Financial Performance - Reported GAAP net income of $30.2 million for Q3 2024, compared to a loss of $(3.8) million in Q2 2024[2] - Diluted earnings per share (EPS) of $0.30 for Q3 2024, up from $(0.11) in Q2 2024[2] - Net income attributable to Franklin BSP Realty Trust, Inc. for the three months ended September 30, 2024, was $31,614 thousand, slightly down from $31,767 thousand in the prior year[13] - GAAP net income for the three months ended September 30, 2024, was $30.173 million, a decrease from $30.995 million in the same period of 2023[15] - Distributable earnings for the nine months ended September 30, 2024, were $69.438 million, down from $150.247 million in 2023[15] - Distributable earnings per share, fully converted, was $(0.10) for the three months ended September 30, 2024, compared to $0.43 in 2023[15] - The GAAP net income return on equity (ROE) for the three months ended September 30, 2024, was 7.9%, slightly up from 7.7% in 2023[15] Portfolio and Assets - Core portfolio principal balance of $5.2 billion as of September 30, 2024, with 99% in senior mortgage loans and 95% floating rate[4] - Total assets increased to $6,334,976 thousand as of September 30, 2024, up from $5,955,180 thousand as of December 31, 2023, representing a growth of approximately 6.35%[12] - Total liabilities increased to $4,720,994 thousand as of September 30, 2024, compared to $4,279,223 thousand as of December 31, 2023, reflecting an increase of approximately 10.3%[12] - Total stockholders' equity decreased to $1,524,234 thousand as of September 30, 2024, down from $1,586,209 thousand as of December 31, 2023[12] Revenue and Income - Total income for the three months ended September 30, 2024, was $49,670 thousand, down 20.4% from $62,386 thousand in the same period last year[13] - Net interest income for the three months ended September 30, 2024, was $44,258 thousand, a decrease of 25.1% compared to $59,069 thousand for the same period in 2023[13] - Revenue from real estate owned for the three months ended September 30, 2024, was $5,412 thousand, an increase of 63.4% from $3,317 thousand in the same period last year[13] Expenses and Losses - Interest expense rose to $89,884 thousand for the three months ended September 30, 2024, compared to $77,973 thousand in the same period of 2023, marking an increase of 15.5%[13] - The company reported a provision for credit losses of $268 thousand for the three months ended September 30, 2024, compared to a benefit of $(2,379) thousand in the same period last year[13] - Recognized a net benefit for credit losses of $0.3 million during the quarter[5] - The company recorded a realized cash loss adjustment on REO of $(40.113) million for the nine months ended September 30, 2024[15] - Unrealized losses on financial instruments amounted to $8.435 million for the nine months ended September 30, 2024, compared to $7.208 million in 2023[15] Liquidity and Dividends - Total liquidity of $1.1 billion, including $346 million in cash and cash equivalents[4] - Declared a cash dividend of $0.355 per common share for Q3 2024, representing an annualized yield of 9.3% on book value[4] Transactions and Commitments - Closed $380 million in new loan commitments in Q3 2024, totaling $1.6 billion for the first three quarters of 2024[4] - Closed a $1.024 billion managed Commercial Real Estate CLO, resulting in financing of $886.2 million[4] - Sold 16 of 21 retail properties in the Walgreens Portfolio for $60.9 million during Q3 2024[5] Other Adjustments - The company has $11.9 million of GAAP loss adjustments that would run through distributable earnings if cash losses are realized[14] - The company amortized CLO issuance costs over the expected lifetime of the CLOs starting Q1 2024, making previous adjustments unnecessary[14] - The company recovered $5.1 million of loan workout charges during the second quarter of 2023[14]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 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) Maryland 46-1406086 (State or Other Jurisdiction of Incorporation ...

phakphum patjangkata Franklin BSP Realty Trust (NYSE:FBRT) presents us with a simple thesis. The firm's profitability has been poorly represented by GAAP net income, with core profitability much better, and although it has been challenged in recent years, its market valuation has been extremely pessimistic. However, the market has started to realize this and now, the stock price better represents the firm's intrinsic value. There is a narrowing buy opportunity, but, that history of challenged economics shou ...

| --- | --- | --- | |-------------------------------------------|-------|-------------------------------------------------------------------------| | | | | | | | | | BENEFIT STREET z E R T R b A s ┆Alcentra┋ | | Second Quarter 2024 Franklin BSP Realty Trust Supplemental Information | | | | | | | | FRANKLIN TEMPLETON。 | Important Information The information herein relates to the Company's business and financial information as of June 30, 2024 and does not reflect subsequent developments. Risk Factors Investi ...

Franklin BSP Realty Trust, Inc. (NYSE:FBRT) Q2 2024 Earnings Conference Call August 1, 2024 9:00 AM ET Company Participants Lindsey Crabbe - Director, Investor Relations Richard Byrne - Chairman and Chief Executive Officer Jerry Baglien - Chief Financial Officer and Chief Operating Officer Michael Comparato - President Conference Call Participants Matthew Erdner – JonesTrading Stephen Laws - Raymond James Thomas Catherwood - BTIG Chris Muller - Citizens JMP Matthew Howlett - B. Riley Operator Good day and w ...

Franklin BSP (FBRT) came out with quarterly earnings of $0.31 per share, missing the Zacks Consensus Estimate of $0.41 per share. This compares to earnings of $0.66 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -24.39%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.42 per share when it actually produced earnings of $0.41, delivering a surprise of -2.38%. Over the last four q ...

| --- | --- | |------------------------------------------------------------------------------------------------------|-------| | | | | | | | Investor Relations Contact: Lindsey Crabbe l.crabbe@benefitstreetpartners.com (214) 874-2339 | | Franklin BSP Realty Trust, Inc. Announces Second Quarter 2024 Results New York City, NY – July 31, 2024 – Franklin BSP Realty Trust, Inc. (NYSE: FBRT) ("FBRT" or the "Company") today announced financial results for the quarter ended June 30, 2024. Reported GAAP net income ( ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 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) Maryland 46-1406086 (State or Other Jurisdiction of Incorporation or O ...

Investment Thesis Company Overview This should enhance shareholder value and I expect the earnings to continue to be able to cover the dividend. Ultimately, this is one of the strongest commercial mREITs out there on the market in my opinion due to the strong liquidity, healthy leverage, and low-duration loan portfolio that the company has. The company announced earnings for Q1 2024 with the following results, Multi-Family Focus Protects Investors Valuation - $15 Fair Value Risks Buy Franklin BSP Realty eye ...

Liquidity ($M) $1,038 $787 $11 $240 Unrestricted Total CLO Reinvestment Financing Liquidity Cash Available Available & In Progress(1) • 6 mezzanine loans; average UPB (2) of $5M Overview 426-Unit Apartment Core Portfolio – Risk Ratings B E N E F I T S T R E E T P A R T N E R S | A L C E N T R A 20 Appendix Appendix FBRT 1Q 2024 Financial Update Portfolio Overview Collateral by Region By State B E N E F I T S T R E E T P A R T N E R S | A L C E N T R A 15 B E N E F I T S T R E E T P A R T N E R S | A L C E N ...