated pursuant to the Advisory Agreement.
•The Company will pay the Advisor an annual subordinated performance fee calculated on the basis of total return to stockholders, payable monthly in arrears, such that for any year in which total return on stockholders’ capital (as defined in the Advisory Agreement) exceeds 6.0% per annum, our Advisor will be entitled to 15.0% of the excess total return; provided that in no event will the annual subordinated performance fee payable to our Advisor exceed 10.0% of the aggregate total return for such year.
•The Company reimburses the Advisor for insourced expenses incurred by the Advisor on the Company's behalf related to selecting, evaluating, originating and acquiring investments in an amount up to 0.5% of the principal amount funded by the Company to originate or acquire commercial mortgage loans and up to 0.5% of the anticipated net equity funded by the Company to acquire real estate securities investments.
•NewPoint Holdings JV LLC, a subsidiary of the Company, has entered into a loan referral agreement with the Advisor that provides for the sharing of certain fees. Under the terms of this agreement, the Advisor pays NewPoint a referral fee for directing floating-rate bridge loan opportunities to the Advisor’s commercial real estate platform.
The table below shows the costs incurred due to arrangements with our Advisor and its affiliates during the three and nine months ended March 31, 2026 and 2025 and the associated payable as of March 31, 2026 and December 31, 2025 (dollars in thousands):
Three Months Ended March 31,(Payable)/Receivable as of
20262025March 31, 2026December 31, 2025
Acquisition expenses(1)
$171 $299 $— $— 
Administrative services expenses2,334 3,348 (2,334)(3,556)
Asset management and subordinated performance fee6,054 6,555 (6,054)(6,594)
Other related party expenses(2)(3)
895 494 (2,311)(2,275)
Referral Fee Income200 — 200 371 
________________________
(1) Total acquisition expenses paid during the three months ended March 31, 2026 and 2025 were $1.9 million and $1.6 million, respectively, of which $1.7 million and $1.3 million, were capitalized within the Commercial mortgage loans, held for investment and Real estate securities, available for sale, measured at fair value lines of the consolidated balance sheets.
(2) These are related to reimbursable costs incurred related to the increase in loan origination activities and are included in Other expenses in the Company's consolidated statements of operations.
(3) As of March 31, 2026 and December 31, 2025, the related party payables included (i) $1.2 million and $1.8 million, respectively, of payments made by the Advisor to third party vendors on behalf of the Company (ii) $0.9 million and $0.2 million of fees per the fee arrangement agreement between the Advisor and the Company.
The payables as of March 31, 2026 and December 31, 2025, in the table above are included in Due to affiliates on the Company's consolidated balance sheets.
40
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Other Transactions
In the third quarter of 2021, the Company and an affiliate of the Company entered into the Jeffersonville JV to acquire a $139.5 million triple net lease property in Jeffersonville, GA. The Company has a 79% interest in the Jeffersonville JV, while the affiliate has a 21% interest. The Company invested a total of $109.8 million, made up of $88.7 million in debt and $21.1 million in equity, representing 79% of the ownership interest in the Jeffersonville JV. The affiliated fund made up the remaining $29.8 million composed of a $24.0 million mortgage note payable and $5.8 million in non-controlling interest. The Company has majority control of Jeffersonville JV and, therefore, consolidates the accounts of Jeffersonville JV into its consolidated financial statements. The Company's $88.7 million mortgage note payable to Jeffersonville JV is eliminated in consolidation (see Note 12 - Debt).
Pursuant to the Company's 2021 Incentive Plan, in the first quarter of 2026 the Company issued awards of restricted stock units to its officers and certain other personnel of the Advisor who provide services to the Company under the Advisory Agreement.
As of March 31, 2026 and December 31, 2025, our commercial mortgage loans, held for investment, included an aggregate of $37.1 million and $37.1 million, respectively, carrying value of loans to affiliates of our Advisor. For the three months ended, March 31, 2026 and 2025, the Company recognized $0.6 million and $0.7 million, respectively, of interest income from these loans in the Company's consolidated statement of operations.
In the second quarter of 2022, the Company fully funded a $149.7 million first mortgage consisting of the Walgreens Portfolio: 24 retail properties with various locations throughout the United States. The Company entered into a joint venture agreement and formed the Walgreens JV to acquire 75.618% ownership interest in the Walgreens Portfolio, while the affiliated fund has 24.242% interest. The Company sold the final property within the Walgreens Portfolio during the first quarter of 2026. Refer to Note 8 - Real Estate Owned for further details.
On March 18, 2026, the Company, an affiliate of the Company and an unrelated third party entered into the Zelda PG JV Holdco LLC (the "Gardena JV") to acquire $44.0 million industrial property for warehousing and distribution located in Gardena, California. The Company has a 27.95% interest in the Gardena JV while the affiliated fund and the unrelated third party have 62.05% and 10.00% interest, respectively.
For the three months ended March 31, 2026, the Company through its Agency Business segment earned $0.8 million of servicing fee income from loans owned by its affiliates.
In the first quarter of 2026, the Company purchased 11 loans from an affiliate entity managed by the Advisor, with an aggregate principal balance of $124.7 million and accrued interest of $0.4 million. The Company assumed $99.6 million of debt on repurchase agreements as part of this transaction. As part of these transactions, the exit fees were transferred from the seller to the Company.
41
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 19 - Fair Value of Financial Instruments
GAAP establishes a hierarchy of valuation techniques based on the observability of inputs used in measuring financial instruments at fair values. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below:
•Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
•Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
•Level III - Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.
The determination of where an asset or liability falls in the above hierarchy requires significant judgment and factors specific to the asset or liability. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter.
The Company has implemented valuation control processes to validate the fair value of the Company's financial instruments measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable.
Financial Instruments Measured at Fair Value on a Recurring Basis
CMBS bonds, recorded in Real estate securities, available for sale, measured at fair value in the consolidated balance sheets are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, and recent trades of similar real estate securities. Depending upon the significance of the fair value inputs used in determining these fair values, these real estate securities are classified in either Level II or Level III of the fair value hierarchy. The Company obtains third party pricing for determining the fair value of each CMBS investment, resulting in a Level II classification.
Commercial mortgage loans, held for sale, measured at fair value in the Company's TRS are initially recorded at transaction price, which are considered to be the best initial estimate of fair value. The Company engages the services of a third party independent valuation firm to determine fair value of certain investments held by the Company. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying collateral. Commercial mortgage loans, held for sale, measured at fair value that are originated in the last month of the reporting period are held and marked to the transaction price. The Company classified the commercial mortgage loans, held for sale, measured at fair value as Level III.
Derivative instruments, measured at fair value
Treasury note futures trade on the Chicago Board of Trade (“CBOT”) and are made up of contracts of a variety of recently issued 5-year and 10-year U.S. Treasury notes. The future contracts are liquid and are centrally cleared through the CBOT and are valued using market prices. Treasury note futures are categorized as Level I.
42
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Credit default swaps, interest rate swaps and options can be traded over the counter (“OTC”) or on an exchange. Exchange-traded derivatives are generally valued using market prices while OTC derivative transaction valuations are derived using pricing models that are widely accepted by marketplace participants. The pricing models take into account multiple inputs including specific contract terms, interest rate yield curves, interest rates, credit curves, recovery rates, and/or current credit spreads obtained from counterparties and other market participants. Most inputs into the models are not subjective as they are observable in the marketplace or set per the contract. The valuation is primarily determined by the difference between the contract spread and the current market spread. The contract spread (or rate) is generally fixed and the market spread is determined by the credit risk of the underlying debt or reference entity. If the underlying indices are liquid and the OTC market for the current spread is active, the derivatives are categorized in Level II of the fair value hierarchy. If the underlying indices are illiquid and the OTC market for the current spread is not active, the derivatives are categorized in Level III of the fair value hierarchy. The Company's option contracts are exchange-traded, and therefore categorized as Level I. The Company classified its credit default swaps as Level II.
Loan commitments and forward sale commitments in the Company's TRS are initially recorded at transaction price, which are considered to be the best initial estimate of fair value. The Company engages the services of a third party independent valuation firm to determine fair value of certain investments held by the Company. Fair value is determined using a discounted cash flow model that primarily considers changes in interest rates and credit spreads, weighted average life and current performance of the underlying commitment collateral. Loan commitments and forward sale commitments that are entered in the last month of the reporting period are held and marked to the transactions price. The Company classified the loan commitments and forward sale commitments as Level III.
A review of the fair value hierarchy classification is conducted on a quarterly basis. Changes in the type of inputs may result in a reclassification for certain assets or liabilities. The Company's policy with respect to transfers between levels of the fair value hierarchy is to recognize transfers into and out of each level as of the beginning of the reporting period. There were no material transfers between levels within the fair value hierarchy during the periods ended March 31, 2026 and December 31, 2025.
43
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


The following table presents the Company's financial instruments carried at fair value on a recurring basis in the consolidated balance sheets by its level in the fair value hierarchy as of March 31, 2026 and December 31, 2025 (dollars in thousands).
March 31, 2026
TotalLevel ILevel IILevel III
Assets, at fair value
Real estate securities, available for sale, measured at fair value$178,712 $— $178,712 $— 
Commercial mortgage loans, held for sale, measured at fair value - non-Agency175,750 — — 175,750 
Treasury Notes963 963 — — 
Options235 235 — — 
Commercial mortgage loans, held for sale, measured at fair value - Agency247,281 — — 247,281 
Loan commitments11,905 — — 11,905 
Forward sale commitments5,290 — — 5,290 
Total assets, at fair value$620,136 $1,198 $178,712 $440,226 
Liabilities, at fair value
Credit default swaps$1,680 $— $1,680 $— 
Forward sale commitments3,797 — — 3,797 
Total liabilities, at fair value$5,477 $— $1,680 $3,797 
December 31, 2025
TotalLevel ILevel IILevel III
Assets, at fair value
Real estate securities, available for sale, measured at fair value$151,662 $— $151,662 $— 
Commercial mortgage loans, held for sale, measured at fair value - non-Agency29,500 — — 29,500 
Commercial mortgage loans, held for sale, measured at fair value - Agency331,218 — — 331,218 
Loan commitments10,518 — — 10,518 
Forward sale commitments797 — — 797 
Total assets, at fair value$523,695 $— $151,662 $372,033 
Liabilities, at fair value
Treasury notes$28 $28 $— $— 
Credit default swaps714 — 714 — 
Forward sale commitments6,209 — — 6,209 
Total liabilities, at fair value$6,951 $28 $714 $6,209 
44
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Both observable and unobservable inputs may be used to determine the fair value of positions that the Company has classified within the Level III category. The following table summarizes the valuation method and significant unobservable inputs used for the Company’s financial instruments that are categorized within Level III of the fair value hierarchy as of March 31, 2026 and December 31, 2025 (dollars in thousands).
March 31, 2026
Asset CategoryFair ValueValuation Methodologies
Unobservable Inputs(1)
Weighted AverageRange
Commercial mortgage loans, held for sale, measured at fair value - Non-Agency$175,750 Discounted Cash Flow Discount rate6.76%
6.35% - 7.05%
Commercial mortgage loans, held for sale, measured at fair value - Agency$247,281Discounted Cash FlowDiscount rate4.95%
3.80% - 6.30%
Loan commitments and forward sale commitments, net$13,398Discounted Cash Flow Discount rate4.95%
3.80% - 6.30%
December 31, 2025
Asset CategoryFair ValueValuation Methodologies
Unobservable Inputs(1)
Weighted AverageRange
Commercial mortgage loans, held for sale, measured at fair value - Non-Agency$29,500Discounted Cash FlowYield6.56%
6.42% - 7.25%
Commercial mortgage loans, held for sale, measured at fair value - Agency331,218Discounted Cash FlowDiscount rate4.81%
4.07% - 6.28%
Loan commitments and forward sale commitments5,106Discounted Cash Flow Discount rate4.81%
4.07% - 6.28%
________________________
(1) In determining certain inputs, the Company evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. The Company has determined that market participants would take these inputs into account when valuing the investments.
Increases or decreases in any of the above unobservable inputs in isolation would result in a lower or higher fair value measurement for such assets. The following table presents additional information about the Company’s financial instruments which are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 for which the Company has used Level III inputs to determine fair value (dollars in thousands):
March 31, 2026
Commercial mortgage loans, held for sale, measured at fair value - Non-AgencyCommercial mortgage loans, held for sale, measured at fair value - AgencyLoan CommitmentsForward Sale Commitments
Beginning balance, January 1, 2026$29,500 $331,218 $10,518 $(5,413)
Transfers into Level III— — — — 
Originations251,250 584,746 10,100 6,906 
Sales/paydowns(109,344)(668,683)(8,713)
Realized and unrealized gain/(loss) included in earnings4,344 — — — 
Transfers out of Level III(1)
— — — — 
Ending Balance, March 31, 2026$175,750 $247,281 $11,905 $1,493 
________________________
(1) There were no transfers in or out of Level III as of March 31, 2026.
45
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


December 31, 2025
Commercial mortgage loans, held for sale, measured at fair value - Non-AgencyCommercial mortgage loans, held for sale, measured at fair value - AgencyLoan CommitmentsForward Sale Commitments
Beginning balance, January 1, 2025$87,270 $— $— $— 
Transfers into Level III— 422,011 4,268 — 
Originations411,650 3,225,586 32,961 (5,413)
Sales/paydowns(487,529)(3,316,379)(26,711)— 
Realized and unrealized gain/(loss) included in earnings18,109 — — — 
Transfers out of Level III(1)
— — — — 
Ending Balance, December 31, 2025$29,500 $331,218 $10,518 $(5,413)
________________________
(1) There were no transfers out of Level III as of December 31, 2025.
The fair value of cash and cash equivalents and restricted cash are measured using observable quoted market prices, or Level I inputs and their carrying value approximate their fair value. The fair value of borrowings under repurchase agreements approximate their carrying value on the consolidated balance sheets due to their short-term nature and are measured using Level III inputs.
Financial Instruments Measured at Fair Value on a Nonrecurring Basis
Real Estate Owned, held for sale, on the consolidated balance sheets are valued at fair value on a non-recurring basis in accordance with ASC 820 and are classified as Level III investments. At the time of acquisition, we determined the fair value of the net real estate assets, using either the market approach, the income approach, or a combination thereof.
The Company determined the fair value of its three multifamily properties and one office property, obtained through foreclosure or deed-in-lieu of foreclosure, based on a combination of the market approach and the income approach.
The significant unobservable input used for the income approach is the exit capitalization rate assumptions, which ranged from 5.00% - 9.50%. The significant unobservable input used for the market approach is the estimated fair value less cost to sell based on a negotiated price from an anticipated buyer.
As of March 31, 2026, the Company's Real estate owned, held for sale assets and liabilities, had a fair value of $192.7 million, net, that represented three multifamily properties and one office property. As of December 31, 2025, the Company's real estate owned, held for sale assets and liabilities had a fair value of $198.9 million, net, representing the one remaining retail property in the Walgreens Portfolio, four multifamily properties and one office property.
Mortgage servicing rights, net on the consolidated balance sheets are valued at fair value at inception, and thereafter on a non-recurring basis and are carried at the lower of amortized costs or fair value. That is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value measurement when there is evidence of impairment and for disclosure purposes. The Company's MSRs do not trade in an active, open market with readily observable prices and are classified as Level III. While sales of multifamily MSRs do occur on occasion, precise terms and conditions vary with each transaction and are not readily available. Accordingly, the Company engages the services of a third party independent valuation firm to determine the estimated fair value who use discounted cash flow models that calculate the present value of estimated future net servicing income. The model considers contractually specified servicing fees, prepayment assumptions, estimated placement fee revenue from escrow deposits, and other economic factors. The Company periodically reassesses and adjusts, when necessary, the underlying inputs and assumptions that a market participant would consider in valuing MSR assets.
46
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Financial Instruments Not Measured at Fair Value
The Company's financial assets and liabilities that are not reported at fair value in the consolidated balance sheets are reported below as of March 31, 2026 and December 31, 2025 (dollars in thousands):
March 31, 2026December 31, 2025
LevelCarrying AmountFair ValueLevelCarrying AmountFair Value
Commercial mortgage loans, held for investment(1)
AssetIII$4,596,001 $4,578,458 III$4,421,436 $4,411,871 
Pledged investment securitiesAssetI21,958 22,619 I20,483 21,175 
Collateralized loan obligations(2)
LiabilityII2,637,338 2,654,143 II2,735,582 2,757,931 
Mortgage note payableLiabilityIII23,998 23,998 III23,998 23,998 
Other financingsLiabilityIII12,865 12,865 III12,865 12,865 
Unsecured debtLiabilityIII185,693 171,500 III185,466 178,900 
Mortgage servicing rights, netAssetIII211,854 231,045 III212,216 213,572 
________________________
(1) The carrying value is gross of $49.2 million and $38.3 million of allowance for credit losses as of March 31, 2026 and December 31, 2025, respectively.
(2) Depending upon the significance of the fair value inputs utilized in determining these fair values, our collateralized loan obligations are classified as either Level II or Level III of the fair value hierarchy.
Repurchase agreements - commercial mortgage loans of $1.5 billion and $1.1 billion as of March 31, 2026 and December 31, 2025, respectively, and repurchase agreements - real estate securities of $212.2 million and $187.4 million as of March 31, 2026 and December 31, 2025, respectively, are not carried at fair value and do not include accrued interest expense, which are presented in Note 12 – Debt. For these instruments, carrying value generally approximates fair value and are classified as Level III.
The fair value of the commercial mortgage loans, held for investment is estimated using a discounted cash flow analysis, based on the Advisor's experience with similar types of investments. Pledged investment securities are comprised of treasury securities for which fair value is generally estimated using discounted cash flow analysis. The Company estimates the fair value of the collateralized loan obligations using external broker quotes. The mortgage note payable was recorded at transaction proceeds, which are considered to be the best initial estimate of fair value. The fair value of the other financings is generally estimated using a discounted cash flow analysis. The fair value of the unsecured debt is based on discounted cash flows using Company estimates for market yields on similarly structured debt instruments.
47
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 20 - Derivative Instruments
The Company uses derivative instruments primarily to manage the fair value variability of fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following derivative instruments were outstanding as of March 31, 2026 and December 31, 2025 (dollars in thousands):
March 31, 2026December 31, 2025
Fair ValueFair Value
Contract typeNotional
Assets
LiabilitiesNotional
Assets
Liabilities
Credit default swaps$95,000 $— $1,680 $31,500 $— $714 
Options— 235 — — — — 
Treasury note futures133,000 963 — 19,600 — 28 
Total$228,000 $1,198 $1,680 $51,100 $— $742 
The following tables indicate the net realized and unrealized gains and losses on derivatives, by primary underlying risk exposure, as included in the consolidated statements of operations for the three and nine months ended March 31, 2026 and 2025 (dollars in thousands):
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Contract typeUnrealized Gain/(Loss)Realized Gain/(Loss)Unrealized Gain/(Loss)Realized Gain/(Loss)
Credit default swaps$378 $309 $(62)$15 
Options(91)393 (83)(100)
Treasury note futures999 (134)(911)1,023 
Total$1,286 $568 $(1,056)$938 

Interest rate swap agreements are measured at fair value on a recurring basis primarily using Level II Inputs in accordance with ASU 2010-06, Fair Value Measurements and Disclosures (Topic 820). In determining fair value estimates for swaps, the Company utilizes the standard methodology of netting the discounted future fixed cash payments and the discounted future variable cash receipts which are based on expected future interest rates derived from observable market interest rate curves. The Company also incorporates both its own nonperformance risk and its counterparties’ nonperformance risk in determining fair value. In considering the effect of nonperformance risk, the Company considered the impact of netting and credit enhancements, such as collateral postings and guarantees, and has concluded that counterparty risk is not significant to the overall valuation.
48
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 21 - Offsetting Assets and Liabilities
The Company's consolidated balance sheets used a gross presentation of repurchase agreements and collateral pledged. The table below provides a gross presentation, the effects of offsetting, and a net presentation of the Company's derivative instruments and repurchase agreements as of March 31, 2026 and December 31, 2025 (dollars in thousands):
Gross Amounts Not Offset on the Balance Sheet
Assets(1)
Gross Amounts of Recognized Assets
Gross Amounts Offset on the Balance Sheet
Net Amount of Assets Presented on the Balance Sheet
Financial Instruments
Cash Collateral(2)
Net Amount
March 31, 2026
Derivative instruments, at fair value$1,198 $1,198 $— $— $— $— 
December 31, 2025
Derivative instruments, at fair value$— $— $— $— $— $— 



Gross Amounts Not Offset on the Balance Sheet
Liabilities
 Gross Amounts of Recognized Liabilities
Gross Amounts Offset on the Balance Sheet
Net Amount of Liabilities Presented on the Balance Sheet
Financial Instruments
Cash Collateral(2)
Net Amount
March 31, 2026
Repurchase agreements - commercial mortgage loans$1,495,300 $— $1,495,300 $1,495,300 $— $— 
Repurchase agreements - real estate securities212,168 — 212,168 212,168 — — 
Derivative instruments, at fair value1,680 1,198 482 — 482 — 
December 31, 2025
Repurchase agreements - commercial mortgage loans$1,087,087 $— $1,087,087 $1,087,087 $— $— 
Repurchase agreements - real estate securities187,371 — 187,371 187,371 — — 
Derivative instruments, at fair value742 — 742 — 742 — 
________________________
(1) As of March 31, 2026, there were no assets which were presented gross within the scope of ASC 210-20, Balance Sheet — Offsetting.
(2) Included in Restricted cash in the Company's consolidated balance sheets.
49
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 22 - Segment Reporting
Effective July 1, 2025, in order to better align with the manner in which the CODM reviews financial performance and allocates resources, the Company combined the real estate debt business and the real estate securities business into one reportable segment, Real Estate Debt and Other Real Estate Investments. Additionally, following the acquisition of the NewPoint business, the Company added Agency as a new reportable segment to reflect the distinct nature of its agency-related origination and servicing activities. Prior period segment results have been recast to conform to this new presentation. These changes affect only the presentation of the Company’s reportable segments and have no impact on its consolidated financial position, results of operations, or cash flows.
The Company conducts its business through the following segments:
•The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgages, subordinate mortgages, mezzanine loans and participations in such loans. The business also focuses on investing in and asset managing real estate securities, historically focusing on CMBS, CMBS bonds, CDO notes, and other securities.
•The Agency Business focuses on originating, selling, and servicing loans under programs offered by GSE’s and Agencies, such as Fannie Mae, Freddie Mac, Ginnie Mae, and HUD. Additionally, the business services external portfolios of commercial real estate financing products.
•The commercial real estate conduit business, operated through the Company's TRS, is focused on generating risk-adjusted returns by originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit. The TRS may also hold certain mezzanine loans that don't qualify as good REIT assets due to any potential loss from foreclosure.
•The real estate owned business represents real estate acquired by the Company through foreclosure, deed-in-lieu of foreclosure, or purchase.
The segments are based on financial information presented to the Chief Executive Officer, President of Commercial Real Estate, and the Chief Financial Officer / Chief Operating Officer of the Company, who are determined to jointly be the Chief Operating Decision Maker (“CODM”). The CODM oversees activities and operations of the business, which includes assessing performance, liquidity, and profit or loss on each operating segment. Profit or loss on segment operations is measured by net income/(loss) included in the consolidated statements of operations. The CODM uses net income/(loss) to measure return on equity to assess the liquidity associated with equity that is allocated to each business based on the Company’s investment objectives and strategies.
50
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


The following table represents the Company's operations by segment for the three months ended March 31, 2026 and 2025 (dollars in thousands):

Three Months Ended March 31, 2026TotalReal Estate Debt and Other Real Estate InvestmentsAgency BusinessConduitReal Estate Owned
Interest income$92,249$85,339$2,274$3,822$814
Mortgage servicing rights6,742—6,742——
Servicing revenue10,55037310,177——
Revenue from real estate owned6,882—30—6,852
Interest expense(65,230)(58,681)(2,899)(1,737)(1,913)
Compensation and benefits(22,824)—(22,824)——
Administrative services expenses(2,334)(1,372)(57)(905)—
Depreciation and amortization(3,420)—(2,111)—(1,309)
Operating expenses(26,713)(9,618)(9,424)(1,943)(5,728)
Other segment items(1)(2)
16,390(14,806)20,8934,9675,336
Net income/(loss)12,2921,2352,8014,2044,052
Total assets as of March 31, 20266,301,0014,953,848760,086198,047389,020
Three Months Ended March 31, 2025
Interest income$113,908$111,765$—$1,542$601
Mortgage servicing rights—————
Servicing revenue—————
Revenue from real estate owned6,797———6,797
Interest expense(70,593)(69,934)—(213)(446)
Compensation and benefits—————
Administrative services expenses(3,348)(2,119)—(1,229)—
Depreciation and amortization(1,380)———(1,380)
Operating expenses(23,366)(12,898)—(1,467)(9,001)
Other segment items(1)(2)
1,68724—4,207(2,544)
Net income/(loss)23,70526,838—2,840(5,973)
Total assets as of December 31, 20256,057,2504,797,877857,56233,015368,796
_____________
(1) For each reportable segment, the other segment items category includes:
•Real Estate Debt - specific and general allowance for credit losses, gains/(losses) associated with debt extinguishment, and gains/(losses) associated with sales of CMBS bonds and divestment of trading securities
•Agency Business - allowance for loss sharing provision, gains/(losses) associated with sales of agency loans, gains/(losses) related to movements in the fair value of forward sale commitments, and (provisions)/benefits on taxable income.
•Conduit - gains/(losses) associated with fair value measurements and securitizations or sales of held for sale loans, fair value measurements and terminations of derivative instruments, and (provisions)/benefits on taxable income.
•Real Estate Owned - gains/(losses) associated with other real estate investments resulting from foreclosure or sale.
(2) Stock compensation expense is allocated to each segment based on total income per segment and included within other segment items.
For the purposes of the tables above, management fees have been allocated to the business segments using an agreed upon percentage of each respective segment's prior period equity. Administrative fees are derived from an agreed upon reimbursable amount based on employee time charged and allocated to the business segments.
51
FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2026
(Unaudited)


Note 23 - Subsequent Events
The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q. The following activity took place subsequent to the quarter ended March 31, 2026:
On April 1, 2026, the Company sold a real estate owned, held for sale property located in Raleigh, NC for a sale price of $76.6 million, excluding transaction costs. The Company's carrying value in the property immediately prior to the sale was $75.7 million. The sale was financed with a loan originated by the Company.
On April 15, 2026, a consolidated subsidiary of the Company, BSPRT 2026-FL13 Issuer, LLC, closed an approximately $880.4 million commercial real estate mortgage securitization transaction, and sold approximately $778.1 million of the securitization’s notes in a private placement.
On April 28, 2026, the Company’s board of directors reauthorized the Company's share repurchase program to provide $50.0 million available for share repurchases through December 31, 2026.
52
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis should be read in conjunction with the accompanying financial statements of Franklin BSP Realty Trust, Inc. the notes thereto and other financial information included elsewhere in this Quarterly Report on Form 10-Q, as well as our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (the "SEC") on February 25, 2026.
As used herein, the terms "the Company," "we," "our" and "us" refer to Franklin BSP Realty Trust, Inc., a Maryland corporation and, as required by context, to FBRT OP LLC, a Delaware limited liability company, which we refer to as the "OP," and to its subsidiaries. We are externally managed by Benefit Street Partners L.L.C. (the "Advisor").
Certain statements included in this Quarterly Report on Form 10-Q are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.
Our forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements, and thus our investors should not place undue reliance on these statements. We believe these factors include but are not limited to those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at http://www.sec.gov. These factors include:
•changes in our business and investment strategy;
•our ability to make investments in a timely manner or on acceptable terms;
•changes in credit market conditions and our ability to obtain long-term financing for our investments in a timely manner and on terms that are consistent with what we project when we invest;
•the effect of general market, real estate market, economic and political conditions, including changing interest rate environments (and sustained high interest rates) and inflation;
•our ability to make scheduled payments on our debt obligations;
•our ability to generate sufficient cash flows to make distributions to our stockholders;
•our ability to generate sufficient debt and equity capital to fund additional investments;
•our ability to refinance our existing financing arrangements;
•our ability to recover unpaid principal on defaulted loans and reinvest it in income producing assets;
•the degree and nature of our competition;
•the ability of us and our external advisor to retain qualified personnel;
•impairment in the value of real estate property securing our loans or that we own;
•our ability to recover or mitigate estimated losses on non-performing assets;
•the impact of national health crises or international military conflicts;
•our ability to maintain our qualification as a real estate investment trust ("REIT") for U.S. federal income tax purposes; and
•other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025.
53
Overview
The Company is a Maryland corporation and has made tax elections to be treated as a real estate investment trust ("REIT") for U.S. federal income tax purposes since 2013. Substantially all of our business is conducted through the OP, a Delaware limited liability company. We are the managing member of the OP and directly or indirectly held 90% of the common units of membership interests in the OP ("OP Units") as of March 31, 2026.
The Company’s operations are organized into two business units: (i) Commercial Real Estate Financing, and (ii) Agency Business. The Commercial Real Estate Financing unit primarily focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinated mortgage loans, mezzanine loans and participations in such loans. Secondarily, this unit also invests in and asset manages real estate securities, with a historical focus on commercial mortgage-backed securities ("CMBS"), commercial real estate collateralized loan obligation bonds and single asset single borrower bonds (collectively "CMBS bonds"), collateralized debt obligations ("CDOs") and other securities. Through this unit the Company also originates conduit loans which the Company intends to sell through its TRS into CMBS securitization transactions, and owns real estate that was either acquired by the Company through foreclosure, deed-in-lieu of foreclosure or that was purchased for investment.
On July 1, 2025, through a wholly owned subsidiary, we acquired NewPoint Holdings JV LLC (“NewPoint”), which now comprises our Agency Business unit. Through this unit, we originate, sell and service a range of multifamily finance products under programs offered by government-sponsored enterprises (“GSEs”), such as the Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) and by government agencies (“Agencies”), such as the Government National Mortgage Association (“Ginnie Mae”) and the Federal Housing Administration, a division of the U.S. Department of Housing and Urban Development (together with Ginnie Mae, “HUD”). We retain the servicing rights and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We are an approved Fannie Mae Delegated Underwriting and Servicing (“DUS”) lender, a Freddie Mac Program Plus Seller/Servicer, a Multifamily Accelerated Processing (“MAP”) and Section 232 LEAN lender for HUD and a Ginnie Mae issuer. Additionally, the Company services external portfolios of commercial real estate financing products.
We are managed by the Advisor pursuant to an advisory agreement, as amended on August 18, 2021 (the "Advisory Agreement"). The Advisor manages our affairs on a day-to-day basis. The Advisor receives compensation and fees for services related to the investment and management of our assets and our operations.
The Advisor, an SEC-registered investment adviser, is a credit-focused alternative asset management firm. The Advisor manages funds for institutions and high-net-worth investors across various credit funds and complementary strategies including high yield, levered loans, private / opportunistic debt, liquid credit, structured credit and commercial real estate debt. These strategies complement each other as they all leverage the sourcing, analytical, compliance, and operational capabilities that encompass the Advisor’s robust platform. The Advisor is a wholly-owned subsidiary of Franklin Resources, Inc., which together with its various subsidiaries operates as "Franklin Templeton".
As of March 31, 2026, we have 243 employees, all of which are employees of NewPoint.


54
Book Value Per Share
The following table calculates our book value per share as of March 31, 2026 and December 31, 2025 (in thousands, except share and per share amounts):
March 31, 2026December 31, 2025
Stockholders' equity applicable to common stock$1,132,725 $1,182,788 
Shares:
Common stock76,902,793 80,843,557 
Restricted stock and restricted stock units1,630,921 1,435,383 
Total outstanding shares78,533,714 82,278,940 
Book value per share(1)
$14.42 $14.38 
The following table calculates our fully-converted book value per share as of March 31, 2026 and December 31, 2025 (in thousands, except share and per share amounts):
March 31, 2026December 31, 2025
Stockholders' equity applicable to convertible common stock$1,308,242 $1,359,363 
Shares:
Common stock76,902,793 80,843,557 
Restricted stock and restricted stock units1,630,921 1,435,383 
Series H convertible preferred stock5,370,498 5,370,498 
Class A OP Units8,385,951 8,385,951 
Total outstanding shares92,290,163 96,035,389 
Fully-converted book value per share(2)(3)
$14.18 $14.15 
________________________
(1) Book value per share includes unvested shares for restricted stock and restricted stock units.
(2) Fully-converted book value per share assumes conversion of the Company's Series H preferred stock, the redemption for Company common stock of the Class A OP Units of the OP held by third parties, and the vesting of the Company's unvested equity compensation awards.
(3) Excluding the impact of accumulated depreciation and amortization of real property of $18.5 million and $17.5 million as of March 31, 2026 and December 31, 2025, respectively, as well as including the impact of the fair value of our MSRs over their carrying value of $19.2 million as of March 31, 2026, would result in a fully converted book value per share of $14.58 and $14.34, respectively.
55
Critical Accounting Estimates
Our financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Critical accounting estimates are those that require the application of management’s most difficult, subjective or complex judgments on matters that are inherently uncertain and that may change in subsequent periods. In preparing the financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. In preparing the financial statements, management has utilized available information, including our past history, industry standards and the current economic environment, among other factors, in forming its estimates and judgments, giving due consideration to materiality. Actual results may differ from these estimates. In addition, other companies may utilize different estimates, which may impact the comparability of our results of operations to those of companies in similar businesses.
During the three months ended March 31, 2026, there were no material changes to our critical accounting estimates as compared to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025.
56
Portfolio
As of March 31, 2026 and December 31, 2025, our portfolio consisted of 177 and 169 commercial mortgage loans, held for investment, respectively. The commercial mortgage loans, held for investment, net of allowance for credit losses, as of March 31, 2026 and December 31, 2025 had a total carrying value of $4,546.8 million and $4,383.1 million, respectively. As of March 31, 2026, our commercial mortgage loans, held for sale, measured at fair value, were comprised of five conduit loans and nine Agency loans, with a total fair value of $423.0 million. As of December 31, 2025, our commercial mortgage loans, held for sale, measured at fair value, were comprised of two conduit loans and 15 Agency loans, with a total fair value of $360.7 million. As of March 31, 2026 and December 31, 2025, we had $178.7 million and $151.7 million, respectively, of real estate securities, available for sale, measured at fair value. As of March 31, 2026 and December 31, 2025, our real estate owned, held for investment portfolio was composed of two properties with carrying values of $98.7 million and $99.3 million, respectively. As of March 31, 2026 and December 31, 2025, we had five and six positions classified as real estate owned, held for sale with combined carrying values of $192.7 million and $198.9 million, respectively. As of March 31, 2026 and December 31, 2025 our equity method investments consisted of five and four investments with carrying values of $98.6 million and $71.7 million, respectively.
As of both March 31, 2026 and December 31, 2025, we had seven loans (one secured by an office property and six secured by multifamily properties) designated as non-performing status with a total amortized cost of $308.9 million and $214.0 million, respectively. As of March 31, 2026 and December 31, 2025, three loans designated as non-performing and put on cost recovery status were determined to have a combined $16.3 million and $4.1 million specific allowance for credit losses, respectively.
As of March 31, 2026 and December 31, 2025 our commercial mortgage loans, held for investment, excluding commercial mortgage loans on non-performing status, had a weighted average coupon of 7.0% and 7.1%, respectively, and a weighted average remaining contractual maturity life of 1.1 years and 1.1 years, respectively.
As of March 31, 2026 and December 31, 2025, the Company had a total servicing portfolio consisting of 1,933 and 1,596 loans with an unpaid principal balance of $58.1 billion and $47.8 billion, respectively. As of March 31, 2026 and December 31, 2025, the Company owned Mortgage Servicing Rights (“MSRs”) of $211.9 million and $212.2 million, respectively. As of March 31, 2026 and December 31, 2025, the MSRs consisted of 1,045 and 1,042 loans with an unpaid principal balance of $22.0 billion and $21.6 billion, respectively.
57
The following charts summarize our commercial mortgage loans, held for investment, by coupon rate type, collateral type, geographical region and state as of March 31, 2026 and December 31, 2025:
2424 2428
2430 2434
58
An investments region classification is defined according to the below map based on the location of investments secured property.

usamapregions22july2015a16.jpg2571 2575
59
2579 2583


60
The following charts show the par value by contractual maturity year for the commercial mortgage loans, held for investment in our portfolio as of March 31, 2026 and December 31, 2025:
2745

2748

61
The following table shows selected data from our commercial mortgage loans, held for investment in our portfolio as of March 31, 2026 (dollars in thousands):
Loan
Type
Risk
Rating
(1)
Property
Type		StatePar
Value		Amortized
Cost
Origination
Date
(2)
Fully
Extended
Maturity
(3)
Interest Rate
(4)(5)
Effective
Yield
(6)
Loan to
Value
(7)
Senior Debt 15OfficeGeorgia21,79719,80312/17/20197/9/20271M SOFR Term + 2.25%5.90%64.9%
Senior Debt 23OfficeTexas14,75614,75610/6/202010/9/2027Adj. 1M SOFR Term + 4.50%8.27%47.9%
Senior Debt 32OfficeMichigan20,55920,55910/14/20201/9/20277.13%7.13%66.0%
Senior Debt 44MultifamilyTexas32,87132,8713/5/20219/9/20281M SOFR Term + 4.10%7.75%78.2%
Senior Debt 52Mixed UseWashington32,50032,5006/30/20214/9/2026Adj. 1M SOFR Term + 3.70%7.47%69.7%
Senior Debt 64MultifamilyTexas73,92273,9213/31/20214/9/20261M SOFR Term + 2.20%5.85%72.6%
Senior Debt 73MultifamilyTexas19,10019,1004/22/20215/9/2029Adj. 1M SOFR Term + 3.00%6.77%67.7%
Senior Debt 83MultifamilyTexas35,46635,4664/1/20214/9/2026Adj. 1M SOFR Term + 2.95%6.72%71.7%
Senior Debt 93MultifamilyTexas33,13033,1309/20/20214/9/2026Adj. 1M SOFR Term + 3.64%7.41%66.0%
Senior Debt 103MultifamilyGeorgia9,3399,3399/22/202110/9/2026Adj. 1M SOFR Term + 3.75%7.52%70.0%
Senior Debt 112MultifamilyTexas55,31355,31311/23/20214/9/2026Adj. 1M SOFR Term + 3.10%6.87%67.2%
Senior Debt 125MultifamilyArizona36,78936,78911/16/202112/9/2026Adj. 1M SOFR Term + 2.00%5.77%72.0%
Senior Debt 132MultifamilyTexas55,34855,34812/10/20216/9/2026Adj. 1M SOFR Term + 3.00%6.77%74.8%
Senior Debt 142MultifamilyKentucky13,56613,56611/19/20216/9/2026Adj. 1M SOFR Term + 2.75%6.52%62.4%
Senior Debt 152MultifamilyTexas29,05029,05012/16/20211/9/20271M SOFR Term + 3.20%6.85%74.2%
Senior Debt 165MultifamilyNorth Carolina80,24779,77412/15/20213/9/20274.25%4.25%76.1%
Senior Debt 172MultifamilyNorth Carolina22,50022,50012/17/20211/9/20271M SOFR Term + 3.10%6.75%72.7%
Senior Debt 183HospitalityNorth Carolina9,7949,7941/19/20226/9/20261M SOFR Term + 5.30%8.95%68.2%
Senior Debt 193MultifamilyFlorida77,25077,2502/10/20222/9/20271M SOFR Term + 3.20%6.85%74.5%
Senior Debt 202IndustrialArizona54,04454,0443/15/20227/9/20261M SOFR Term + 3.50%7.15%70.1%
Senior Debt 212MultifamilyTexas37,07137,0713/14/20223/9/20287.00%7.00%74.1%
Senior Debt 224MultifamilyArizona34,85934,8593/2/20223/9/20271M SOFR Term + 1.55%5.20%63.1%
Senior Debt 232MultifamilyNorth Carolina31,12931,1292/24/20223/9/20271M SOFR Term + 3.15%6.80%69.6%
Senior Debt 242MultifamilyNorth Carolina31,30031,3003/29/20224/10/20261M SOFR Term + 3.30%6.95%76.9%
Senior Debt 252HospitalityGeorgia49,45849,4583/30/20226/9/20261M SOFR Term + 4.90%8.55%61.1%
Senior Debt 263MultifamilyNevada35,88035,8806/3/202211/9/20271M SOFR Term + 3.15%6.80%62.4%
Senior Debt 274MultifamilyVirginia56,54356,5434/29/20225/9/20261M SOFR Term + 3.95%7.60%73.2%
Senior Debt 284MultifamilyTexas30,55630,55610/21/202211/9/20266.50%6.50%70.9%
Senior Debt 293MultifamilyNorth Carolina57,30657,3068/23/20224/9/20261M SOFR Term + 6.70%10.35%46.5%
Senior Debt 302IndustrialFlorida18,38818,3889/13/20229/9/20271M SOFR Term + 4.90%8.55%64.6%
Senior Debt 314MultifamilyTexas16,77516,7755/26/20226/9/20271M SOFR Term + 3.65%7.30%73.9%
Senior Debt 325MultifamilyNorth Carolina44,48344,4836/1/20226/9/20271M SOFR Term + 2.75%6.40%75.9%
Senior Debt 332MultifamilyGeorgia64,25064,2506/14/20226/9/20271M SOFR Term + 3.45%7.10%71.6%
Senior Debt 343HospitalityDistrict of Columbia38,36738,3678/2/20228/9/20271M SOFR Term + 5.00%8.65%71.2%
Senior Debt 353MultifamilySouth Carolina49,55049,55012/2/202212/9/20281M SOFR Term + 3.75%7.40%64.6%
Senior Debt 362HospitalityVarious94,04793,9492/9/20235/9/20281M SOFR Term + 4.00%8.00%53.6%
Senior Debt 372MultifamilyTexas14,75014,7336/28/20247/9/20291M SOFR Term + 2.80%6.45%71.5%
Senior Debt 383MultifamilyDistrict of Columbia20,53520,5356/30/20237/9/20261M SOFR Term + 4.45%8.10%29.4%
Senior Debt 392Manufactured HousingFlorida24,78424,7847/28/20238/9/20281M SOFR Term + 4.25%8.00%43.2%
Senior Debt 402MultifamilyNew York19,79319,8396/28/20237/9/20284.75%4.75%85.7%
Senior Debt 413MultifamilyTexas78,99678,9968/1/20238/9/20281M SOFR Term + 3.20%6.85%58.7%
Senior Debt 423HospitalityGeorgia18,08618,0688/17/20239/9/20281M SOFR Term + 4.85%8.50%53.5%
Senior Debt 432IndustrialSouth Carolina24,72424,7183/21/202410/9/20271M SOFR Term + 4.75%9.50%—%
Senior Debt 442MultifamilyTexas37,99737,99710/18/20235/9/20271M SOFR Term + 4.50%9.00%62.4%
Senior Debt 452HospitalityFlorida31,30031,24710/17/202311/9/20281M SOFR Term + 4.25%8.59%48.9%
Senior Debt 462MultifamilyTexas42,75042,75010/17/202311/9/20261M SOFR Term + 3.85%7.50%61.4%
Senior Debt 472MultifamilyTexas24,81924,78710/12/202310/9/20281M SOFR Term + 3.20%6.85%55.1%
Senior Debt 482MultifamilyTexas21,40021,40012/6/202312/9/20261M SOFR Term + 3.75%8.50%63.6%
Senior Debt 494MultifamilyTexas35,88035,8802/14/20242/9/20279.00%9.00%84.4%
Senior Debt 503HospitalityColorado32,75032,6982/5/20242/9/20291M SOFR Term + 4.50%8.82%41.6%
Senior Debt 512MultifamilyFlorida27,63427,5202/12/20248/9/20281M SOFR Term + 5.50%9.50%—%
Senior Debt 523MultifamilyTexas79,51579,5152/16/20243/9/20291M SOFR Term + 3.65%7.30%53.3%
62
Loan
Type
Risk
Rating
(1)
Property
Type		StatePar
Value		Amortized
Cost
Origination
Date
(2)
Fully
Extended
Maturity
(3)
Interest Rate
(4)(5)
Effective
Yield
(6)
Loan to
Value
(7)
Senior Debt 532MultifamilyFlorida67,00067,0002/29/20243/9/20291M SOFR Term + 3.25%7.25%58.7%
Senior Debt 542IndustrialNorth Carolina75,00074,9363/7/20243/9/20291M SOFR Term + 2.70%6.35%58.6%
Senior Debt 552MultifamilyTexas23,11823,0513/7/20243/9/20291M SOFR Term + 3.75%7.75%57.2%
Senior Debt 562MultifamilyTexas40,00039,9894/24/20245/9/20281M SOFR Term + 2.95%6.60%70.4%
Senior Debt 572MultifamilyOhio44,66944,5754/29/20245/9/20291M SOFR Term + 2.90%6.55%72.2%
Senior Debt 582MultifamilyTexas18,74518,6864/30/20245/9/20291M SOFR Term + 3.75%7.75%55.8%
Senior Debt 592MultifamilyCalifornia40,00039,9805/24/20246/9/20281M SOFR Term + 2.77%6.42%60.9%
Senior Debt 602MultifamilyConnecticut116,500116,3095/10/20245/9/20291M SOFR Term + 2.50%6.15%50.7%
Senior Debt 613HospitalityFlorida49,95049,8445/9/20246/9/20291M SOFR Term + 4.50%8.15%62.8%
Senior Debt 622HospitalityVarious27,88227,8916/6/20246/9/20291M SOFR Term + 4.43%8.08%44.6%
Senior Debt 632MultifamilyFlorida9,4229,3966/3/20246/9/20291M SOFR Term + 2.95%6.60%56.0%
Senior Debt 642MultifamilyTexas23,98023,9156/7/20246/9/20291M SOFR Term + 2.85%6.50%64.5%
Senior Debt 652MultifamilyIndiana17,78117,7686/28/20247/9/20281M SOFR Term + 3.05%6.70%68.2%
Senior Debt 662RetailWisconsin1,9861,9876/20/20247/9/20265.50%5.50%73.0%
Senior Debt 672HospitalityOregon9,9029,8936/28/20247/9/20281M SOFR Term + 3.95%7.60%53.1%
Senior Debt 682MultifamilyNew Jersey3,4933,2657/1/20247/9/20291M SOFR Term + 5.50%9.55%10.3%
Senior Debt 692MultifamilyNorth Carolina26,14526,0646/28/20247/9/20291M SOFR Term + 3.75%7.75%69.3%
Senior Debt 703HospitalityTexas17,00017,0167/25/20248/9/20278.50%8.50%90.0%
Senior Debt 712MultifamilyNorth Carolina16,64016,5959/16/202410/9/20271M SOFR Term + 2.75%6.75%78.1%
Senior Debt 722MultifamilyTennessee21,42021,3919/18/202410/9/20291M SOFR Term + 3.10%6.75%59.4%
Senior Debt 732MultifamilyFlorida12,85212,8167/30/20248/9/20271M SOFR Term + 8.30%12.05%31.3%
Senior Debt 743MultifamilyFlorida39,29939,2629/6/20249/9/20281M SOFR Term + 2.75%6.40%71.0%
Senior Debt 753MultifamilyFlorida72,91072,8399/6/20249/9/20281M SOFR Term + 2.75%6.40%72.7%
Senior Debt 763MultifamilyFlorida24,12424,0989/6/20249/9/20281M SOFR Term + 2.75%6.40%71.3%
Senior Debt 772MultifamilyNew York16,04516,0458/7/20248/9/20291M SOFR Term + 5.25%9.25%53.6%
Senior Debt 783HospitalityTexas14,13014,1168/9/20248/9/20281M SOFR Term + 4.00%9.00%63.7%
Senior Debt 792IndustrialTexas12,40512,30010/9/202410/9/20291M SOFR Term + 3.75%7.40%71.7%
Senior Debt 802MultifamilyNew York20,58820,54811/22/202412/9/20271M SOFR Term + 4.15%8.90%29.2%
Senior Debt 812MultifamilyTexas18,52318,47011/12/202411/9/20291M SOFR Term + 2.95%6.60%66.9%
Senior Debt 822HospitalityFlorida18,60818,52911/6/202411/9/20291M SOFR Term + 4.75%8.50%75.8%
Senior Debt 832MultifamilyNew York30,91330,84711/19/202412/9/20291M SOFR Term + 2.95%6.60%80.8%
Senior Debt 842MultifamilyFlorida29,80829,75312/5/202412/9/20271M SOFR Term + 3.50%7.15%67.7%
Senior Debt 853MultifamilyGeorgia53,97353,88711/1/202411/9/20291M SOFR Term + 2.95%6.60%71.1%
Senior Debt 862MultifamilyGeorgia31,88931,76511/8/202411/9/20291M SOFR Term + 2.75%6.40%63.5%
Senior Debt 872MultifamilyNorth Carolina18,10018,05511/25/202412/9/20285.50%5.50%70.6%
Senior Debt 882MultifamilySouth Carolina24,35924,28612/9/202412/9/20281M SOFR Term + 3.25%6.90%76.3%
Senior Debt 892MultifamilyNorth Carolina31,16230,44812/20/20241/9/20284.25%4.25%87.3%
Senior Debt 902HospitalityTexas14,40914,38012/27/20241/9/20281M SOFR Term + 3.25%6.90%40.3%
Senior Debt 912MultifamilyNorth Carolina18,22218,14912/30/20241/9/20301M SOFR Term + 3.25%7.00%69.5%
Senior Debt 922MultifamilyTennessee19,35519,3122/13/20252/9/20291M SOFR Term + 2.90%6.55%69.6%
Senior Debt 932MultifamilyTexas22,18022,1311/16/20252/9/20291M SOFR Term + 3.25%6.90%57.7%
Senior Debt 942MultifamilyTexas15,08915,0561/16/20252/9/20281M SOFR Term + 3.25%6.90%75.0%
Senior Debt 952MultifamilyFlorida23,64323,3651/15/20252/9/20301M SOFR Term + 4.00%7.65%—%
Senior Debt 963MultifamilyTexas60,00059,8681/24/20252/9/20291M SOFR Term + 2.50%6.15%86.7%
Senior Debt 972HospitalityNew York49,62049,6201/10/20251/9/20291M SOFR Term + 3.41%7.06%48.4%
Senior Debt 982MultifamilyOklahoma21,09021,1176/27/20257/9/20291M SOFR Term + 3.75%7.50%69.1%
Senior Debt 992MultifamilyTexas56,50055,3522/12/20252/9/20294.75%4.75%88.6%
Senior Debt 1002MultifamilyTexas32,00031,5393/31/20254/9/20285.25%5.25%76.7%
Senior Debt 1012MultifamilyTexas8,9728,6953/26/202510/9/20291M SOFR Term + 6.00%10.00%—%
Senior Debt 1022MultifamilyNorth Carolina6,2796,2465/30/20256/9/20301M SOFR Term + 3.25%6.90%69.1%
Senior Debt 1032IndustrialVirginia6,2196,1856/4/20256/9/20301M SOFR Term + 3.25%6.90%36.0%
Senior Debt 1042MultifamilyTexas19,25019,3176/20/20251/9/20286.65%6.65%75.5%
Senior Debt 1052MultifamilySouth Carolina9,1509,1187/1/20257/9/20301M SOFR Term + 3.25%6.90%72.1%
Senior Debt 1063MultifamilyTexas12,00012,0478/1/20258/9/20286.75%6.75%80.5%
Senior Debt 1072MultifamilyFlorida6,6816,6569/5/20259/9/20281M SOFR Term + 3.35%7.00%68.2%
Senior Debt 1082MultifamilyTennessee5,9985,0408/18/20259/9/20301M SOFR Term + 6.25%9.90%—%
63
Loan
Type
Risk
Rating
(1)
Property
Type		StatePar
Value		Amortized
Cost
Origination
Date
(2)
Fully
Extended
Maturity
(3)
Interest Rate
(4)(5)
Effective
Yield
(6)
Loan to
Value
(7)
Senior Debt 1092Mixed UseNorth Carolina9,8149,7748/19/20259/9/20291M SOFR Term + 3.25%6.90%60.7%
Senior Debt 110(8)
2MultifamilyVarious——8/15/20252/9/20281M SOFR Term + 5.05%—%—%
Senior Debt 1112MultifamilyTexas6,9016,8688/21/20259/9/20301M SOFR Term + 2.75%6.40%68.6%
Senior Debt 1122MultifamilyFlorida38,25038,1118/27/20259/9/20291M SOFR Term + 3.08%6.73%73.8%
Senior Debt 1132MultifamilyVarious41,39541,2319/16/202510/9/20291M SOFR Term + 2.90%6.55%72.8%
Senior Debt 1142MultifamilyNevada10,0009,9579/29/202510/9/20301M SOFR Term + 2.65%6.30%72.2%
Senior Debt 1152MultifamilyNew Jersey9,5359,4869/30/202510/9/20291M SOFR Term + 6.05%10.05%69.3%
Senior Debt 1162IndustrialGeorgia10,80610,73210/29/202511/9/20301M SOFR Term + 4.00%7.65%56.1%
Senior Debt 1172MultifamilyNew York6,1916,16611/14/202511/9/20301M SOFR Term + 2.72%6.37%56.5%
Senior Debt 1182MultifamilyNorth Carolina17,77017,66411/7/202511/9/20301M SOFR Term + 2.25%5.90%73.7%
Senior Debt 1192MultifamilyOhio20,65820,61810/22/202511/9/20281M SOFR Term + 2.52%6.17%66.2%
Senior Debt 1202MultifamilyOhio15,98015,95510/22/202511/9/20281M SOFR Term + 2.50%6.15%66.0%
Senior Debt 1212MultifamilyGeorgia37,50037,44610/29/202511/9/20301M SOFR Term + 2.50%6.15%72.9%
Senior Debt 1222MultifamilyVarious92,50092,37510/28/202511/9/20301M SOFR Term + 2.30%5.95%72.1%
Senior Debt 1232MultifamilyTexas16,89416,85611/12/202511/9/20301M SOFR Term + 2.73%6.38%63.6%
Senior Debt 1242MultifamilyTexas7,3887,35810/31/202511/9/20301M SOFR Term + 2.55%6.20%65.8%
Senior Debt 1252Senior HousingNew York8,6288,57611/7/202512/9/20291M SOFR Term + 4.25%7.90%69.0%
Senior Debt 1262MultifamilyTexas11,00011,04711/13/202511/9/20286.75%6.75%90.9%
Senior Debt 1272MultifamilyColorado7,7557,72012/3/202512/9/20301M SOFR Term + 2.60%6.25%61.2%
Senior Debt 1282MultifamilyTexas22,00021,94911/14/202512/9/20301M SOFR Term + 2.47%6.12%56.6%
Senior Debt 1292MultifamilyTexas11,43211,38011/21/202512/9/20281M SOFR Term + 3.75%7.40%81.2%
Senior Debt 1302MultifamilyNew York45,25645,06212/1/202512/9/20301M SOFR Term + 2.00%5.65%57.5%
Senior Debt 1312MultifamilyFlorida8,4008,36112/3/202512/9/20301M SOFR Term + 3.25%6.90%65.1%
Senior Debt 1322MultifamilyNew York14,25014,21811/21/202512/9/20291M SOFR Term + 2.95%6.60%70.1%
Senior Debt 1332MultifamilyColorado50,90050,75011/25/202512/9/20301M SOFR Term + 2.30%5.95%67.7%
Senior Debt 1342MultifamilyFlorida26,50026,41911/20/202512/9/20301M SOFR Term + 2.50%6.15%70.4%
Senior Debt 1352IndustrialFlorida5,9875,94412/29/20251/9/20311M SOFR Term + 3.15%6.80%62.8%
Senior Debt 1362MultifamilyGeorgia18,00017,91811/21/202512/9/20281M SOFR Term + 2.25%5.90%72.7%
Senior Debt 1372MultifamilyNorth Carolina7,0026,96412/30/20251/9/20311M SOFR Term + 4.00%7.65%74.6%
Senior Debt 1382MultifamilyTexas12,14712,11111/20/202512/9/20301M SOFR Term + 2.85%6.50%56.1%
Senior Debt 1392MultifamilyNevada23,39423,29511/25/202512/9/20301M SOFR Term + 2.85%6.50%76.2%
Senior Debt 1402IndustrialIllinois7,0417,00212/8/202512/9/20301M SOFR Term + 2.80%6.45%45.5%
Senior Debt 1412HealthcareVarious20,87220,77712/1/202512/9/20291M SOFR Term + 3.75%7.40%76.1%
Senior Debt 1422MultifamilyNevada15,58815,52012/16/20251/9/20311M SOFR Term + 2.90%6.55%70.7%
Senior Debt 1432IndustrialCalifornia6,0576,01512/19/20251/9/20301M SOFR Term + 3.55%7.20%50.1%
Senior Debt 1442IndustrialTexas9,1389,07312/19/20251/9/20311M SOFR Term + 3.00%6.65%56.2%
Senior Debt 1452Senior HousingNew York10,0009,95612/19/20251/9/20291M SOFR Term + 3.50%7.15%68.4%
Senior Debt 1462IndustrialVarious25,00024,89012/23/20251/9/20311M SOFR Term + 2.93%6.58%60.8%
Senior Debt 1472HospitalityFlorida7,5007,46512/19/20251/9/20311M SOFR Term + 3.85%7.50%64.8%
Senior Debt 1482IndustrialTexas5,3285,28212/16/20251/9/20311M SOFR Term + 3.50%7.15%65.4%
Senior Debt 1492HealthcareMassachusetts7,6257,58312/29/20251/9/20291M SOFR Term + 4.70%8.35%62.3%
Senior Debt 1502MultifamilyNorth Carolina6,4246,38412/30/20251/9/20311M SOFR Term + 3.45%7.10%71.3%
Senior Debt 1512MultifamilyNorth Carolina51,50051,5181/6/20264/6/20271M SOFR Term + 2.64%6.29%83.3%
Senior Debt 1522MultifamilyTexas32,00032,1521/6/202612/6/20281M SOFR Term + 3.15%6.80%79.0%
Senior Debt 1532MultifamilyFlorida73,20072,8492/9/20262/9/20311M SOFR Term + 3.50%7.15%62.9%
Senior Debt 1542IndustrialMassachusetts12,77412,6902/26/20263/9/20311M SOFR Term + 3.05%6.70%66.7%
Senior Debt 1552MultifamilyColorado15,15015,0752/27/20263/6/20316.18%6.18%67.0%
Senior Debt 1562HealthcareVarious24,89624,7733/12/20264/9/20291M SOFR Term + 3.70%7.35%80.0%
Senior Debt 1572MultifamilyCalifornia8,6208,5733/4/20263/9/20291M SOFR Term + 2.75%6.40%68.8%
Senior Debt 1582MultifamilyNorth Carolina11,98311,9243/11/20263/9/20301M SOFR Term + 2.80%6.45%69.7%
Senior Debt 1592MultifamilyNorth Carolina15,03414,9613/6/20263/9/20311M SOFR Term + 2.70%6.35%62.7%
Senior Debt 1602MultifamilyUtah6,4756,47511/14/202511/9/20291M SOFR Term + 2.60%6.25%47.7%
Senior Debt 1612MultifamilyTexas8,4198,3783/12/20263/9/20301M SOFR Term + 2.85%6.50%62.6%
Senior Debt 1622MultifamilyTexas8,3378,2963/26/202610/9/20276.45%6.45%62.2%
64
Loan
Type
Risk
Rating
(1)
Property
Type		StatePar
Value		Amortized
Cost
Origination
Date
(2)
Fully
Extended
Maturity
(3)
Interest Rate
(4)(5)
Effective
Yield
(6)
Loan to
Value
(7)
Senior Debt 1632MultifamilyGeorgia12,32512,2633/31/20264/9/20291M SOFR Term + 3.40%7.05%72.4%
Senior Debt 1642MultifamilyNew Jersey30,03529,8593/27/20264/9/20311M SOFR Term + 2.60%6.25%54.9%
Senior Debt 1652MultifamilyPennsylvania15,37415,2973/26/20264/9/20301M SOFR Term + 1.00%6.25%76.9%
Senior Debt 1662MultifamilyTexas17,45017,3633/27/20264/9/20311M SOFR Term + 2.60%6.25%66.4%
Mezzanine Loan 13MultifamilyDistrict of Columbia11,70011,7006/30/20237/9/20261M SOFR Term + 4.45%8.10%45.2%
Mezzanine Loan 22MultifamilyCalifornia4,0003,9985/24/20246/9/20281M SOFR Term + 3.67%7.32%60.9%
Mezzanine Loan 32MultifamilyNew Jersey14,01913,9077/1/20247/9/20291M SOFR Term + 11.90%15.95%10.3%
Mezzanine Loan 42MultifamilyNew York1,8701,8708/7/20248/9/20291M SOFR Term + 12.75%16.75%59.6%
Mezzanine Loan 52MultifamilyNew York1,8621,85811/19/202412/9/20291M SOFR Term + 8.23%11.88%85.6%
Mezzanine Loan 62HospitalityTexas1,4171,41312/27/20241/9/20281M SOFR Term + 10.51%14.16%44.3%
Mezzanine Loan 72HospitalityNew York6,2026,2021/10/20251/9/20291M SOFR Term + 11.00%14.65%4.3%
Mezzanine Loan 82MultifamilyTexas1,7321,6763/26/202510/9/20291M SOFR Term + 15.25%19.25%—%
Mezzanine Loan 92MultifamilyTennessee1,3008868/18/20259/9/20301M SOFR Term + 13.33%16.99%—%
Mezzanine Loan 102MultifamilyNew York6,1166,09012/1/202512/9/20301M SOFR Term + 4.52%8.17%65.3%
Mezzanine Loan 112MultifamilyNew York68868511/14/202511/9/20301M SOFR Term + 7.02%10.67%62.8%
Total/Weighted Average$4,609,278$4,596,0017.00%64.8%
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(1) For a discussion of risk ratings, see Note 4 - Commercial Mortgage Loans in our Consolidated Financial Statements included in this Form 10-Q.
(2) Date loan was originated or acquired by us. The origination or acquisition date is not updated for subsequent loan modifications.
(3) Fully extended maturity assumes all extension options are exercised by the borrower; provided, however, that our loans may be repaid prior to such date.
(4) Our floating rate loan agreements generally contain the contractual obligation for the borrower to maintain an interest rate cap to protect against rising interest rates. In a simple interest rate cap, the borrower pays a premium for a notional principal amount based on a capped interest rate (the “cap rate”). When the floating rate exceeds the cap rate, the borrower receives a payment from the cap counterparty equal to the difference between the floating rate and the cap rate on the same notional principal amount for a specified period of time. When interest rates rise, the value of an interest rate cap will increase, thereby reducing the borrower's exposure to rising interest rates.
(5) As of June 2023, all of our commercial mortgage loans, held for investment which had been indexed at LIBOR have been converted from LIBOR to compounded SOFR, plus a benchmark adjustment of 11.448 basis points, and the applicable spreads remain unchanged. The loans which have the SOFR adjustment are indicated with "Adj. 1M SOFR Term."
(6) Effective yield is calculated as the spread of the loan plus the greater of the applicable index or index floor.
(7) Loan-to-value percentage ("LTV") represents the ratio of the loan amount to the appraised value of the property at the time of origination. However, for predevelopment construction loans at origination, LTV is not applicable and is therefore nil.
(8) Commitment on the loan was unfunded as of March 31, 2026.
The following table shows selected data from our commercial mortgage loans, held for sale, measured at fair value as of March 31, 2026 (dollars in thousands):
TypeInvestment TypeStateFair ValueInterest RateEffective Yield
TRS Conduit Debt 1Non-AgencyPennsylvania24,500 6.42%6.42%
TRS Conduit Debt 2Non-AgencyTexas24,750 6.39%6.39%
TRS Conduit Debt 3Non-AgencyNew York10,500 6.56%6.56%
TRS Conduit Debt 4Non-AgencyFlorida32,000 6.62%6.62%
TRS Conduit Debt 5Non-AgencyNew York84,000 7.05%7.05%
Fannie Mae(2)
Agency LoanVarious35,849 5.06%5.06%
Freddie Mac(2)
Agency LoanVarious154,633 4.90%4.90%
Ginnie Mae(2)
Agency LoanVarious56,799 5.42%5.42%
Total/Weighted Average$423,031 5.76%5.76%
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(1) LTV represents the ratio of the loan amount to the appraised value of the property at the time of origination.
(2) Interest rates and effective yields represent weighted averages.
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The following table shows selected data from our real estate owned assets in our portfolio as of March 31, 2026 (dollars in thousands):
TypeLocationProperty TypeCarrying ValueUndepreciated / Unamortized ValueAccounting Classification
REO 1(1)
Jeffersonville, GAIndustrial116,500 139,816 Held for investment
REO 2Portland, OROffice18,411 18,544 Held for investment
REO 3Raleigh, NCMultifamily75,721 75,721 Held for sale
REO 4Cleveland, OHMultifamily37,430 37,430 Held for sale
REO 5Denver, COOffice16,954 16,954 Held for sale
REO 6Austin, TXMultifamily34,968 34,968 Held for sale
REO 7Fort Worth, TXMultifamily27,580 27,580 Held for sale
Total$327,564 $351,013 
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(1) Includes intangible lease assets
The following table shows selected data from our equity method investments, in our portfolio as of March 31, 2026 (dollars in thousands):
TypeInvestment DatePrimary Location(s)Investment TypeInvestment Amount
Equity Method Investment 1December 2024
West New York, NJ
Mixed Use Property$19,035 
Equity Method Investment 2May 2025Commerce, CAIndustrial Property12,872 
Equity Method Investment 3March 2026Gardena, CAIndustrial Property13,658 
Equity Method Investment 4July 2025N/AMultifamily Affordable Debt
Lending		28,953 
Equity Method Investment 5July 2025N/AMultifamily Bridge Lending24,108 
Total$98,626 
The following table shows selected data from our real estate securities, measured at fair value as of March 31, 2026 (dollars in thousands):
Type Interest RateMaturityPar ValueFair Value Effective Yield
CMBS 11 month SOFR + 1.74%6/15/2030$5,190 $5,144 5.39%
CMBS 21 month SOFR + 2.94%6/15/203017,490 17,467 6.59%
CMBS 31 month SOFR + 2.95%10/15/203010,000 9,981 6.60%
CMBS 41 month SOFR + 2.14%11/15/20305,775 5,757 5.80%
CMBS 51 month SOFR + 2.64%11/15/20309,265 9,188 6.29%
CMBS 61 month SOFR + 2.35%7/21/204330,659 30,579 6.00%
CMBS 71 month SOFR + 2.75%7/21/204315,000 15,018 6.40%
CMBS 81 month SOFR + 2.90%2/15/204317,456 17,398 6.55%
CMBS 91 month SOFR + 3.75%2/15/204312,859 12,894 7.40%
CMBS 101 month SOFR + 2.94%1/15/203022,309 22,268 6.59%
CMBS 111 month SOFR + 3.95%6/15/203018,678 18,694 7.60%
CMBS 121 month SOFR + 3.00%6/15/203014,370 14,324 6.65%
Total/Weighted Average$179,051 $178,712 6.56%
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Results of Operations
The Company conducts its business through the following segments:
•The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgages, subordinate mortgages, mezzanine loans and participations in such loans. The business also focuses on investing in and asset managing real estate securities, historically focusing on CMBS, CMBS bonds, CDO notes, and other securities.
•The Agency Business focuses on originating, selling, and servicing loans under programs offered by GSE’s and Agencies, such as Fannie Mae, Freddie Mac, Ginnie Mae, and HUD. Additionally, the business services external portfolios of commercial real estate financing products.
•The commercial real estate conduit business, operated through the Company's TRS, is focused on generating risk-adjusted returns by originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit. The TRS may also hold certain mezzanine loans that don't qualify as good REIT assets due to any potential loss from foreclosure.
•The real estate owned business represents real estate acquired by the Company through foreclosure, deed-in-lieu of foreclosure, or purchase.
Comparison of the Three months ended March 31, 2026 to the Three Months Ended March 31, 2025
Net interest income is generated on our interest-earning assets less related interest-bearing liabilities and is recorded as part of our real estate debt, real estate securities, agency and conduit programs.
The following table presents the average balance of interest-earning assets less related interest-bearing liabilities, associated interest income and expense and corresponding yield earned and incurred for the three months ended March 31, 2026 and 2025 (dollars in thousands):
Three Months Ended
March 31, 2026March 31, 2025
Average Carrying Value(1)
Interest Income/Expense(2)(3)
WA Yield/Financing Cost(4)(5)
Average Carrying Value(1)
Interest Income/Expense(2)(3)
WA Yield/Financing Cost(4)(5)
Interest-earning assets:
Real estate debt$4,475,335$82,6067.4 %$4,848,649$108,4878.9 %
Agency debt172,3372,2745.3 %——— %
Real estate conduit163,3313,8229.4 %55,1731,46010.6 %
Real estate securities168,0642,7326.5 %184,8433,3607.3 %
Total$4,979,067$91,4347.3 %$5,088,665$113,3078.9 %
Interest-bearing liabilities:
Repurchase agreements - commercial mortgage loans$1,209,052$18,7346.2 %$369,021$7,5308.2 %
Other financing and loan participation - commercial mortgage loans12,8651936.0 %12,8651936.0 %
Repurchase agreements - real estate securities201,3432,3084.6 %222,7572,9015.2 %
Collateralized loan obligations2,703,87440,0805.9 %3,410,54758,3036.8 %
Unsecured debt188,5073,9158.3 %81,4071,6668.2 %
Total$4,315,641$65,2306.0 %$4,096,597$70,5936.9 %
Net interest income/spread$26,2041.3 %$42,7142.0 %
Average leverage %(6)
86.7 %80.5 %
Weighted average levered yield(7)
15.8 %17.2 %
(1) Based on amortized cost for real estate debt and real estate securities and principal amount for interest-bearing liabilities. Amounts are calculated based on daily averages for the three months ended March 31, 2026 and 2025, respectively.
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(2) Includes the effect of amortization of premium or accretion of discount and deferred fees.
(3) Excludes other income on the real estate owned business segment.
(4) Calculated as interest income or expense divided by average carrying value.
(5) Annualized.
(6) Calculated by dividing total average interest-bearing liabilities by total average interest-earning assets.
(7) Calculated by dividing net interest income/spread by the average interest-earning assets less average interest-bearing liabilities.
Interest Income
Interest income for the three months ended March 31, 2026 and 2025 totaled $92.2 million and $113.9 million, respectively, a decrease of $21.7 million. The decrease was primarily due to an approximate 66 basis point decrease in daily average SOFR and SOFR equivalent rates, a decrease in spreads and a decrease of approximately $109.6 million in the average carrying balance of our interest earning assets. As of March 31, 2026, our portfolio consisted of (i) 177 commercial mortgage loans, held for investment, (ii) 14 commercial mortgage loans, held for sale, measured at fair value and (iii) twelve real estate securities, available for sale, measured at fair value. As of March 31, 2025, our portfolio consisted of (i) 152 commercial mortgage loans, held for investment, (ii) one commercial mortgage loan, held for sale, measured at fair value and (iii) ten real estate securities, available for sale, measured at fair value.
Interest Expense
Interest expense for the three months ended March 31, 2026 and 2025 was $65.2 million and $70.6 million, respectively, a decrease of $5.4 million. The decrease was primarily due to an approximate 66 basis point decrease in daily average SOFR and SOFR equivalent rates coupled with a decrease in spreads.
Gain/(Loss) on Sales, including fee-based services, net
Gain on sales, including fee-based services, net for the three months ended March 31, 2026 and 2025 was $21.3 million and $5.0 million, respectively, which was comprised of sales, including fee-based services, from our Agency Business and conduit segments.
Gain on sales, including fee-based services, net from our Agency Business segment for the three months ended March 31, 2026 was $16.5 million. This was due to Agency loans originated of $572.2 million and sales of $684.9 million. The Company did not have the Agency Business segment during the three months ended March 31, 2025.
Gain on sales, including fee-based services, net from our conduit segment for the three months ended March 31, 2026 and 2025 was $4.8 million and $5.0 million, respectively. During the three months ended March 31, 2026, the Company sold $105.0 million in principal amount of commercial real estate loans into the CMBS securitization market resulting in proceeds of $109.3 million. This is compared to the sale of $106.5 million in principal amount of commercial real estate loans sold into the CMBS securitization market resulting in proceeds of $111.5 million for the three months ended March 31, 2025.
Mortgage Servicing Rights
Income from mortgage servicing rights for the three months ended March 31, 2026 was $6.7 million which related to the fair value of originated MSR loans rate locked under programs with Fannie Mae, Freddie Mac and HUD. The Company did not have income from mortgage servicing rights for the three months ended March 31, 2025.
Servicing Revenue
Servicing revenue for the three months ended March 31, 2026 was $10.6 million which related to $12.7 million of servicing fee income, $6.9 million in placement fees on borrower escrows and reserves and $2.6 million in MSR impairment recovery. This is offset by $11.6 million in reductions to the MSR for amortization and payoffs. The Company did not have servicing revenue for the three months ended March 31, 2025.
Gain/(Loss) on Derivatives
Gain on derivatives for the three months ended March 31, 2026 was $1.9 million, compared to a loss of $0.1 million for the three months ended March 31, 2025. For the three months ended March 31, 2026, the gain was composed of a $1.3 million unrealized gain related to mark to market on credit default swaps, treasury note futures, and options, coupled with a $0.6 million realized gain primarily due to the termination and settlement of credit default swaps and options. This is compared to a $0.1 million loss for the three months ended March 31, 2025 composed primarily of a $1.0 million unrealized loss on mark to market on credit default swaps, treasury note futures, and options, partially offset by a realized gain of $0.9 million due to the termination and settlement of treasury note futures.
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Revenue from Real Estate Owned
For the three months ended March 31, 2026 and 2025, revenue from real estate owned was $6.9 million and $6.8 million, respectively, staying relatively consistent period-over-period.
Provision/(Benefit) for Credit losses
Provision for credit losses during the three months ended March 31, 2026 was $11.4 million, compared with a benefit of $1.9 million during the three months ended March 31, 2025.
For the three months ended March 31, 2026, general benefit for credit losses was $1.3 million compared to a benefit of $1.6 million during the three months ended March 31, 2025. General benefit for the three months ended March 31, 2026 is attributable to more favorable economic assumptions utilized for the CECL model compared to preceding periods. General provision for the three months ended March 31, 2025 was primarily due to the portfolio turnover of older vintage loans with newly originated loans.
For the three months ended March 31, 2026, specific provision for credit losses was $14.8 million compared to a specific benefit for credit losses of $0.3 million for the three months ended March 31, 2025. For the three months ended March 31, 2026, the increase in specific reserve was primarily related to a $13.2 million provision for a non-performing loan secured by two multifamily properties located in North Carolina, coupled with an aggregate increase to existing provisions of $1.6 million for non-performing loans secured by multifamily properties located in Pennsylvania, Arizona and North Carolina. For the three months ended March 31, 2025, the decrease in specific reserve was primarily related to a partial paydown on our non-performing loan secured by an office property in Georgia.
For the three months ended March 31, 2026, benefit for loss sharing was $2.1 million which related to a $1.2 million decrease to the general CECL reserve due to an improved overall economic outlook, coupled with a $0.9 million decrease in the specific loan reserve due to the removal of a large at-risk loan from the reserve. The Company did not have an allowance for loss sharing for the three months ended March 31, 2025.
Gain/(Loss) on Other Real Estate Investments
Loss on other real estate investments for the three months ended March 31, 2026 was $4.5 million primarily due to a fair value write-down of one of our multifamily properties which was subsequently sold in the second quarter, coupled with a loss realized on the sale of the final property from the Walgreens Portfolio. This is compared to a loss of $2.2 million for the three months ended March 31, 2025 primarily due to the onboarding of real estate owned, held for sale, multifamily and office properties coupled with losses on the sale of three, held for sale, multifamily properties and one, held for sale, retail property from our Walgreens Portfolio.
Income/(loss) from equity method investments
Income from equity method investments for the three months ended March 31, 2026 of $12.4 million primarily related to the Company's allocated percentage of unrealized gains on a mixed use property located in New Jersey and an industrial property located in California. We did not have any income from our equity method investment during the three months ended March 31, 2025.
(Provision)/Benefit for Income Tax
Provision for income tax for the three months ended March 31, 2026 was $0.9 million compared to a provision of $0.7 million for the three months ended March 31, 2025. The increase was primarily due to taxable income related to our Agency Business segment, which was acquired on July 1, 2025.
Net (Income)/Loss Attributable to Non-controlling Interest
Net income attributable to non-controlling interest in our consolidated joint ventures for the three months ended March 31, 2026 was $0.3 million compared to a net loss of $0.4 million for the three months ended March 31, 2025.
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Expenses from Operations
Expenses from operations for the three months ended March 31, 2026 and 2025 consisted of the following (dollars in thousands):
Three Months Ended
March 31, 2026March 31, 2025
Compensation and benefits$22,824 $— 
Asset management and subordinated performance fee6,054 6,555 
Acquisition expenses171 299 
Administrative services expenses2,334 3,348 
Professional fees9,285 6,576 
Other expenses11,205 9,936 
Depreciation and amortization3,420 1,380 
Share-based compensation2,403 2,246 
Total expenses from operations$57,696 $30,340 
For the three months ended March 31, 2026, we incurred asset management and subordinated performance fees and administrative services expenses of $6.1 million and $2.3 million, respectively, which are payable to our Advisor under our Advisory Agreement. For the three months ended March 31, 2026 compared to March 31, 2025, asset management and subordinated performance fees decreased due to decreases in applicable average equity between periods, while administrative services expenses decreased due to the time spent on the NewPoint acquisition in the prior period compared to none in the current period. Refer to Note 11 - Related Party Transactions and Arrangements for a summary of the Company's Advisory Agreement with the Advisor and a description of how our fees are calculated.
The increase in operating expense for the three months ended March 31, 2026 compared to 2025 was primarily related to (i) an increase in professional fees related to correspondent fees paid from our Agency Business segment and (ii) our incurrence of compensation and benefits cost of $22.8 million compared to no such expenses during the three months ended March 31, 2025, resulting from our acquisition of NewPoint.
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Comparison of the Three Months Ended March 31, 2026 to the Three Months Ended December 31, 2025
Net Interest Income
Net interest income is generated on our interest-earning assets less related interest-bearing liabilities and is recorded as part of our real estate debt, real estate securities, agency and conduit programs.
The following table presents the average balance of interest-earning assets less related interest-bearing liabilities, associated interest income and expense and corresponding yield earned and incurred for the three months ended March 31, 2026 and December 31, 2025 (dollars in thousands):
Three Months Ended
March 31, 2026December 31, 2025
Average Carrying Value(1)
Interest Income/Expense(2)(3)
WA Yield/Financing Cost(4)(5)
Average Carrying Value(1)
Interest Income/Expense(2)(3)
WA Yield/Financing Cost(4)(5)
Interest-earning assets:
Real estate debt$4,475,335$82,606 7.4 %$4,285,953$87,168 8.1 %
Agency debt172,3372,274 5.3 %468,4336,511 5.6 %
Real estate conduit163,3313,822 9.4 %150,2122,840 7.6 %
Real estate securities168,0642,732 6.5 %110,7741,947 7.0 %
Total$4,979,067$91,4347.3 %$5,015,372$98,4667.9 %
Interest-bearing liabilities:
Repurchase agreements - commercial mortgage loans$1,209,052$18,734 6.2 %$1,236,471$20,488 6.6 %
Other financing and loan participation - commercial mortgage loans12,865193 6.0 %12,865197 6.1 %
Repurchase agreements - real estate securities201,3432,308 4.6 %153,3491,914 5.0 %
Collateralized loan obligations2,703,87440,080 5.9 %2,804,73144,392 6.3 %
Unsecured debt188,5073,915 8.3 %188,4824,038 8.6 %
Total$4,315,641$65,230 6.0 %$4,395,898$71,029 6.5 %
Net interest income/spread$26,204 1.3 %$27,437 1.4 %
Average leverage %(6)
86.7 %87.6 %
Weighted average levered yield(7)
15.8 %17.7 %
________________________
(1) Based on amortized cost for real estate debt and real estate securities and principal amount for interest-bearing liabilities. Amounts are calculated based on daily averages for the three months ended March 31, 2026 and December 31, 2025, respectively.
(2) Includes the effect of amortization of premium or accretion of discount and deferred fees.
(3) Excludes other income on the real estate owned business segment.
(4) Calculated as interest income or expense divided by average carrying value.
(5) Annualized.
(6) Calculated by dividing total average interest-bearing liabilities by total average interest-earning assets.
(7) Calculated by dividing net interest income/spread by the average interest-earning assets less average interest-bearing liabilities.
Interest Income
Interest income for the three months ended March 31, 2026 and December 31, 2025 totaled $92.2 million and $99.0 million, respectively, a decrease of $6.8 million. The decrease was primarily due to an approximate 32 basis point decrease in daily average SOFR and SOFR equivalent rates, a decrease in spreads and a decrease of approximately $36.3 million in the average carrying balance of our interest earning assets. As of March 31, 2026, our portfolio consisted of (i) 177 commercial mortgage loans, held for investment, (ii) 14 commercial mortgage loans, held for sale, measured at fair value and (iii) twelve real estate securities, available for sale, measured at fair value. As of December 31, 2025, our portfolio consisted of (i) 169 commercial mortgage loans, held for investment, (ii) 17 commercial mortgage loans, held for sale, measured at fair value and (iii) ten real estate securities, available for sale, measured at fair value.
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Interest Expense
Interest expense for the three months ended March 31, 2026 and December 31, 2025 totaled $65.2 million and $71.0 million, respectively, a decrease of $5.8 million. The decrease was primarily due to an approximate 32 basis point decrease in daily average SOFR and SOFR equivalent rates coupled with a decrease in spreads.
Gain/(loss) on sales, including fee-based services, net
Gain on sales, including fee-based services, net for the three months ended March 31, 2026 and December 31, 2025 was $21.3 million and $22.9 million, respectively, which was comprised of sales, including fee-based services, from our Agency Business and conduit segments.
Gain on sales, including fee-based services, net from our Agency Business segment for the three months ended March 31, 2026 and December 31, 2025 was $16.5 million and $11.3 million, respectively. The increase was primarily due to higher premiums earned on loans rate locked during the three months ended March 31, 2026 as compared with three months ended December 31, 2025.
Gain on sales, including fee-based services, net from our conduit segment for the three months ended March 31, 2026 and December 31, 2025 was $4.8 million and $11.6 million, respectively. During the three months ended March 31, 2026, the Company sold $105.0 million in principal amount of commercial real estate loans into the CMBS securitization market resulting in proceeds of $109.3 million. This is compared to the sale of $290.6 million in principal amount of commercial real estate loans into the CMBS securitization market resulting in proceeds of $299.8 million for the three months ended December 31, 2025.
Mortgage servicing rights
Income for mortgage servicing rights for the three months ended March 31, 2026 and December 31, 2025 was $6.7 million and $8.8 million, respectively. The decrease related to $421.8 million in lower origination volume of the underlying loans for the three months ended March 31, 2026 compared to the three months ended December 31, 2025.
Servicing Revenue
Servicing revenue for the three months ended March 31, 2026 and December 31, 2025 was $10.6 million and $8.9 million, respectively. The increase was primarily due to MSR impairment recoveries recognized during the three months ended March 31, 2026 due to potential market interest rate increase, which resulted in lower prepayment rates and higher portfolio valuation.
Gain/(Loss) on derivatives
Gain on derivatives for the three months ended March 31, 2026 was $1.9 million composed of a $1.3 million unrealized gain related to mark to market on credit default swaps, treasury note futures, and options, coupled with a $0.6 million realized gain primarily due to the termination and settlement of credit default swaps and options. This is compared to a gain on derivatives for the three months ended December 31, 2025 of $0.3 million composed of a $0.4 million realized gain related to the termination and settlement of credit default swaps and treasury note futures, partially offset by an unrealized loss of $0.1 million.
Revenue from Real Estate Owned
For the three months ended March 31, 2026 and December 31, 2025, revenue from real estate owned was $6.9 million and $7.3 million, respectively, staying relatively consistent quarter-over-quarter.
(Provision)/Benefit for Credit losses
Provision for credit losses was $11.4 million for the three months ended March 31, 2026, compared to a benefit of $7.9 million for the three months ended December 31, 2025.
For the three months ended March 31, 2026 and December 31, 2025, general benefit for credit losses was $1.3 million and $7.8 million, respectively. General benefit for the three months ended March 31, 2026 was attributable to more favorable economic assumptions utilized for the CECL model compared to preceding periods. General benefit for the three months ended December 31, 2025 was attributable to performance improvement of our portfolio since the end of the prior quarter.
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For the three months ended March 31, 2026 and December 31, 2025, specific provision for credit losses was $14.8 million and $3.0 million, respectively. For the three months ended March 31, 2026, the increase in specific reserve was primarily related to a $13.2 million provision for a non-performing loan secured by two multifamily properties located in North Carolina, coupled with an aggregate increase to existing provisions of $1.6 million for non-performing loans secured by multifamily properties located in Pennsylvania, Arizona and North Carolina. For the three months ended December 31, 2025, the specific provision was primarily related to three non-performing loans secured by multifamily properties in Pennsylvania, Arizona and North Carolina, coupled with a non-performing loan secured by a multifamily property in Texas which we foreclosed on during the fourth quarter.
For the three months ended March 31, 2026 and December 31, 2025, benefit for loss sharing was $2.1 million and $3.1 million, respectively. For the three months ended March 31, 2026, the benefit primarily related to a $1.2 million decrease to the general CECL reserve due to an increased overall economic outlook, coupled with a $0.9 million decrease in the specific loan reserve due to the removal of a large at-risk loan from the reserve. For the three months ended December 31, 2025 the benefit was the result of a decrease of $4.1 million in the specific allowance for loss sharing due to improvement in the performance of at risk loans, partially offset by a $1.0 million general provision due to growth in the Fannie Mae loss sharing portfolio.
Gain/(Loss) on Other Real Estate Investments
Loss on other real estate investments for the three months ended March 31, 2026 was $4.5 million primarily due to a fair value write-down of one of our multifamily properties which was subsequently sold in the second quarter, coupled with a loss realized on the sale of the final property from the Walgreens Portfolio. This is compared to a loss on other real estate investments for the three months ended December 31, 2025 for $1.7 million primarily due to the sales of real estate owned, held for sale, multifamily and retail properties coupled with the fair value write down on one multifamily property located in North Carolina.
Income/(loss) from equity method investments
For the three months ended March 31, 2026 and December 31, 2025, income from equity method investments was $12.4 million primarily related to the Company's allocated percentage of unrealized gains on a mixed use property located in New Jersey and an industrial property located in California. This is compared to income from equity method investments of $3.4 million for the three months ended December 31, 2025 primarily related to the Company's share of increases to the fair value of the assets held by our equity method investment in a portfolio of multifamily affordable bonds.
(Provision)/Benefit for Income Tax
Provision for income tax for the three months ended March 31, 2026 was $0.9 million compared to provision of $6.3 million for the three months ended December 31, 2025. The difference is related to changes in taxable earnings in our Agency Business and conduit segments.
Net (Income)/Loss Attributable to Non-controlling Interest
Net income attributable to non-controlling interest in our consolidated joint ventures for the three months ended March 31, 2026 was $0.3 million compared to a net income of $0.7 million for the three months ended December 31, 2025.
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Expenses from operations
Expenses from operations for the three months ended March 31, 2026 and December 31, 2025 consisted of the following (dollars in thousands):
Three Months Ended
March 31, 2026December 31, 2025
Compensation and benefits$22,824 $19,306 
Asset management and subordinated performance fee6,054 6,323 
Acquisition expenses171 212 
Administrative services expenses2,334 2,659 
Professional fees9,285 8,599 
Share-based compensation2,403 2,319 
Depreciation and amortization3,420 3,400 
Other expenses11,205 10,361 
Total expenses from operations$57,696 $53,179 
For the three months ended March 31, 2026 we incurred asset management and subordinated performance fees and administrative services expenses of $6.1 million and $2.3 million, respectively, which are payable to our Advisor under our Advisory Agreement. For the three months ended March 31, 2026 compared to December 31, 2025, asset management and subordinated performance fees decreased due to decreases in applicable average equity between periods. Refer to Note 18 - Related Party Transactions and Arrangements for a summary of the Company's Advisory Agreement with the Advisor and a description of how our fees are calculated.
The increase in operating expenses for the three months ended March 31, 2026 was primarily related to an increase in compensation and benefits primarily due to an increase in commission expenses caused by higher commissionable loan fees earned during the three months ended March 31, 2026 compared to December 31, 2025, as well as higher 401(k) plan match expense due to payment of bonuses during the first quarter.
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Liquidity and Capital Resources
Overview
Our expected material cash requirements over the next twelve months and thereafter are composed of (i) contractually obligated payments, including payments of principal and interest and contractually obligated fundings on our loans; (ii) other essential expenditures, including operating and administrative expenses and dividends paid in accordance with REIT distribution requirements; and (iii) opportunistic investments, including new loans.
Our contractually obligated payments primarily consist of payment obligations under the debt financing arrangements which are set forth below, and included in “Contractual Obligations and Commitments.”
We may from time to time purchase or retire outstanding debt securities or repurchase or redeem our equity securities. Such purchases, if any, will depend on prevailing market conditions, liquidity requirements and other factors.
We closely monitor our liquidity position and believe that we have sufficient current liquidity and access to additional liquidity to meet our financial obligations for the next twelve months and beyond.
Debt-to-Equity Ratio and Total Leverage Ratio
The following table presents our debt-to-equity and total leverage ratios:
March 31, 2026December 31, 2025
Net debt-to-equity ratio(1)
2.8x2.5x
Total leverage ratio(2)
2.8x2.5x
________________________
(1) Represents (i) total outstanding borrowings under secured financing arrangements, including collateralized loan obligations, repurchase agreements - commercial mortgage loans, repurchase agreements - real estate securities, asset-specific financing arrangements, and unsecured debt, less cash and cash equivalents, to (ii) total equity and total redeemable convertible preferred stock, at period end. Recourse net debt-to-equity ratio was 1.2x and 0.8x as of March 31, 2026 and December 31, 2025, respectively.
(2) Represents (i) total outstanding borrowings under secured financing arrangements, including collateralized loan obligations, repurchase agreements - commercial mortgage loans, repurchase agreements - real estate securities, asset-specific financing arrangements, and unsecured debt, to (ii) total equity and total redeemable convertible preferred stock, at period end. Recourse leverage ratio was 1.2x and 0.9x as of March 31, 2026 and December 31, 2025, respectively.
Sources of Liquidity
Our primary sources of liquidity include unrestricted cash, capacity in our collateralized loan obligations available for reinvestment, and financings available and in progress on financing lines.
Our current sources of near-term liquidity as of March 31, 2026 and December 31, 2025 are set forth in the following table (dollars in millions):
March 31, 2026December 31, 2025
Unrestricted cash$116 $167 
CLO reinvestment available(1)
3 30 
Financings available & in progress(2)
402 624 
Total$521 $821 
________________________
(1) See discussion below for further information on the Company's collateralized loan obligations.
(2) Represents cash available we can invest at a market advance rate utilizing our available capacity on financing lines.
We expect to use additional debt and equity financing as a source of capital. Our board of directors currently intends to operate at a leverage level of between one to three times book value of equity. However, our board of directors may change this target without shareholder approval. We anticipate that our debt and equity financing sources and our anticipated cash generated from operations will be adequate to fund our anticipated uses of capital.
We have an effective shelf registration statement for offerings of equity securities that is not limited on the amount of securities we may issue. We also have authorized an at-the-market sales program (“ATM”) pursuant to which we may sell up to
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$200 million of shares of our common stock from time to time. We have not sold any shares of common stock under the ATM to date. We also may access liquidity through our dividend reinvestment and stock purchase plan (“DRIP”), which includes a direct stock purchase option.
In addition to our current mix of financing sources, we may also access additional forms of financings, including credit facilities, securitizations, public and private, secured and unsecured debt issuances by the Company or its subsidiaries, or through capital recycling initiatives whereby we sell certain assets in our portfolio and reinvest the proceeds in assets with more attractive risk-adjusted returns.
Collateralized Loan Obligations
As of March 31, 2026, the Company had $3.0 million of reinvestment capital available across all outstanding collateralized loan obligations. The following table shows the par value outstanding for each CLO and the respective reinvestment end dates (dollars in millions):
CLO NameDebt AmountReinvestment End Date
2022-FL8 Issuer$289.2 Ended
2023-FL10 Issuer$534.6 Ended
2024-FL11 Issuer$886.2 10/08/27
2025-FL12 Issuer$947.2 05/08/28
Repurchase Agreements and Revolving Credit Facilities ("Repo and Revolving Credit Facilities")
The Repo and Revolving Credit Facilities are financing sources through which the Company may pledge one or more mortgage loans to the financing entity in exchange for funds typically at an advance rate that typically range between 60% to 75% of the principal amount of the mortgage loan being pledged.
We expect to use the advances from these Repo and Revolving Credit Facilities to finance the acquisition or origination of eligible loans, including first mortgage loans, subordinated mortgage loans, mezzanine loans and participation interests therein.
The Repo and Revolving Credit Facilities generally provide that in the event of a decrease in the value of our collateral, the lenders can demand additional collateral. Should the value of our collateral decrease as a result of deteriorating credit quality, resulting margin calls may cause an adverse change in our liquidity position.
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The following tables summarize our Repo and Revolving Credit Facilities and our master repurchase agreements ("MRAs") for the three months ended March 31, 2026, 2025, and 2024, respectively (dollars in thousands):
As of March 31, 2026
Amount OutstandingAverage Outstanding Balance
Q1Q1
Repurchase agreements and revolving credit facilities - commercial mortgage loans$1,495,300 $1,307,092 
Repurchase agreements, real estate securities212,168 212,685 
Total$1,707,468 $1,519,777 
As of March 31, 2025
Amount OutstandingAverage Outstanding Balance
Q1Q1
Repurchase agreements and revolving credit facilities - commercial mortgage loans$429,314 $426,898 
Repurchase agreements - real estate securities206,164 249,374 
Total$635,478 $676,272 
As of March 31, 2024
Amount OutstandingAverage Outstanding Balance
Q1Q1
Repurchase agreements and revolving credit facilities - commercial mortgage loans$412,556 $382,313 
Repurchase agreements - real estate securities194,769 217,012 
Total$607,325 $599,325 
The use of our warehouse lines is dependent upon a number of factors including but not limited to: origination volume, loan repayments and prepayments, our use of other financing sources such as collateralized loan obligations, our liquidity needs and types of loan assets and underlying collateral that we hold.
During the three months ended March 31, 2026, the maximum average outstanding balance was $1.6 billion, of which $1.4 billion was related to repurchase agreements on our commercial mortgage loans and $0.2 billion for repurchase agreements on our real estate securities.
During the three months ended March 31, 2025, the maximum average outstanding balance was $0.7 billion, of which $0.4 billion was related to repurchase agreements on our commercial mortgage loans and $0.2 billion for repurchase agreements on our real estate securities.
During the three months ended March 31, 2024, the maximum average outstanding balance was $0.6 billion, of which $0.4 billion was related to repurchase agreements on our commercial mortgage loans and $0.2 billion for repurchase agreements on our real estate securities.
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Distributions
In order to maintain our election to qualify as a REIT, we must currently distribute, at a minimum, an amount equal to 90% of our taxable income, without regard to the deduction for distributions paid and excluding net capital gains. The Company must distribute 100% of its taxable income (including net capital gains) to avoid paying corporate U.S. federal income taxes.
Distributions on our common stock are payable when declared by our board of directors.
Dividends payable on each share of Series H convertible preferred stock ("Series H Preferred Stock") is generally equal to the quarterly dividend that would have been paid had such share of preferred stock been converted to a share of common stock, except to the extent common stock dividends have been reduced below certain specified levels. To the extent dividends on shares of preferred stock are not authorized and declared by our board of directors and paid by the Company monthly, the dividend amounts will accrue.
Holders of shares of the Company's 7.50% Series E Cumulative Redeemable Preferred Stock ("Series E Preferred Stock") are entitled to receive, when, as and if authorized by our board of directors and declared by the Company, out of funds legally available for the payment of dividends, cumulative cash dividends at the rate of 7.50% of the $25.00 per share liquidation preference per annum (equivalent to $1.875 per annum per share).
In March 2026, the Company's board of directors declared the following: (i) a first quarter 2026 dividend of $0.20 per share on the Company's common stock (equivalent to $0.80 per annum), (ii) a first quarter 2026 dividend of $59.84 per share on the Company’s Series H Preferred Stock (iii) a first quarter 2026 dividend of $0.46875 per share on the Company’s Series E Preferred Stock, and (iv) a first quarter 2026 dividend of $0.20 per unit on the OP Units, all of which were paid in April 2026 to holders of record as of March 31, 2026.
Under the DRIP, the Company may elect to supply shares for reinvestment via newly issued shares of common stock or via shares of common stock purchased by the DRIP administrator on the open market. During the three months ended March 31, 2026 and 2025, no shares were newly issued, and 42,459 and 38,012 shares of common stock were purchased, respectively, by the administrator under the dividend reinvestment component of the DRIP.
During the three months ended March 31, 2026 and 2025, the Company paid an aggregate of $29.2 million and $29.5 million, respectively, of common stock distributions. In addition, during the three months ended March 31, 2026, the OP paid $3.0 million of distributions to holders of OP Units. There were no OP Units outstanding during the three months ended March 31, 2025.

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Cash Flows
The following table sets forth changes in cash, cash equivalents and restricted cash for the nine months ended March 31, 2026 and 2025:
For the Three Months Ended March 31,
20262025
Cash Flows From Operating Activities$(54,012)$116,238 
Cash Flows From Investing Activities(246,112)286,943 
Cash Flows From Financing Activities251,388 (375,941)
Net Increase/(Decrease) in Cash, Cash Equivalents and Restricted Cash$(48,736)$27,240 
Cash Flows from Operating Activities
During the three months ended March 31, 2026, cash outflows of $54.0 million from operating activities were primarily driven by (i) net income of $12.3 million and (ii) net outflows of $58.0 million related to originations, sales or repayment of commercial mortgage loans, held for sale, measured at fair value.
During the three months ended March 31, 2025, cash inflows of $116.2 million from operating activities were primarily driven by (i) net income of $23.7 million and (ii) net inflows of $87.3 million related to originations, sales and repayment of commercial mortgage loans, held for sale, measured at fair value.
Cash Flows from Investing Activities
During the three months ended March 31, 2026, cash outflows of $246.1 million from investing activities were primarily driven by (i) the origination and purchase of $495.5 million of commercial mortgage loans, held for investment, (ii) purchase of real estate securities, available for sale for $30.8 million and (iii) purchase of and contributions to equity method investments of $20.8 million. Outflows were partially offset by (i) proceeds from principal repayments of $291.7 million received on commercial mortgage loans, held for investment, (ii) proceeds received from the sale or paydown of real estate securities of $2.9 million and (iii) proceeds from the sale of real estate owned, held for sale assets of $2.3 million.
During the three months ended March 31, 2025, our cash inflows of $286.9 million from investing activities were primarily driven by (i) proceeds from principal repayments of $396.9 million received on commercial mortgage loans, held for investment, (ii) proceeds received from the sale of real estate securities of $35.4 million and (iii) proceeds from the sale of real estate owned, held for sale assets of $28.8 million. Inflows were partially offset by the origination and purchase of $171.9 million of commercial mortgage loans, held for investment.
Cash Flows from Financing Activities
During the three months ended March 31, 2026, cash inflows of $251.4 million from financing activities were primarily driven by (i) net borrowings on repurchase agreements and revolving credit facilities for commercial mortgage loans of $408.2 million and (ii) net borrowings on repurchase agreements for real estate securities of $24.8 million. Inflows were partially offset by (i) repayments from borrowings on collateralized loan obligations of $99.8 million, (ii) $36.0 million of distributions paid to shareholders and (iii) and $39.8 million of common stock repurchases.
During the three months ended March 31, 2025, cash outflows of $375.9 million from financing activities were primarily driven by (i) repayments from borrowings on collateralized loan obligations of $404.0 million, (ii) net repayments on repurchase agreements for real estate securities of $30.4 million and (iii) $36.2 million of distributions paid to shareholders. Outflows were partially offset by (i) net borrowings on repurchase agreements and revolving credit facilities for commercial mortgage loans of $99.5 million.
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Election as a REIT
We elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with the taxable year ended December 31, 2013. As a REIT, if we meet certain organizational and operational requirements and distribute at least 90% of our "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to our stockholders in a year, we will not be subject to U.S. federal income tax to the extent of the income that we distribute. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes on our income and property, and U.S. federal income and excise taxes on our undistributed income.
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Contractual Obligations and Commitments
Our contractual obligations, excluding interest obligations (as amounts are not fixed or determinable), as of March 31, 2026 are summarized as follows (dollars in thousands):
Less than 1 year1 to 3 years3 to 5 yearsMore than 5 yearsTotal
Unfunded loan commitments(1)
$88,335 $292,385 $— $— $380,720 
Repurchase agreements - commercial mortgage loans1,175,138 320,162 — — 1,495,300 
Repurchase agreements - real estate securities212,168 — — — 212,168 
CLOs(2)
— — — 2,657,172 2,657,172 
Mortgage Note Payable23,998 — — — 23,998 
Unsecured debt— 25,000 82,000 82,500 189,500 
Other financings — 12,865 — 12,865 
Total$1,499,639 $650,412 $82,000 $2,739,672 $4,971,723 
________________________
(1) The allocation of our unfunded loan commitments is based on the earlier of the commitment expiration date or the loan maturity date.
(2) Excludes $366.1 million of CLO notes, held by the Company, which are eliminated within the Collateralized loan obligations line of the consolidated balance sheet as of March 31, 2026. This reflects the contractual CLO maturity dates.
In addition to its cash requirements, the Company pays a quarterly dividend and has an existing share repurchase authorization. As of March 31, 2026, the Company’s quarterly cash dividend was $0.200 per share of common stock (which was paid on an as-converted basis on the Company’s shares of Series H Preferred Stock), and $0.46875 per share on the Company’s shares of Series E Preferred Stock. The payment of future dividends is subject to declaration by the board of directors. In February 2026, the Company’s board of directors reauthorized the Company's share repurchase program to provide $50 million available for share repurchases through December 31, 2026, of which $10.2 million remained available as of March 31, 2026. On April 28, 2026, the Company’s board of directors reauthorized the Company's share repurchase program to provide $50.0 million available for share repurchases through December 31, 2026. The authorization does not obligate the Company to acquire any specific number of shares.
Related Party Arrangements
Refer to “Note 18 - Related Party Transactions and Arrangements” for a summary of the Company’s related party arrangements.
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Non-GAAP Financial Measures
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) unrealized gains and losses on loans and derivatives, including CECL reserves and impairments, net of realized gains and losses, as described further below, (iii) non-cash equity compensation expense, (iv) depreciation and amortization, (v) subordinated performance fee accruals/(reversal), (vi) realized gains and losses on debt extinguishment and CLO calls, (vii) non-cash income from mortgage servicing rights, and (viii) certain other non-cash items. Distributable Earnings before realized losses, a non-GAAP measure, presents Distributable Earnings gross of realized gain (loss) on debt extinguishment and realized gain (loss) on loans and real estate owned. Further, Distributable Earnings to Common, a non-GAAP measure, presents Distributable Earnings net of (x) perpetual preferred stock dividend payments and (y) non-controlling interests in joint ventures.
As noted above, we exclude unrealized gains and losses on loans and other investments, including CECL reserves and impairments, from our calculation of Distributable Earnings and include realized gains and losses. The nature of these adjustments is described more fully in the footnotes to our reconciliation tables. GAAP loan loss reserves and any property impairment losses have been excluded from Distributable Earnings consistent with other unrealized losses pursuant to our existing definition of Distributable Earnings. We expect to only recognize such potential credit or property impairment losses in Distributable Earnings if and when such amounts are deemed nonrecoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of a foreclosure or other property, when the underlying asset is sold. Amounts may also be deemed non-recoverable if, in our determination, it is nearly certain the carrying amounts will not be collected or realized. The realized loss amount reflected in Distributable Earnings will generally equal the difference between the cash received and the Distributable Earnings basis of the asset. The timing of any such loss realization in our Distributable Earnings may differ materially from the timing of the corresponding loss reserves, charge-offs or impairments in our consolidated financial statements prepared in accordance with GAAP.
The Company believes that Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common provide meaningful information to consider in addition to the disclosed GAAP results. The Company believes Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common are useful financial metrics for existing and potential future holders of its common stock as historically, over time, Distributable Earnings to Common has been an indicator of common dividends per share. As a REIT, the Company generally must distribute annually at least 90% of its taxable income, subject to certain adjustments, and therefore believes dividends are one of the principal reasons stockholders may invest in its common stock. Further, Distributable Earnings to Common helps investors evaluate performance excluding the effects of certain transactions and GAAP adjustments that the Company does not believe are necessarily indicative of current loan portfolio performance and the Company's operations and is one of the performance metrics the Company's board of directors considers when dividends are declared.
Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common do not represent net income (loss) and should not be considered as an alternative to GAAP net income (loss). The methodology for calculating Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common may differ from the methodologies employed by other companies and thus may not be comparable to the Distributable Earnings reported by other companies.
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The following table provides a reconciliation of GAAP net income to Distributable Earnings and Distributable Earnings to Common for the three months ended March 31, 2026 and 2025 (amounts in thousands, except share and per share data):
Three Months Ended March 31,
20262025
GAAP Net Income (Loss)$12,292$23,705
Adjustments:
Unrealized (gain)/loss on financial instruments(1)
3,1903,288
Subordinated performance fee(2)
—251
Non-cash compensation expense3,0612,246
Depreciation and amortization, net3,3741,380
Transaction-related and non-recurring items(3)
—2,974
(Reversal of)/provision for credit losses11,391(1,898)
Income from mortgage servicing rights(6,742)—
Amortization and write-offs of MSRs9,001—
Deferred tax adjustment688—
Fair value adjustments on equity investments(4)
(10,405)—
Distributable Earnings before realized loss$25,850$31,946
Realized gain/(loss) adjustment on loans and REO(5)
(12,307)(38,180)
Distributable Earnings$13,543$(6,234)
7.5% series E cumulative redeemable preferred stock dividend(4,842)(4,842)
Noncontrolling interests net (income) / loss(312)353
Noncontrolling interests net (income) / loss DE adjustments226(350)
Distributable Earnings to Common$8,615$(11,073)
Average common stock & common stock equivalents(6)
1,340,9011,338,913
GAAP net income/(loss) ROE2.1 %5.7 %
Distributable earnings ROE2.6 %(3.3)%
GAAP net income/(loss) per share, diluted$0.07 $0.20 
GAAP net income/(loss) per share, fully converted(7)
$0.08 $0.22 
Distributable earnings per share, fully converted(7)
$0.09 $(0.12)
Distributable earnings per share before realized gain/(loss), fully converted(7)
$0.22 $0.31 
________________________
(1) Represents unrealized gains and losses on (i) commercial mortgage loans, held for sale, measured at fair value, (ii) other real estate investments, measured at fair value and (iii) derivatives.
(2) Represents accrued and unpaid subordinated performance fee. In addition, reversal of subordinated performance fee represents cash payment obligations in the quarter.
(3) Represents transaction-related and non-recurring costs associated with the acquisition of NewPoint.
(4) Represents non-cash (income) loss from equity method investments, net of cash received as return on capital for the quarter.
(5) Represents amounts deemed nonrecoverable upon a realization event, which is generally at the time a loan is repaid, or in the case of a foreclosure or other property, when the underlying asset is sold. Amounts may also be deemed non-recoverable if, in our determination, it is nearly certain the carrying amounts will not be collected or realized upon sale. Amount may be different than the GAAP basis. As of March 31, 2026, the Company had $3.4 million of GAAP loss adjustments that will run through distributable earnings if and when cash losses are realized.
(6) Represents the average of all classes of equity except the Series E Preferred Stock.
(7) Fully Converted assumes conversion of our series of convertible preferred stock and OP units along with full vesting of our outstanding equity compensation awards.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk.
Credit Risk
Our investments are subject to a high degree of credit risk. Credit risk is the exposure to loss from loan defaults. Default rates are subject to a wide variety of factors, including, but not limited to, borrower financial condition, property performance, property management, supply/demand factors, construction trends, consumer behavior, regional economics, interest rates, the strength of the U.S. economy, and other factors beyond our control. All loans are subject to a certain probability of default. We manage credit risk through the underwriting process, acquiring our investments at the appropriate discount to face value, if any, and establishing loss assumptions. We also carefully monitor the performance of the loans, as well as external factors that may affect their value.
As a result of the NewPoint acquisition on July 1, 2025, and the operation of our Agency Business, we are subject to additional credit risk as a result of our obligations under the risk sharing requirements applicable to some Agency mortgage loans.
Capital Market Risk
We are exposed to risks related to the debt capital markets, and our related ability to finance our business through borrowings under repurchase obligations or other debt instruments. As a REIT, we are required to distribute a significant portion of our taxable income annually, which constrains our ability to accumulate operating cash flow and therefore requires us to utilize debt or equity capital to finance our business. We seek to mitigate these risks by monitoring the debt capital markets to inform our decisions on the amount, timing and terms of capital we raise.
Market uncertainty and volatility may cause fluctuation in market value of certain asset classes within our portfolio. We have and may continue to receive margin calls from our lenders as a result of the decline in the market value of the assets pledged by us to our lenders under our repurchase agreements and warehouse credit facilities, and if we fail to resolve such margin calls when due by payment of cash or delivery of additional collateral, the lenders may exercise remedies including demanding payment by us of our aggregate outstanding financing obligations and/or taking ownership of the loans or other assets securing the applicable obligations and liquidating them at inopportune prices.
Interest Rate Risk
Our market risk arises primarily from interest rate risk relating to interest rate fluctuations. Many factors including governmental monetary and tax policies, domestic and international economic and political considerations and other factors that are beyond our control contribute to interest rate risk. To meet our short and long-term liquidity requirements, we may borrow funds at fixed and variable rates. Our interest rate risk management objectives are to limit the impact of interest rate changes in earnings and cash flows and to lower our overall borrowing costs. To achieve these objectives, from time to time, we may enter into interest rate hedge contracts such as swaps, collars and treasury lock agreements in order to mitigate our interest rate risk with respect to various debt instruments. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates. We do not have any foreign denominated investments, and thus, we are not exposed to foreign currency fluctuations.
As of March 31, 2026 and December 31, 2025, our portfolio included 171 and 162 variable rate investments, respectively, based on LIBOR and SOFR (or “indexing rates”) for various terms. As of June 2023, the Company has fully transitioned all loans formerly on LIBOR indexing rates to SOFR indexing rates. The following table quantifies the potential changes in interest income net of interest expense should interest rates increase by 50 basis points or decrease by 50 or 100 basis points, assuming that our current balance sheet was to remain constant and no actions were taken to alter our existing interest rate sensitivity. The changes in the portfolio for each basis points increase/decrease is a change from the base scenario.
Estimated Percentage Change in Interest Income Net of Interest Expense
Change in Interest RatesMarch 31, 2026December 31, 2025
(-) 100 Basis Points9.14 %8.51 %
(-) 50 Basis Points2.50 %2.26 %
Base Interest Rate— %— %
(+) 50 Basis Points(0.09)%0.24 %
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Our Agency Business originates, sells and services a range of multifamily finance products with Fannie Mae, Freddie Mac, and HUD. Our loans held-for-sale to these agencies are not currently exposed to interest rate risk during the loan commitment, closing and delivery process. The sale or placement of each loan to an investor is negotiated prior to closing on the loan with the borrower, and the sale or placement is generally effectuated within 60 days of closing. The coupon rate for the loan is set after we establish the interest rate with the investor.
The fair value of our MSRs is subject to market risk since a significant driver of the fair value of these assets will be the discount rates which are influenced by interest rates and conditional prepayment rates ("CPR"). A 100 basis point increase in the weighted average discount rate would decrease the fair value of our MSRs by $8.0 million at March 31, 2026, while a 100 basis point decrease would increase the fair value by $8.6 million.
Real Estate Risk
The market values of commercial mortgage assets are subject to volatility and may be affected adversely by a number of factors, including, but not limited to, national, regional and local economic conditions (which may be adversely affected by industry slowdowns and other factors); local real estate conditions; changes or continued weakness in specific industry segments; and demographic factors. In addition, decreases in property values reduce the value of the collateral and the potential proceeds available to a borrower to repay the underlying loans, which could also cause us to suffer losses.    
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Item 4. Controls and Procedures.
Disclosure Controls and Procedures
In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), management with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded, as of the end of such period, that our disclosure controls and procedures are effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by us in our reports that we file or submit under the Exchange Act.
Changes in Internal Control Over Financial Reporting
During the quarter ended March 31, 2026, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II
Item 1. Legal Proceedings.
Please refer to “Litigation and Regulatory Proceedings” in "Note 16 - Commitments and Contingencies" to the consolidated financial statements included in this report. The Company believes that those proceedings, individually or in the aggregate, will not have a material impact on the Company’s financial condition, operating results or cash flows.
Item 1A. Risk Factors.
Our potential risks and uncertainties are presented in the section entitled "Risk Factors" contained in our Annual Report on Form 10-K for the year ended December 31, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
The Company’s board of directors has authorized a share repurchase program that permits share repurchases at prices below the most recently reported book value per share as determined in accordance with GAAP. Purchases made under the Company’s program may be made through open market, block, and privately negotiated transactions, including Rule 10b5-1 plans, as permitted by securities laws and other legal requirements. The timing, manner, price and amount of any purchases by the Company are determined by the Company in its reasonable business judgment and consistent with the exercise of its legal duties and are subject to economic and market conditions, stock price, applicable legal requirements and other factors. The Company's share repurchase program does not obligate the Company to acquire any particular amount of common stock. The Company’s share repurchase program will remain open until expiration or until the capital committed to the repurchase program has been exhausted, whichever is sooner. In October 2025, the Company's board of directors extended the term of the share repurchase program to December 31, 2026. In February 2026, the Company’s board of directors reauthorized the Company's share repurchase program to provide $50.0 million available for share repurchases through December 31, 2026, of which $10.2 million remained available as of March 31, 2026. Repurchases under the share repurchase program may be suspended from time to time at the Company’s discretion without prior notice.
The following table sets forth purchases of the Company's common stock under the share repurchase program for the three months ended March 31, 2026 (in thousands, except share and per share data):
Total number of shares purchased
Average price paid per share (1)
Total number of shares purchased as part of publicly announced plans or programs (2)
Approximate dollar value of shares that may yet be purchased under the plans or programs (2)
January 1, 2026 - January 31, 2026— $— — $16,683 
February 1, 2026 - February 28, 20261,356 8.98 1,356 37,829 
March 1, 2026 - March 31, 20263,006 9.20 3,006 10,178 
Total4,362 $9.13 4,362 $10,178 
_______________________
(1) The average price paid per share represents the average purchase price per share, inclusive of any broker’s fees or commissions.
(2) All of the purchases listed in the table above were made in the open market under the Company's share purchase program, including under a Rule 10b5-1 plan adopted by the Company.

The Company repurchased 4,361,596 shares of common stock at an average price of $9.13 per share during three months ended March 31, 2026. On April 28, 2026, the Company’s board of directors reauthorized the Company's share repurchase program to provide $50.0 million available for share repurchases through December 31, 2026. As of April 29, 2026, $50.0 million remains available under the Company's share repurchase program.

Item 3. Defaults upon Senior Securities.
Not applicable.
87
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
During the quarter ended March 31, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
88
Table of Contents
Item 6. Exhibits.
EXHIBITS INDEX
The following exhibits are included in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 (and are numbered in accordance with Item 601 of Regulation S-K).
Exhibit No.Description
3.1Amendment No. 4 to Articles Supplementary of Franklin BSP Realty Trust, Inc., dated January 20, 2026, relating to Series H Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on January 21, 2026).
10.1Indenture, dated as of April 15, 2026, by and among BSPRT 2026-FL13 Issuer, LLC, Benefit Street Partners Realty Operating Partnership, L.P., as advancing agent, Wilmington Trust, National Association, as trustee and Computershare Trust Company, National Association, as note administrator and custodian (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 20, 2026).
31.1*
31.2*
32*
101*
104*Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
________________________
*Filed herewith.

89
SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 Franklin BSP Realty Trust, Inc. 
April 29, 2026By/s/ Michael Comparato
Name: Michael Comparato
Title: Chief Executive Officer
(Principal Executive Officer)
April 29, 2026By/s/ Jerome S. Baglien
Name: Jerome S. Baglien
Title: Chief Financial Officer and Chief Operating Officer
(Principal Financial and Accounting Officer)
90

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