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 March 31, 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 ...

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, 2023 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 FRANKLIN BSP REALTY TRUST, INC. (Exact name of registrant as specified in its charter) | Maryland | 46-14 ...

peeterv/iStock via Getty Images Franklin BSP Realty (NYSE:FBRT) like other mortgage REITs has been fighting the Fed for the last two years with a $5 billion commercial real estate loan portfolio spread across 144 loans as of the end of its recently reported fiscal 2023 fourth quarter. This portfolio is heavy on multifamily loans with a 77% allocation but is diversified across office, hospitality, and industrial properties amongst other property collateral. CRE angst describes deep market fears around a ...

Franklin BSP (FBRT) came out with quarterly earnings of $0.39 per share, missing the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.37 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -7.14%. 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 $0.43, delivering a surprise of 2.38%.Over the last four quart ...

Financial Performance - Interest income for Q3 2023 totaled $137.0 million, an increase of $42.9 million from $94.1 million in Q3 2022, primarily due to a 307 basis point increase in daily average SOFR rates [192]. - Interest expense for Q3 2023 was $78.0 million, up $31.8 million from $46.2 million in Q3 2022, driven by a similar increase in SOFR rates [195]. - Net interest income for Q3 2023 was $58.1 million, reflecting a spread of 3.1%, compared to $48.0 million and a spread of 2.6% in Q3 2022 [191]. - Interest income for the nine months ended September 30, 2023, was $420.5 million, an increase of $180.9 million compared to $239.6 million in 2022 [212]. - Interest expense for the nine months ended September 30, 2023, was $224.3 million, up $128.1 million from $96.3 million in 2022 [214]. - GAAP Net Income for Q3 2023 was $30,995,000, a decrease from $35,258,000 in Q3 2022 [291]. - Run-Rate Distributable Earnings for Q3 2023 increased to $46,672,000, up from $34,268,000 in Q3 2022, representing a 36.5% growth [291]. - Distributable Earnings for Q3 2023 were $41,988,000, compared to $34,423,000 in Q3 2022, reflecting a 21.5% increase [291]. Asset and Loan Portfolio - As of September 30, 2023, the total carrying value of commercial mortgage loans held for investment was $4,913.6 million, down from $5,228.9 million as of December 31, 2022, representing a decrease of approximately 6% [171]. - The weighted average coupon for commercial mortgage loans held for investment, excluding non-performing loans, was 9.1% as of September 30, 2023, up from 8.3% as of December 31, 2022 [174]. - The Company held 145 commercial mortgage loans for investment as of September 30, 2023, down from 166 loans in the previous year [192]. - The Company’s real estate owned, held for investment portfolio had a carrying value of $104.6 million as of September 30, 2023, down from $127.8 million as of December 31, 2022 [171]. - The Company’s total commercial mortgage loans held for sale had a fair value of $17.0 million as of September 30, 2023, compared to $15.6 million as of December 31, 2022 [171]. - The portfolio includes 50 senior debt loans, with a significant focus on multifamily properties, accounting for 40% of the total loans [182]. - The company has a significant focus on multifamily properties, with 75% of the senior debt allocated to this sector [183]. - The company has a significant focus on multifamily properties, with 70% of the loans categorized under this type, indicating a strong market presence in this sector [184]. Equity and Shareholder Information - The book value per share increased to $15.76 as of September 30, 2023, compared to $15.72 as of December 31, 2022, reflecting a growth of 0.25% [166]. - The total outstanding shares as of September 30, 2023, was 83,019,881, slightly up from 82,992,784 as of December 31, 2022 [166]. - The Company’s total stockholders' equity applicable to common stock was $1,308,172 thousand as of September 30, 2023, compared to $1,304,238 thousand as of December 31, 2022 [166]. - The Company declared a third quarter 2023 dividend of $0.355 per share on common stock, equivalent to $1.42 per annum [274]. - Total distributions paid in cash on common stock for the nine months ended September 30, 2023 amounted to $87.784 million, compared to $57.030 million in the same period of 2022 [275]. Debt Management - The net debt-to-equity ratio as of September 30, 2023, was 2.2x, down from 2.5x as of December 31, 2022 [255]. - The company is actively managing its debt portfolio, with adjustments based on the 1M SOFR Term rates [183]. - The company has extended maturities for most of its senior debt, with the majority maturing in 2026 [183]. - The company has extended maturities for several loans until 2028, indicating a long-term strategy for debt management [184]. - The Company has a share repurchase program authorized for $65.0 million, with $39.3 million remaining available as of September 30, 2023 [285]. Cash Flow and Liquidity - Net cash provided by operating activities for the nine months ended September 30, 2023 was $141.5 million, driven by net income of $114.5 million [276]. - Net cash provided by investing activities for the nine months ended September 30, 2023 was $554.8 million, primarily from the sale of real estate securities and principal repayments on commercial mortgage loans [277]. - Net cash used in financing activities for the nine months ended September 30, 2023 was $468.7 million, with significant repayments on real estate securities and unsecured debt [278]. - The total liquidity as of September 30, 2023, was $1.8 billion, compared to $1.0 billion as of December 31, 2022 [256]. - Unrestricted cash as of September 30, 2023, was $411 million, an increase from $179 million as of December 31, 2022 [256]. Market and Economic Risks - The company is exposed to credit risk, with default rates influenced by various factors including borrower financial condition and regional economics [292]. - The company faces capital market risk due to its requirement to distribute a significant portion of taxable income annually, impacting cash flow accumulation [293]. - Market uncertainty may lead to margin calls from lenders, affecting the company's ability to manage its financing obligations [294].

| --- | --- | --- | --- | |-------|---------------------------|-------|-------| | | | | | | | | | | | | Franklin BSP Realty Trust | | | | | Supplemental Information | | | | | Second Quarter 2023 | | | The information herein relates to the Company's business and financial information as of June 30, 2023 and does not reflect subsequent developments. Investing in and owning our common stock involves a high degree of risk. See the section entitled "Risk Factors" in our Annual Report on Form 10-K filed with the ...

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, 2023 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 ...

Franklin BSP Realty Trust, Inc. (NYSE:FBRT) Q1 2023 Earnings Conference Call May 4, 2023 9:30 AM ET Company Participants Lindsey Crabbe - Director, IR Richard Byrne - Chairman & CEO Jerome Baglien - CFO & COO Michael Comparato - President Conference Call Participants Matthew Erdner - JonesTrading Institutional Services Sarah Barcomb - BTIG Stephen Laws - Raymond James & Associates Steven Delaney - JMP Securities Matthew Howlett - B. Riley Securities Operator Good morning, and welcome to the Franklin BSP Rea ...

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 March 31, 2023 OR (State or Other Jurisdiction of Incorporation or Organization) 1345 Avenue of the Americas, Suite 32A New York, New York 10105 (Address of Principal Executive Office) (Zip Code) (212) 588-6770 (Registrant's Telephone Number, Including Area Code) ☐ TRANSITION REPORT PURSUANT TO SE ...

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, 2022 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 FRANKLIN BSP REALTY TRUST, INC. (Exact name of registrant as specified in its charter) | Maryland | 46-14 ...