a4q23investorsupplementa

Franklin BSP Realty Trust Supplemental Information Fourth Quarter 2023

Important Information 2 The information herein relates to the Company’s business and financial information as of December 31, 2023 and does not reflect subsequent developments. Risk Factors 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 SEC on March 16, 2023, and the risk disclosure in our subsequent SEC-filed periodic reports, for a discussion of these risks. Forward-Looking Statements Certain statements included in this presentation are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of Franklin BSP Realty Trust, Inc. (“FBRT” or the “Company”) and may include 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. Factors that could cause actual outcomes to differ materially from our forward-looking statements include, macroeconomic factors in the United States including inflation, changing interest rates and economic contraction, the extent of any recoveries on delinquent loans, and the financial stability of our borrowers, and the other factors set forth in the risk factors section of our most recent Form 10-K and Form 10-Q. The extent to which these factors impact us and our borrowers will depend on future developments, which are highly uncertain and cannot be predicted with confidence. 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, except as required by law. Additional Important Information The summary information provided in this presentation does not purport to be complete and no obligation to update or otherwise revise such information is being assumed. Nothing shall be relied upon as a promise or representation as to the future performance of the Company. This summary is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted. This summary is not advice, a recommendation or an offer to enter into any transaction with us or any of our affiliated funds. There is no guarantee that any of the goals, targets or objectives described in this summary will be achieved. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal, ERISA or tax advice or investment recommendations. Investors should also seek advice from their own independent tax, accounting, financial, ERISA, investment and legal advisors to properly assess the merits and risks associated with their investment in light of their own financial condition and other circumstances. The information contained herein is qualified in its entirety by reference to our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. You may obtain a copy of the most recent Annual Report or Quarterly Report by calling (844) 785-4393 and/or visiting www.fbrtreit.com. This presentation contains information regarding FBRT’s financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States (“GAAP”), including Distributable Earnings and Run-Rate Distributable Earnings. Please refer to the appendix for the reconciliation of the applicable GAAP financial measures to non-GAAP financial measures. PAST PERFORMANCE IS NOT A GUARANTEE OR INDICATIVE OF FUTURE RESULTS. INVESTMENTS INVOLVE SIGNIFICANT RISKS, INCLUDING LOSS OF THE ENTIRE INVESTMENT. There is no guarantee that any of the estimates, targets or projections illustrated in this summary will be achieved. Any references herein to any of the Company’s past or present investments, portfolio characteristics, or performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or will be profitable or that any future investments will be profitable or will equal the performance of these investments. There can be no guarantee that the investment objective of the Company will be achieved. Any investment entails a risk of loss. An investor could lose all or substantially all of his or her investment. Please refer to our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q for a more complete list of risk factors. The following slides contain summaries of certain financial information about the Company. The information contained in this presentation is summary information that is intended to be considered in the context of our filings with the Securities and Exchange Commission and other public announcements that we may make, by press release or otherwise, from time to time.

FBRT 4Q 2023 Financial Update 3

FBRT 4Q 2023 Financial Update: Fourth Quarter 2023 Highlights 4 1. Fully converted per share information assumes applicable conversion of our outstanding series of convertible preferred stock into common stock and the full vesting of our outstanding equity compensation awards. 2. Please see appendix for GAAP net income to Distributable Earnings and Run-Rate Distributable Earnings calculation. 3. Adjusted for accumulated depreciation and amortization of real property of $9.4 million and $8.4 million at 12/31/23 and 9/30/23, respectively. 4. Cash excludes restricted cash. Total liquidity amount includes the cash available we can invest at a market advance rate utilizing our available capacity on financing lines. Earnings ― GAAP Net Income of $30.0 million and $0.28 per diluted common share and $0.29 per fully converted share (1) ― Distributable Earnings (2) of $39.3 million and $0.39 per fully converted share (1) ― Declared a cash dividend of $0.355 per share, representing a yield of 9.0% on book value per share, fully converted (1). GAAP and Distributable Earnings (2) dividend coverage of 80% and 109%, respectively Capitalization ― Book value per share, fully converted is $15.77 vs. $15.82 last quarter (1). Undepreciated book value per share, fully converted is $15.88 vs. $15.91 last quarter (1), (3) ― Net debt to equity is 2.3x; recourse net debt to equity is 0.2x ― 89% of financing sources are non-mark-to-market on our core book ― $1.5 billion of liquidity of which $338 million is cash and $55 million is CLO reinvest available (4) Investments ― Core portfolio: Principal balance increased by $84 million in quarter. Closed $231 million of new loan commitments and funded $270 million of principal balance including future funding on existing loans. Received loan repayments of $174 million Portfolio ― Core portfolio of 144 CRE loans and $5.0 billion of principal balance, average size of $35 million and 77% multifamily. During the quarter, one asset was removed from the watch list. Six assets remain on the watch list at quarter-end

FBRT 4Q 2023 Financial Update: QTD Highlights 5 Note: All numbers in millions except per share and share data. 1. Does not include conduit operating expenses which are reported under Other income / (loss). 2. Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings and Run Rate Distributable Earnings. 3. Fully converted per share information assumes applicable conversion of our outstanding series of convertible preferred stock into common stock and the full vesting of our outstanding equity compensation awards. 4. Includes $90 million of preferred equity that converts to common equity on 1/21/25, subject to the holder's right to accelerate the conversion. These amounts are reflected as temporary equity on the consolidated balance sheets. The remaining $259 million of preferred equity represents the E class, which does not convert to common equity. 5. Includes non-controlling interest. Income Statement Balance Sheet - Assets (End of Quarter) Net interest income / other income $54.0 Total core portfolio $4,989.8 Operating expenses (1) (18.7) Total real estate securities $242.6 Provision for credit loss (5.4) Cash and restricted cash $343.7 Other income/(loss) 0.1 CLO reinvestment available $54.5 GAAP net income (loss) $30.0 Other assets $324.6 Adjustments to GAAP net income (loss) (2) 9.2 Total assets $5,955.2 Distributable Earnings (2) $39.3 Realized trading and derivatives (gain)/loss on ARMs / Realized Cash Loss Adjustment on REO - Balance Sheet - Debt & Equity Run-Rate Distributable Earnings (2) $39.3 Collateralized loan obligations 3,567.2 Run-Rate Distributable Earnings per share, fully converted (2),(3) $0.39 Warehouse 299.7 Run-Rate Distributable Earnings return on common equity (2) 9.8% Repo - securities 174.1 Asset specific financings 60.5 GAAP net income (loss) per share, fully converted (3) $0.29 Unsecured debt 81.3 GAAP return on common equity 7.2% Total Debt $4,182.8 GAAP dividend coverage, fully converted (2), (3) 80.4% Preferred equity (4) 348.5 Common stock/retained earnings (5) 1,327.5 Distributable Earnings per share, fully converted (2), (3) $0.39 Total equity (4), (5) 1,676.0 Distributable Earnings return on common equity (2) 9.8% Book value per share, fully converted (3) $15.77 Distributable Earnings dividend coverage, fully converted (2), (3) 109.0% Net debt/total equity 2.29x Dividend per share $0.355 Recourse net debt/total equity 0.16x Dividend per share yield on book value 9.0%

FBRT 4Q 2023 Financial Update: Earnings and Distributions 6 Note: All numbers in millions except per share data. 1. Please see appendix for GAAP net income to Distributable Earnings calculation. 2. Fully converted per share information assumes applicable conversion of our outstanding series of convertible preferred stock into common stock and the full vesting of our outstanding equity compensation awards. 3. In Q2 2023, the sale of the Williamsburg Hotel loan accounted for approximately $15.0 million of Distributable Earnings. GAAP Net Income (Loss) ($M)Distributable Earnings ($M) (1) $43.8 $39.6 $31.0 $30.0 1Q'23 2Q'23 3Q'23 4Q'23 $44.8 $63.5 $42.0 $39.3 1Q'23 2Q'23 3Q'23 4Q'23 Williamsburg Hotel Sale $15.0 (3) $0.355 $0.355 $0.355 $0.355 Dividend per share $0.44 $0.66 $0.43 $0.39 Distributable earnings per share, fully converted (1), (2) 125% 185% 120% 109% Distributable dividend coverage, fully converted (1), (2)

FBRT 4Q 2023 Financial Update: Core Loan Originations 7 Note: All numbers in millions. Numbers in charts above represent principal balance. 1. As of December 31, 2023, future funding remaining on the loans outstanding was $288 million. 2. Includes full paydowns, dispositions, partial paydowns and amortization. (1) 4Q 2023 ($M) FY 2023 ($M) (1) (2) (2)

FBRT 4Q 2023 Financial Update: Capitalization Overview 1. On our core book (excluding repo-securities), 89% of financings are non-mark-to-market. 8 Collateralized Loan Obligations 85% Warehouse 7% Repo - Securities 4% Asset Specific Financings 1% Unsecured Debt 2% Financing Sources (1) FBRT average debt cost including financing costs was 7.9% in 4Q23 vs. 7.7% last quarter Net Leverage $4.2Bn Total Debt 0.16x 2.29x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x Recourse Leverage Total Leverage

FBRT 4Q 2023 Financial Update: Financing Detail 9 1. Outstanding balance at December 31, 2023 and net of tranches held by FBRT. 2. Cost of debt is shown before discount and transaction costs. 3. Commitment for loans. Excludes bond repurchase agreements. CLO Name Debt Amount (1) Reinvest End Date Cost of Debt (2) BSPRT 2021-FL6 $558 million Ended S + 1.43% BSPRT 2021-FL7 $720 million 1/8/24 S + 1.64% BSPRT 2022-FL8 $960 million 3/8/24 S + 1.72% BSPRT 2022-FL9 $671 million 7/8/24 S + 2.80% BSPRT 2023-FL10 $689 million 4/8/25 S + 2.57% Total $3,598 million CLO reinvestment available $55 million Repo – Securities (outstanding) $174 million Name Commitment (3) Barclays (Warehouse) $500 million Wells Fargo $400 million JP Morgan $500 million Atlas SP Partners $600 million Churchill $225 million Barclays (Secured Revolver) $250 million Webster Bank loan participation $37 million Total $2,512 million CLOs Warehouse/Revolver/Other

FBRT 4Q 2023 Financial Update: Liquidity 10Note: All numbers in millions. 1. Represents cash available we can invest at a market advance rate utilizing our available capacity on financing lines. Liquidity ($M) (1)

Portfolio 11

Portfolio: Core Loan Portfolio Composition 12 1. Regions included: New England, Plains, Rocky Mountain. Mezzanine 0.4% Senior 99.6% Southeast 39% Southwest 38% Mideast 9% Great Lakes 3% Far West 2% Various(1) 9% Floating 98% Fixed 2% Portfolio Summary Collateral Summary Collateral by Region Rate Type Portfolio Overview − $5.0 billion total portfolio − 138 senior loans; average size of ~$36 million − 6 mezzanine loans; average size of ~$3 million − Two non-performing loans Multifamily 77% Hospitality 13% Office 5% Industrial 1% Mixed Use 1% Retail 1% Other 2% Collateral by State Texas 33% North Carolina 13% Florida 11% Georgia 6% Various 5% South Carolina 5% Arizona 5% New York 3% All Other 19%

Portfolio: Core Originations in the Quarter 13Note: All numbers in millions. Charts shown above are based on the initial funding/unpaid principal balance of the newly originated loans. 1. All-in coupon based on the 1- month SOFR index as of 12/31/23. − 7 loans; $231 million total commitment ($218 million of initial funding / $14 million of future funding) − 3.91% weighted average spread; 9.26% all-in coupon(1). 1.0% and 0.5% weighted average origination and exit fees, respectively By Collateral By Region By State Overview Texas 55% Florida 14% Tennessee 19% Nevada 12% Multifamily 55% Hospitality 45% Southwest 55% Southeast 33% Far West 12%

Portfolio: Core Portfolio - Case Studies: Watch List Loans (Risk Rating 4&5) 14 Investment CBD Office Building Suburban Office Park Full Service Hotel 352-Unit Apartment Community 471-Unit Apartment Community Two Property Portfolio Apartment Communities Loan Type Floating Rate Senior Loan Floating Rate Senior Loan Floating Rate Senior Loan Floating Rate Senior Loan Floating Rate Senior Loan Floating Rate Senior Loan Investment Date Q1 2021 Q4 2019 Q3 2019 Q4 2021 Q2 2022 Q2 2022 Default Date None None None Q4 2023 None None Non-Accrual No No No Yes No No Collateral 31-Story, 299k Square Foot Office Building Two, 6-Story Office Buildings 279-Key, Full-Service Hotel 352-Unit, Garden Style Apartment Community 471-Unit, Garden Style Apartment Community Two Property, Garden- Style Apartment Communities Loan Purpose Refinance Acquisition Acquisition Acquisition Acquisition Acquisition Location Denver, Colorado Alpharetta, Georgia Dallas, Texas San Antonio, Texas Raleigh, North Carolina Mooresville & Chapel Hill, North Carolina Loan Risk Rating 4 4 4 4 4 4

Portfolio: Foreclosure Real Estate Owned (“REO”) 15Note: Foreclosure REO is $122 million of net book value. In addition, FBRT owns an investment REO with a total net book value of $128 million, which is not presented above. Investment Single Tenant Retail Portfolio CBD Office Complex 16-Building Apartment Complex Loan Investment Date Q2 2022 Q1 2020 Q1 2021 Foreclosure / Deed-In-Lieu Date Q4 2022 - Q2 2023 Q3 2023 Q4 2023 Collateral Type Retail Office Multifamily Collateral Detail 23 Freestanding Retail Properties 124k Square Foot Office Complex 236-Unit Apartment Complex with 16 Buildings Location Various Portland, Oregon Lubbock, Texas

Appendix 16

Appendix: Core Portfolio - FBRT Portfolio Details – Top 15 Loans 17 Note: All numbers in millions. 1. All-in Yield defined as: (1) current spread of the loan plus (2) any applicable index or index floor plus (3) origination and exit fees amortized over the initial maturity date of the loan. 2. As-is loan to value percentage is from metrics at origination. Predevelopment construction loans at origination will not have an LTV and therefore is nil. Loan Type Origination Date Current Total Commitment Principal Balance Carrying Value Spread All-in Yield (1) Fully Extended Maturity State Collateral Type As-is LTV (2) Loan 1 Senior Loan 5/26/21 $155 $152 $152 + 4.55% 10.36% 6/9/26 Florida Multifamily 47.8% Loan 2 Senior Loan 6/1/22 152 147 147 + 3.95% 9.80% 6/9/27 Various Multifamily 67.8% Loan 3 Senior Loan 2/9/23 120 120 120 + 4.90% 10.92% 2/9/28 Various Hospitality 53.6% Loan 4 Senior Loan 2/25/22 86 86 86 + 3.24% 9.08% 3/9/26 New Jersey Multifamily 60.0% Loan 5 Senior Loan 2/24/22 86 86 85 + 3.15% 9.24% 3/9/27 North Carolina Multifamily 69.6% Loan 6 Senior Loan 6/1/22 86 84 84 + 3.95% 9.80% 6/9/27 North Carolina Multifamily 71.8% Loan 7 Senior Loan 2/10/22 82 82 82 + 3.20% 8.93% 2/9/27 Florida Multifamily 74.5% Loan 8 Senior Loan 12/15/21 84 81 81 + 3.21% 8.81% 1/9/27 North Carolina Multifamily 76.1% Loan 9 Senior Loan 8/1/23 80 79 79 + 3.20% 9.05% 8/9/28 Texas Multifamily 58.7% Loan 10 Senior Loan 12/21/21 79 78 78 + 3.45% 9.00% 1/9/27 Florida Multifamily 78.8% Loan 11 Senior Loan 3/31/21 79 76 76 + 2.95% 8.62% 4/9/26 Texas Multifamily 72.6% Loan 12 Senior Loan 5/18/22 71 71 71 + 3.80% 9.64% 6/9/27 Georgia Multifamily 77.9% Loan 13 Senior Loan 6/14/22 71 71 71 + 3.45% 9.61% 6/9/27 Georgia Multifamily 71.6% Loan 14 Senior Loan 9/20/21 70 70 69 + 3.25% 9.21% 10/9/26 South Carolina Multifamily 77.1% Loan 15 Senior Loan 11/30/21 69 69 69 + 2.88% 8.84% 12/9/26 Texas Multifamily 74.8% Loans 16 - 144 Senior & Mezz Loans Various 3,965 3,694 3,688 + 3.84% 9.71% Various Various Various 64.8% CECL Reserve (48) Total/Wtd. avg. $5,333 $5,045 $4,989 + 3.79% 9.66% 2.9 years 65.4% Average Loan Size $37 $35 $35

Appendix: Core Portfolio - Risk Ratings 18 Note: Principal balance in millions. Average risk rating was 2.3 for the quarter vs. 2.2 last quarter Risk Rating # of Loans - 111 27 6 - + vs 3Q23 - +8 +6 +4 - - vs 3Q23 - -12 -6 -1 - +/- vs 3Q23 - -4 - +3 - Principal Balance $- $3,898 $875 $272 $- Non-Accrual - - 1 1 - 0.0% 77.3% 17.4% 5.4% 0.0% 1 2 3 4 5

Appendix: Earnings Sensitivity 19 Note: Reflects illustrative earnings impact of an increase in the floating-rate indices referenced by our portfolio, assuming no change in credit spreads, portfolio composition or asset performance. Positive earnings correlation to rising rates ($0.11) ($0.06) $0.00 $0.06 $0.11 -1.00% -0.50% 12/31/2023 +0.50% +1.00% Change in Floating Base Rate Indices Sensitivity on Index Rates (Annual EPS Impact)As of 2/9/24: 1M SOFR: 5.32% As of 12/31/23 1M SOFR = 5.35%

Appendix: Rate Cap Sensitivity 20Note: The above analysis assumes fixed rates loan have rate caps that are always active and do not expire. Loans without rate caps includes loans that previously had rate caps, but have expired as of 12/31/23. All loans with rate caps are activated at +1.00% and above Percentage and Number of Loans with Rate Caps Activated loans loans loans 81%; 117 84%; 121 88%; 126 Current (as of 12/31/23) +0.50% +1.00% Change in Floating Base Rate Indices 88% of our loans have a rate cap (average of 2.8% rate cap) and 81% were activated as of 12/31/23

Appendix: Core Portfolio – Fully Extended Maturities 21 Fully Extended Maturity by Year Note: All numbers in millions. Excludes loans on non-accrual and loans in maturity default at 12/31/23. $216 $380 $1,857 $1,943 $450 2024 2025 2026 2027 2028

Appendix: Core Portfolio – Allowance For Loan Loss 22 Note: All numbers in millions. Allowance for loan loss above includes future funding. Allowance for Loan Loss by Collateral Type Multifamily 84% Hospitality 13% Office 2% Other 1% $ millions Allowance for Loan Loss Balance at 9/30/23 - General Reserve $42.9 Provision for Credit Loss - General Reserve 5.4 Allowance for Loan Loss Balance at 12/31/23 - Before Asset-Specific Reserve $48.3 Asset-Specific Reserve at 9/30/23 - Provision / (Benefit) for Credit Loss - Asset-Specific - Allowance for Loan Loss Balance at 12/31/23 - Including Asset-Specific Reserve $48.3 Portfolio Principal Balance $5,045 Total Allowance for Loan Loss % of Portfolio 1.0%

Appendix: Segment Reporting Summary 23 Note: All numbers in thousands except share and per share data. “nm” represents not meaningful. 1. Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings and Run Rate Distributable Earnings. 2. Includes the real estate debt and other real estate investments segment, TRS segment and real estate owned segment. The preferred E dividend is subtracted from the earnings for the earnings per share and return on common equity calculations. 3. Fully converted per share information assumes applicable conversion of our outstanding series of convertible preferred stock into common stock and the full vesting of our outstanding equity compensation awards. Nominal ($000s) Weighted Average Shares Outstanding, Fully Converted (3) Earnings Per Share, Fully Converted (3) Daily Average Common Equity ($000s) Return on Common Equity GAAP Net Income (Loss) $30,031 88,182,810 $0.29 $1,394,883 7.2% Run-Rate Distributable Earnings (1) $39,263 88,182,810 $0.39 $1,394,883 9.8% Distributable Earnings (1) $39,263 88,182,810 $0.39 $1,394,883 9.8% GAAP Net Income (Loss): Core (2) 29,268 82,255,399 $0.30 1,301,123 7.5% Securities 763 5,927,411 $0.13 93,760 3.3% Total $30,031 88,182,810 $0.29 $1,394,883 7.2% Run-Rate Distributable Earnings: (1) Core (2) 38,499 82,255,399 $0.41 1,301,123 10.3% Securities 763 5,927,411 $0.13 93,760 3.3% Total $39,263 88,182,810 $0.39 $1,394,883 9.8% Distributable Earnings: (1) Core (2) 38,499 82,255,399 $0.41 1,301,123 10.3% Securities 763 5,927,411 $0.13 93,760 3.3% Total $39,263 88,182,810 $0.39 $1,394,883 9.8%

Appendix: GAAP Net Income to Distributable Earnings Reconciliation 24 Note: All numbers in millions except share and per share data. 1. Adjusted for non-cash CLO amortization acceleration to effectively amortize issuance costs of our CLOs over the expected lifetime of the CLOs. We assume our CLOs will be outstanding for four years and amortized the financing costs over four years in our distributable earnings as compared to effective yield methodology in our GAAP earnings. 2. 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, (iii) derivatives, and (iv) ARMs. 3. Represents accrued and unpaid subordinated performance fee. In addition, reversal of subordinated performance fee represents cash payments of the subordinated performance fee made during the period. 4. Represents loan workout charges the Company incurred, which the Company deemed likely to be recovered. Reversal of loan workout charges represent recoveries received. During the second quarter of 2023, the Company recovered $5.1 million of loan workout charges, in aggregate, related to the loan workout charges incurred in the first, second, and third quarters of 2022 amounting to $1.9 million, $3.0 million, and $0.2 million, respectively. 5. Equal to Distributable Earnings excluding the realized trading and derivatives gain/loss on ARMs and realized cash gain/loss adjustment on REO. 6. Represents the actual realized cash loss on a specific REO investment. 7. Distributable Earnings to common is net of preferred equity E class dividend payment and non-controlling interests in joint ventures. 8. Represents the average of all equity except the preferred equity E class. 9. Fully converted per share information assumes applicable conversion of our outstanding series of convertible preferred stock into common stock and the full vesting of our outstanding equity compensation awards. 10. Calculated as GAAP net income less preferred dividend on preferred equity E class and non-controlling interests in joint ventures or Distributable Earnings to Common divided by fully converted weighted average shares outstanding. 1Q'23 2Q'23 3Q'23 4Q'23 GAAP Net Income (Loss) 43.8 39.6 31.0 30.0 Adjustments: CLO Amortization Acceleration (1) (1.5) (1.2) (1.3) (1.6) Unrealized (Gain) / Loss (2) 0.6 2.7 4.3 (0.0) Subordinated Performance Fee (3) (0.6) 2.6 1.6 2.6 Non-Cash Compensation Expense 1.0 1.2 1.3 1.3 Depreciation & Amortization 1.8 2.2 1.5 1.6 (Reversal of) / Provision for Credit Loss 4.4 21.6 2.4 5.4 Loan Workout Charges / (Loan Workout Recoveries) (4) - (5.1) - - Realized (Gain) / Loss on Debt Extinguishment / CLO Call (4.8) (0.3) 2.8 - Realized Trading and Derivatives (Gain) / Loss on ARMs (2.2) (0.2) 3.1 - Run-Rate Distributable Earnings (5) 42.5 63.3 46.7 39.3 Realized Cash Gain/(Loss) Adjustment on REO (6) - - (1.6) - Realized Trading and Derivatives Gain / (Loss) on ARMs 2.2 0.2 (3.1) - Distributable Earnings 44.8 63.5 42.0 39.3 Preferred Equity E Class Dividend (4.8) (4.8) (4.8) (4.8) Depreciation and Amortization Attributed to Noncontrolling Interests of Joint Ventures (0.4) (0.4) 0.8 (0.0) Noncontrolling Interests in Joint Ventures Net (Income) / Loss (0.0) (0.0) (0.3) (0.3) Distributable Earnings to Common (7) 39.6 58.2 37.6 34.1 Average Common Stock & Common Stock Equivalents (8) 1,422.6 1,413.5 1,402.4 1,394.9 GAAP Net Income (Loss) ROE 11.0% 9.8% 7.7% 7.2% Run-Rate Distributable Earnings ROE 10.5% 16.4% 12.1% 9.8% Distributable Earnings ROE 11.1% 16.5% 10.7% 9.8% GAAP Net Income / (Loss) Earnings Per Share, Diluted $0.44 $0.39 $0.30 $0.28 Fully Converted Weighted Average Shares Outstanding (9) 88,916,252 88,421,116 88,390,522 88,182,810 GAAP Net Income / (Loss) Earnings Per Share, Fully Converted (10) $0.44 $0.39 $0.30 $0.29 Run-Rate Distributable Earnings Per Share, Fully Converted (10) $0.42 $0.66 $0.48 $0.39 Distributable Earnings Per Share, Fully Converted (10) $0.44 $0.66 $0.43 $0.39

Appendix: Book Value Per Share & Shares Outstanding 25 Note: All numbers in thousands except per share and share data. Preferred stock values expressed in common stock equivalents. 1. Fully-converted book value per share reflects full conversion of our outstanding series of convertible preferred stock and vesting of our outstanding equity compensation awards. 2. Excluding the amounts for accumulated depreciation and amortization of real property of $9.4 million and $5.2 million as of December 31, 2023 and 2022, respectively, would result in a fully-converted book value per share of $15.88 and $15.84 as of December 31, 2023 and 2022, respectively. December 31, 2023 December 31, 2022 Stockholders' equity applicable to convertible common stock $ 1,390,120 $ 1,398,986 Shares: Common stock 81,942,656 82,479,743 Restricted stock and restricted stock units 809,257 513,041 Series H convertible preferred stock 5,370,498 5,370,640 Series I convertible preferred stock — 299,200 Total outstanding shares 88,122,411 88,662,624 Fully-converted book value per share (1) (2) $ 15.77 $ 15.78

26 Appendix: FBRT Income Statement Year Ended December 31, 2023 2022 2021 Income Interest income $ 552,506 $ 357,705 $ 216,890 Less: Interest expense 305,577 160,526 56,193 Net interest income 246,929 197,179 160,697 Revenue from real estate owned 17,021 9,655 4,759 Total income $ 263,950 $ 206,834 $ 165,456 Expenses Asset management and subordinated performance fee $ 33,847 $ 26,157 $ 28,110 Acquisition expenses 1,241 1,360 1,203 Administrative services expenses 14,440 12,928 7,658 Impairment of acquired assets — — 88,282 Professional fees 15,270 22,566 11,650 Share-based compensation 4,761 2,519 — Depreciation and amortization 7,128 5,408 2,107 Other expenses 11,135 6,572 3,946 Total expenses $ 87,822 $ 77,510 $ 142,956 Other income/(loss) (Provision)/benefit for credit losses $ (33,738) $ (36,115) $ 5,192 Realized gain/(loss) on extinguishment of debt 2,201 (5,167) (4,642) Realized gain/(loss) on sale of available for sale trading securities 80 — — Realized gain/(loss) on sale of commercial mortgage loans, held for sale — (354) 26 Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value 3,873 2,358 24,208 Gain/(loss) on other real estate investments (7,089) (692) 9,790 Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value 44 (511) 469 Trading gain/(loss) (605) (119,220) (36,128) Unrealized gain/(loss) on derivatives (140) (15,840) 7,402 Realized gain/(loss) on derivatives 998 60,033 484 Total other income/(loss) $ (34,376) $ (115,508) $ 6,801 Income/(loss) before taxes 141,752 13,816 29,301 (Provision)/benefit for income tax 2,757 399 (3,599) Net income/(loss) $ 144,509 $ 14,215 $ 25,702 Net (income)/loss attributable to non-controlling interest 706 216 — Net income/(loss) attributable to Franklin BSP Realty Trust, Inc. $ 145,215 $ 14,431 $ 25,702 Less: Preferred stock dividends 26,993 41,741 33,587 Net income/(loss) applicable to common stock $ 118,222 $ (27,310) $ (7,885) Basic earnings per share $ 1.42 $ (0.38) $ (0.18) Diluted earnings per share $ 1.42 $ (0.38) $ (0.18) Basic weighted average shares outstanding 82,307,970 71,628,365 43,419,209 Diluted weighted average shares outstanding 82,307,970 71,628,365 43,434,731

27 Appendix: FBRT Balance Sheet December 31, 2023 December 31, 2022 ASSETS Cash and cash equivalents $ 337,595 $ 179,314 Restricted cash 6,092 11,173 Commercial mortgage loans, held for investment, net of allowance for credit losses of $47,175 and 40,848 as of December 31, 2023 and December 31, 2022, respectively 4,989,767 5,228,928 Commercial mortgage loans, held for sale, measured at fair value — 15,559 Real estate securities, trading, measured at fair value (includes pledged assets of $227,610 as of December 31, 2022) — 235,728 Real estate securities, available for sale, measured at fair value, amortized cost of $243,272 and $220,635 as of December 31, 2023 and December 31, 2022, respectively (includes pledged assets of $167,948 and $198,429 as of December 31, 2023 and December 31, 2022, respectively) 242,569 221,025 Derivative instruments, measured at fair value — 415 Receivable for loan repayment 55,174 42,557 Accrued interest receivable 42,490 34,007 Prepaid expenses and other assets 19,213 15,795 Intangible lease asset, net of amortization 42,793 54,831 Real estate owned, net of depreciation 115,830 127,772 Real estate owned, held for sale 103,657 36,497 Total assets $ 5,955,180 $ 6,203,601 LIABILITIES AND STOCKHOLDERS' EQUITY Collateralized loan obligations $ 3,567,166 $ 3,121,983 Repurchase agreements and revolving credit facilities - commercial mortgage loans 299,707 680,859 Repurchase agreements - real estate securities 174,055 440,008 Mortgage note payable 23,998 23,998 Other financings 36,534 76,301 Unsecured debt 81,295 98,695 Derivative instruments, measured at fair value — 64 Interest payable 15,383 12,715 Distributions payable 36,133 36,317 Accounts payable and accrued expenses 13,339 17,668 Due to affiliates 19,316 15,429 Intangible lease liability, held for sale 12,297 — Intangible lease liability, net of depreciation — 6,428 Total liabilities $ 4,279,223 $ 4,530,465 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 December 31, 2023 and 2022, respectively $ 89,748 $ 89,748 Redeemable convertible preferred stock Series I, $0.01 par value, none issued and outstanding as of December 31, 2023, 1,000 authorized and 1,000 issued and outstanding as of December 31, 2022 — 5,000 Total redeemable convertible preferred stock $ 89,748 $ 94,748 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 December 31, 2023 and 2022 $ 258,742 $ 258,742 Common stock, $0.01 par value, 900,000,000 shares authorized, 82,751,913 and 82,992,784 issued and outstanding as of December 31, 2023 and 2022, respectively 820 826 Additional paid-in capital 1,599,197 1,602,247 Accumulated other comprehensive income (loss) (703) 390 Accumulated deficit (298,942) (299,225) Total stockholders' equity $ 1,559,114 $ 1,562,980 Non-controlling interest 27,095 15,408 Total equity $ 1,586,209 $ 1,578,388 Total liabilities, redeemable convertible preferred stock and equity $ 5,955,180 $ 6,203,601

28 Definitions Distributable Earnings and Run-Rate Distributable Earnings 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, derivatives and ARMs, including CECL reserves and impairments, (iii) non-cash equity compensation expense, (iv) depreciation and amortization, (v) subordinated performance fee accruals/(reversal), (vi) loan workout charges, (vii) realized gains and losses on debt extinguishment and CLO calls, (viii) realized cash loss on a specific real estate owned ("REO") investment, (ix) impairments of acquisition assets related to the Capstead merger and (x) certain other non-cash items. Further, Run-Rate Distributable Earnings, a non-GAAP measure, presents Distributable Earnings before (i) trading and derivative gain/loss on ARMs and (ii) realized cash gain/loss adjustments on REO. The Company believes that Distributable Earnings and Run-Rate Distributable Earnings provide meaningful information to consider in addition to the disclosed GAAP results. The Company believes Distributable Earnings is a useful financial metric for existing and potential future holders of its common stock as historically, over time, Distributable Earnings has been an indicator of 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 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. The Company believes Run-Rate Distributable Earnings is a useful financial metric because it presents the Distributable Earnings of its core businesses, net of the impacts of the realized trading and derivative gain/loss on the residential adjustable-rate mortgage securities acquired from Capstead Mortgage Corporation, which the Company has liquidated from its portfolio. Distributable Earnings and Run-Rate Distributable Earnings 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 and Run-Rate Distributable Earnings may differ from the methodologies employed by other companies and thus may not be comparable to the Distributable Earnings reported by other companies.