Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Franklin BSP Realty Trust, Inc. due to allegations of materially misleading business information issued to the investing public [1]. Group 1: Investigation and Class Action - Shareholders of Franklin BSP Realty Trust may be entitled to compensation through a class action without any out-of-pocket fees, as the Rosen Law Firm prepares to seek recovery of investor losses [2]. - The firm encourages investors to select qualified counsel with a successful track record in securities class actions, highlighting its own achievements in this area [4]. Group 2: Financial Performance and Market Reaction - Franklin BSP Realty Trust reported a fourth quarter EPS of $0.120, which was $0.16 lower than the analyst estimate of $0.280, and revenue of $81.12 million, falling short of the consensus estimate of $93.65 million [3]. - Following the earnings report, the stock price of Franklin BSP Realty Trust dropped by 14.18% on February 12, 2026 [3].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to __________ Commission file number: 001-40923 Indicate by check mark whether the registrant submitted electronically every Interactive Data File requir ...

NEW YORK, Feb. 23, 2026 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Franklin BSP Realty Trust, Inc. (NYSE: FBRT) resulting from allegations that Franklin BSP Realty Trust may have issued materially misleading business information to the investing public. SO WHAT: If you purchased Franklin BSP Realty Trust securities you may be entitled to compensation without payment of any out of pocket fees o ...

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Franklin BSP Realty Trust, Inc. - FBRT [Accessibility Statement] Skip NavigationNEW YORK, Feb. 19, 2026 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Franklin BSP Realty Trust, Inc. ("Franklin" or the "Company") (NYSE: FBRT). Such investors are advised to contact Danielle Peyton at [[email protected]] or 646-581-9980, ext. 7980.The investigation concerns whether Franklin and certain of its offi ...

Rosen Law Firm Encourages Franklin BSP Realty Trust, Inc. Investors to Inquire About Securities Class Action Investigation - FBRT [Accessibility Statement] Skip NavigationNEW YORK, Feb. 18, 2026 /PRNewswire/ --Why: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Franklin BSP Realty Trust, Inc. (NYSE: FBRT) resulting from allegations that Franklin BSP Realty Trust, Inc. may have issued materially misleading business inf ...

NEW YORK--(BUSINESS WIRE)--Why: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Franklin BSP Realty Trust, Inc. (NYSE: FBRT) resulting from allegations that Franklin BSP Realty Trust, Inc. may have issued materially misleading business information to the investing public. So What: If you purchased Franklin BSP Realty Trust securities you may be entitled to compensation without payment of any out of pocket. ...

Core Insights - Albert Anthony is a Croatian-American business author and analyst contributing to Seeking Alpha with over 1,000 followers [1] - He has authored a book titled "Real Estate Investment Trusts (REITs): A Fundamental Analysis (2026 Edition)" available on Amazon [1] - Anthony has a background in business and information systems, having worked at Charles Schwab in the IT department [1] - He operates his own boutique equities research firm, Albert Anthony & Company, remotely [1] - The author has participated in numerous business and innovation conferences and has hosted a program for Online Live TV Croatia [1] - He holds a B.A. in Political Science and various certifications including Microsoft Fundamentals and Risk Management specialization from CFI [1] - Anthony is also active on YouTube discussing REITs and is an investor in REIT stocks [1] Company and Industry Summary - Albert Anthony & Company is a Texas-registered business focused on equities research [1] - The firm provides general market commentary and research based on publicly available data [1] - The author does not engage with non-publicly traded companies, small cap stocks, or startup CEOs [1]

Financial Data and Key Metrics Changes - FBRT reported GAAP net income of $18.4 million, or $0.13 per fully converted common share, with distributable earnings of $17.9 million, or $0.12 per fully converted share [13] - The company decided to reset the quarterly dividend to $0.20 per common share starting Q1 2026 to stabilize book value and better match current earnings to dividends [7][8] - Book value per share ended the quarter at $14.15, reflecting dividends outpacing earnings [15] Business Line Data and Key Metrics Changes - The core portfolio finished Q4 at approximately $4.4 billion, with 77% of loans backed by multifamily assets [19] - During Q4, the company originated 37 loans at a weighted average spread of 284 basis points, with multifamily representing 76% of new loan originations [20] - Agency volume reached $1.1 billion in new loan originations for the quarter, with expectations of $4.5 billion to $5.5 billion in 2026 [16] Market Data and Key Metrics Changes - Market conditions are improving, with abundant liquidity and tighter spreads, the tightest seen since pre-GFC days [11] - Regional banks are slowly returning to the market, particularly in the multifamily space, but the company is cautious about chasing current market spreads [11] Company Strategy and Development Direction - The company has transitioned from being a pure play mortgage REIT to a commercial real estate investment platform, focusing on sustainable dividend coverage and book value growth [8][10] - The acquisition of NewPoint is expected to provide steadier recurring servicing and fee revenue, contributing to long-term growth [9][10] - The company aims to balance attractive current income with disciplined book value growth, positioning itself differently from traditional mortgage REITs [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow earnings, despite current challenges and a reset in dividend [29] - The company is navigating a rate-sensitive environment, with expectations that lower rates could significantly increase market volume [58] - Management believes that the disconnect between book value and share price is not reflective of the company's underlying asset quality [62] Other Important Information - The company completed a $1 billion CLO, increasing non-recourse financing capacity and lowering financing costs in 2026 [14] - Share buybacks totaled $14.4 million in Q4, contributing $0.05 to book value, with a reauthorized share repurchase program of $50 million available through December 2026 [15] Q&A Session Summary Question: How should we think about capital allocation this quarter? - Management indicated that they are focused on origination and have a $1.7 billion under-application pipeline, adjusting the mix of origination to avoid chasing tight spreads [26][27] Question: Should we expect the dividend reset to be a good baseline for run rate earnings going forward? - Management expects to grow earnings over the next several quarters and aims to return to a higher earnings level, indicating that the current earnings are not a steady state [28][30] Question: Will the company have some percentage of capital in direct real estate investments going forward? - Management confirmed that they have multiple equity investments and expect to allocate a slightly higher percentage of capital to equity investments over the next few years [34][37] Question: How is the multifamily volume progressing year to date in 2026? - Management noted that the business is highly sensitive to rates, and a slight change could significantly impact volume, indicating uncertainty in the near term [58] Question: Are most of the repayments behind the company? - Management stated that they are cycling through the legacy portfolio and expect to continue addressing legacy positions, with confidence in the quality of the loan portfolio [60][62]

Financial Data and Key Metrics Changes - FBRT reported GAAP net income of $18.4 million, or $0.13 per fully converted common share, with distributable earnings of $17.9 million, or $0.12 per fully converted share [16] - The company decided to reset the quarterly dividend to $0.20 per common share starting Q1 2026 to stabilize book value and better match current earnings to dividends [9][10] - Book value per share ended the quarter at $14.15, reflecting the dividend outpacing earnings [18] Business Line Data and Key Metrics Changes - The core portfolio finished Q4 at approximately $4.4 billion, with 77% of loans backed by multifamily assets [23] - During Q4, the company originated 37 loans at a weighted average spread of 284 basis points, with multifamily representing 76% of new loan originations [23] - The agency volume came in at $1.1 billion of new loan originations in the quarter, with expectations for agency volumes to be between $4.5 billion and $5.5 billion in 2026 [19] Market Data and Key Metrics Changes - Market conditions are improving, with abundant liquidity and tighter spreads, the tightest seen since pre-GFC days [13] - Regional banks are slowly returning to the market, primarily in the multifamily space, but the company is cautious about chasing current market spreads [14][15] Company Strategy and Development Direction - The company has transitioned from being a pure play mortgage REIT to a commercial real estate investment platform, focusing on sustainable dividend coverage, book value growth, and durable earnings [10][12] - The acquisition of NewPoint is expected to provide steadier recurring servicing and fee revenue, which typically trades at a lower yield but offers more consistent cash flow [11] - The company aims to balance attractive current income with disciplined book value growth, positioning itself with a differentiated mix of dividend yield, stability, and growth [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow earnings, despite current challenges, and indicated that the earnings potential remains unchanged [31][32] - The company is navigating a significantly better market than two years ago, but the timing of asset sales and borrower behavior has delayed progress [32][63] - Management believes that the disconnect between book value and share price is inexplicable and is committed to demonstrating the company's value in 2026 [63][64] Other Important Information - The company completed a $1 billion CLO that increased non-recourse financing capacity and is expected to lower financing costs in 2026 [17] - Share buybacks continued in Q4, repurchasing $14.4 million of common stock, contributing $0.05 to book value [18] Q&A Session Summary Question: How should we think about capital allocation this quarter? - Management indicated that they are not slowing down origination but are focusing on a mix of business areas to avoid tight spreads in the market [29][30] Question: Should we expect the dividend reset to be a good baseline for run rate earnings going forward? - Management expects to grow earnings over the next several quarters and aims to return to a higher dividend coverage level [31][32] Question: Will the company have some percentage of capital in direct real estate investments going forward? - Management confirmed that they have multiple equity investments and expect to allocate a slightly higher percentage of capital to equity investments over the next few years [39][40] Question: How is the multifamily volume progressing year to date in 2026? - Management noted that the business is highly sensitive to interest rates, and any movement could significantly impact volume [59] Question: Are most of the repayments behind the company? - Management indicated that they are cycling through the legacy portfolio and expect to continue addressing legacy positions while maintaining a strong credit quality [62][63]

Financial Data and Key Metrics Changes - FBRT reported GAAP net income of $18.4 million, or $0.13 per fully converted common share, with distributable earnings of $17.9 million, or $0.12 per fully converted share [14] - Distributable earnings included $9.8 million of realized losses, with $7.7 million related to debt extinguishments and the balance from REO sales [14][15] - Book value per share ended the quarter at $14.15, reflecting the dividend outpacing earnings [17] Business Line Data and Key Metrics Changes - The core portfolio finished Q4 at approximately $4.4 billion, with 77% of loans backed by multifamily assets [21] - During Q4, the company originated 37 loans at a weighted average spread of 284 basis points, with multifamily representing 76% of new loan originations [21] - Agency volume reached $1.1 billion in new loan originations for the quarter, with expectations of $4.5 billion to $5.5 billion in 2026 [18] Market Data and Key Metrics Changes - Market conditions are improving, with abundant liquidity and tight spreads, the tightest seen since pre-GFC days [12] - Regional banks are slowly returning to the market, particularly in the multifamily space, but the company is cautious about chasing current market spreads [12] Company Strategy and Development Direction - The company has transitioned to a commercial real estate investment platform, moving away from being a pure play mortgage REIT, which is expected to provide more earning stability and stronger long-term book value growth [9][11] - The focus is on balancing attractive current income with disciplined book value growth, aiming for sustainable dividend coverage and book value growth [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the earnings potential remains strong, with expectations to return to $0.35-$0.36 per share in the future, despite current challenges [30] - The company is navigating a significantly better market than two years ago, but the timing of asset sales and borrower behavior has delayed progress [31][62] Other Important Information - The company has reauthorized a share repurchase program with $50 million available for future repurchases through December 31, 2026 [17] - NewPoint's integration is progressing, with expectations for its distributable earnings contribution to operate at a run rate of approximately $25 million to $33 million per year [18] Q&A Session Summary Question: How should we think about capital allocation this quarter? - The company is focused on origination and has a $1.7 billion under application pipeline, adjusting the mix of origination to avoid chasing tight spreads [28] Question: Should we expect the dividend reset to be a good baseline for run rate earnings going forward? - The company expects to grow earnings over the next several quarters, aiming for a core book size between $4.8 billion and $5 billion by year-end [30] Question: Will there be a percentage of capital in direct real estate investments going forward? - The company has made several equity investments and expects to allocate a slightly higher percentage of capital to equity investments over the next few years, but will remain primarily a debt-focused entity [38] Question: How is the agency business with NewPoint progressing? - The agency business is highly sensitive to interest rates, with expectations for significant volume increases if rates decrease [57]