a1q25investorsupplementa

Franklin BSP Realty Trust First Quarter 2025 Supplemental Information

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 2 Important Information The information herein relates to the Company’s business and financial information as of March 31, 2025 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 February 26, 2025, and the risk disclosures in our subsequent periodic reports filed with the SEC 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, impairments in the value of real estate property securing our loans or that we own, 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. 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 1Q 2025 Financial Update

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 4 Highlights 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 calculation. 3. Adjusted for accumulated depreciation and amortization of real property of $14.8 million and $13.8 million at 3/31/25 and 12/31/24, 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. FBRT 1Q 2025 Financial Update • Fully-converted book value per share is $14.95 vs. $15.19 in Q4 2024 (1). Undepreciated fully-converted book value per share is $15.12 vs. $15.35 in Q4 2024 (1) (3) • Net debt to equity is 2.4x; recourse net debt to equity is 0.3x • 85% of financing sources are non-mark-to-market on our core book • $913 million of liquidity of which $215 million is cash and $34 million is CLO reinvest/ramp available (4) • Core Portfolio: Principal balance decreased by $199 million. Closed $341 million of new loan commitments and funded $320 million of principal balance including future funding on existing loans. Received loan repayments of $353 million. Transferred $166 million to real estate owned • Core Portfolio of 152 CRE loans and $4.8 billion of principal balance, average size of $32 million and 71% multifamily. Two assets were removed from the watch list. Six assets remain on the watch list, one of which is risk rated a five and five of which are risk rated a four • Twelve foreclosure real estate owned positions, totaling $271 million, one investment real estate owned position of $122 million, and one equity investment position of $13 million Capitalization Investments Portfolio Earnings • GAAP Net Income of $23.7 million and $0.20 per diluted common share and $0.22 per fully converted share (1) • Distributable Earnings (2) of ($6.2) million and ($0.12) per fully converted share (1). Distributable Earnings includes $38.2 million of realized losses within the quarter, of which $38.6 million was recognized in GAAP in previous quarters • Distributable Earnings before realized losses of $31.9 million and $0.31 per fully converted share (1) • Declared a cash dividend of $0.355 per share, representing an annualized yield of 9.5% on fully-converted book value per share (1). GAAP, Distributable Earnings (2) and Distributable Earnings before realized losses (2) dividend coverage of 61%, (35%) and 86%, respectively

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 5 Income Statement Balance Sheet - Assets (End of Quarter) Net interest income $43.3 Total core portfolio $4,739.9 Operating expenses (1) (18.8) Total real estate securities 167.2 (Provision) / Benefit for credit loss $1.9 Cash and restricted cash 224.1 Other income/(loss) (2.7) CLO reinvestment available 34.1 GAAP net income (loss) $23.7 Other assets 488.8 Adjustments to GAAP net income (loss) (2) 8.2 Total assets $5,654.1 Distributable Earnings before realized loss (2) $31.9 Realized loss adjustments to GAAP net income (loss) (2) (38.2) Balance Sheet - Debt & Equity Distributable Earnings (2) (6.2) Collateralized loan obligations $3,226.7 Warehouse 429.3 GAAP net income (loss) per share, fully converted (3) $0.22 Repo - securities 206.2 GAAP return on common equity 5.7% Asset specific financings 36.9 GAAP dividend coverage, fully converted (2), (3) 60.9% Unsecured debt 81.4 Total debt $3,980.5 Distributable Earnings per share, fully converted (2), (3) ($0.12) Preferred equity (4) 348.5 Distributable Earnings return on common equity (2) (3.3%) Common stock/retained earnings (5) 1,246.6 Distributable Earnings dividend coverage, fully converted (2), (3) (35.1%) Total equity (4), (5) $1,595.1 Distributable Earnings per share before realized loss, fully converted (2), (3) $0.31 Book value per share, fully converted (3) $14.95 Distributable Earnings return on common equity before realized loss (2) 8.1% Distributable Earnings dividend coverage before realized loss, fully converted (2), (3) 85.9% Net debt/total equity 2.35x Recourse net debt/total equity 0.33x Dividend per share $0.355 Dividend per share yield on book value 9.5% Financial Highlights Note: All numbers in millions except per share and share data. 1. Does not include real estate owned operating income which is reported under Other income / (loss). 2. Please see appendix for the detail on the adjustments from GAAP net income to 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 1/21/26, 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 Series E preferred, which is not convertible into common equity. 5. Includes non-controlling interest. FBRT 1Q 2025 Financial Update

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 6 $32.4 -$4.0 $31.2 -$6.2 2Q'24 3Q'24 4Q'24 1Q'25 $31.9 (2)$32.5 (2) $36.0 (2) $31.7 (2) -$3.8 $30.2 $30.2 $23.7 2Q'24 3Q'24 4Q'24 1Q'25 2Q'24 3Q'24 4Q'24 1Q'25 $0.355 $0.355 $0.355 $0.355 Dividend per share $0.31 ($0.10) $0.30 ($0.12) Distributable earnings per share, fully converted (1), (2) $0.35 $0.31 $0.30 $0.31 Distributable earnings per share before realized loss, fully converted (1), (2) 87% (28%) 84% (35%) Distributable dividend coverage, fully converted (1), (2) 99% 88% 86% 86% Distributable dividend coverage before realized loss, fully converted (1), (2) Earnings & Distributions Note: All numbers in millions except per share data. 1. Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings. 2. Distributable earnings before realized loss 3. Fully converted per share information assumes applicable conversion of our outstanding series of convertible preferred stock into common stock and the full vesting of our outstanding equity compensation awards. FBRT 1Q 2025 Financial Update Distributable Earnings ($M) (1) GAAP Net Income (Loss) ($M)

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 7 Note: All numbers in millions. 1. Includes full paydowns, dispositions, partial paydowns, non-REO related charge-offs and amortization 2. Includes REO related charge-offs Core Net Fundings FBRT 1Q 2025 Financial Update 1Q 2025 ($M) $5,000 $261 $59 ($353) ($166) $4,801 4Q24 Loans Outstanding Fundings on New Loans Fundings on Existing Loans Repayments REO/ Foreclosures 1Q25 Loans Outstanding (1 ) (2 )

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 8 Capitalization Overview 1. On our core book (excluding repo-securities), 85% of financings are non-mark-to-market 2. Net leverage 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 leverage excludes collateralized loan obligations. FBRT 1Q 2025 Financial Update Financing Sources (1) Net Leverage (2) Average debt cost including financing was 6.9% in 1Q25 vs. 7.4% in 4Q24 Collateralized Loan Obligations 81% Warehouse 11% Repo - Securities 5% Asset Specific Financings 1% Unsecured Debt 2% 0.33x 2.35x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x Recourse Net Leverage Total Net Leverage

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 9 Financing Detail 1. Outstanding balance as of March 31, 2025 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 FBRT 1Q 2025 Financial Update CLOs Warehouse/Revolver/Other CLO Name Debt Amount(1) Reinvest End Date Cost of Debt(2) BSPRT 2021-FL6 $253 million Ended S + 1.83% BSPRT 2021-FL7 $378 million Ended S + 1.92% BSPRT 2022-FL8 $577 million Ended S + 1.87% BSPRT 2022-FL9 $442 million Ended S + 3.06% BSPRT 2023-FL10 $717 million 4/8/25 S + 2.59% BSPRT 2024-FL11 $886 million 10/8/27 S + 1.99% Total $3,253 million CLO reinvestment available $34 million Repo – Securities (outstanding) $206 million Name Commitment (3) Barclays (Warehouse) $500 million Wells Fargo $400 million JP Morgan $500 million Atlas SP Partners $350 million Churchill $225 million Barclays (Secured Revolver) $100 million Total $2,075 million

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 10 Liquidity 1. Represents cash available at 3/31/2025 that we can invest at a market advance rate utilizing our available capacity on financing lines FBRT 1Q 2025 Financial Update Liquidity ($M) $34 $664 $913 $215 Unrestricted Cash CLO Reinvestment Available Financing Available & In Progress Total Liquidity (1)

Portfolio

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 12 Collateral by Region Texas 31% Florida 13% North Carolina 13% Various 6% Georgia 6% South Carolina 5% New York 5% Arizona 4% All Other 17% Core Loan Portfolio Composition 1. Weighted average loan-to-value percentage (WA LTV) represents the weighted average ratio of the loan amount to the appraised value of the property at the time of origination 2. Unpaid principal balance (UPB) represents the portion of the loan that has not yet been remitted to the lender 3. One risk rated 5 and two risk rated 4 Portfolio Rate TypePortfolio Summary Collateral by StateCollateral Summary • $4.8B total portfolio; 62.8% WA LTV (1) • 140 senior loans; average UPB (2) of $34M • 12 mezzanine loans; average UPB (2) of $4M • 3 non-performing loans (3) Portfolio Overview Southeast 40% Southwest 35% Mideast 8% Far West 4% New England 4% Great Lakes 2% Rocky Mountain 1% Various 6% Floating 89% Fixed 11% Senior 99% Mezzanine 1% Multifamily 71% Hospitality 15% Industrial 7% Office 3% Retail 1% Other 3%

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 13 By State By Collateral By Region Core Originations in the Quarter Note: Charts shown above are based on the initial funding/unpaid principal balance of the newly originated loans. 1. All-in coupon based on 3/31/25 SOFR indices. Portfolio • 11 loans; $341 million total commitment ($261 million of initial funding / $80 million of future funding) • 3.25% weighted average spread; 7.57% all-in coupon (1) • 0.7% and 0.4% weighted average origination and exit fees, respectively Overview Southwest 71% Mideast 21% Southeast 8% Texas 71% New York 21% Tennessee 8% Multifamily 79% Hospitality 21%

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 14 Core Portfolio - Watch List Loans (Risk Rating 4&5) Note: Watchlist loans are loans with a risk rating of 4 or 5 Portfolio Investment Suburban Office Park 307-Unit Student Housing Community 249-Unit Apartment Community 222-Unit Apartment Community 77-Unit Apartment Community 176-Unit Apartment Community 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 Q4 2019 Q2 2022 Q2 2022 Q3 2021 Q4 2021 Q2 2022 Default Date None None Q1 2025 Q4 2024 None None Non-Performing Yes No Yes Yes No No Collateral Office Multifamily Multifamily Multifamily Multifamily Multifamily Loan Purpose Acquisition Acquisition Acquisition Acquisition Acquisition Acquisition Location Alpharetta, GA Norfolk, VA Austin, TX Charlotte, NC Philadelphia, PA Fort Worth, TX Loan Risk Rating 5 4 4 4 4 4

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 Investment Single Tenant Retail Portfolio CBD Office Complex 16-Building Apartment Complex 144-Unit Apartment Community 471-Unit Apartment Community 426-Unit Apartment Community 224-Unit Apartment Community 397-Unit Apartment Community 76-Unit Apartment Community 50-Unit Apartment Community CBD Office Complex 320-Unit Apartment Community Loan Investment Date Q2 2022 Q1 2020 Q1 2021 Q2 2022 Q2 2022 Q2 2018 Q3 2021 Q2 2022 Q2 2022 Q2 2022 Q1 2021 Q1 2021 Foreclosure / Deed-In-Lieu Date Q4 2022 - Q2 2023 - Q3 2023 Q4 2023 Q2 2024 Q2 2024 Q2 2024 Q3 2024 Q3 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2025 Collateral Type Retail Office Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Office Multifamily Collateral Detail 3 Freestanding Retail Properties 124k Square Foot Office Complex 236-Unit Apartment Complex with 16 Buildings 144-Unit, Garden-Style Apartment Communities 471-Unit, Garden Style Apartment Community 426-Unit, High Rise Apartment Community 224-Unit, Garden Style Apartment Community 397-Unit, Garden Style Apartment Community 76-Unit, Garden Style Apartment Community 50-Unit, Mid- Rise Apartment Community 301k Square Foot Office Complex 320-Unit, Garden Style Apartment Community Location Various Portland, Oregon Lubbock, Texas Chapel Hill, North Carolina Raleigh, North Carolina Cleveland, Ohio San Antonio, Texas Oklahoma City, Oklahoma Charlotte, North Carolina Rock Hill, South Carolina Denver, Colorado Houston, Texas Multi Property Loan Foreclosure Real Estate Owned (“REO”) Portfolio

Appendix

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 17 Core Portfolio – FBRT Portfolio Details – Top 15 Loans Note: All numbers in millions. 1. Effective Yield defined as: (1) current spread of the loan plus (2) the greater of any applicable index or index floor 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. Appendix Loan Loan Type Origination Date Par Value Amortized Cost Spread Effective Yield (1) Fully Extended Maturity State Collateral Type As-is LTV (2) Loan 1 Senior Loan 5/10/24 117 116 + 2.50% 6.82% 5/9/29 Connecticut Multifamily 50.7% Loan 2 Senior Loan 4/5/24 112 112 + 3.15% 7.47% 4/9/28 Various Industrial 63.8% Loan 3 Senior Loan 2/9/23 111 111 + 4.90% 9.22% 2/9/28 Various Hospitality 53.6% Loan 4 Senior Loan 2/24/22 86 86 + 3.15% 7.47% 3/9/27 North Carolina Multifamily 69.6% Loan 5 Senior Loan 2/10/22 81 81 + 3.20% 7.52% 2/9/27 Florida Multifamily 74.5% Loan 6 Senior Loan 12/15/21 80 80 4.25% 4.25% 3/9/27 North Carolina Multifamily 76.1% Loan 7 Senior Loan 2/16/24 80 79 + 3.65% 7.97% 3/9/29 Texas Multifamily 53.3% Loan 8 Senior Loan 8/1/23 79 79 + 3.20% 7.52% 8/9/28 Texas Multifamily 58.7% Loan 9 Senior Loan 12/21/21 78 78 + 3.45% 7.77% 1/9/27 Florida Multifamily 78.8% Loan 10 Senior Loan 3/7/24 75 75 + 2.70% 7.02% 3/9/29 North Carolina Industrial 58.6% Loan 11 Senior Loan 3/31/21 74 74 + 2.95% 7.39% 4/9/26 Texas Multifamily 72.6% Loan 12 Senior Loan 9/6/24 72 72 + 2.75% 7.07% 9/9/28 Florida Multifamily 72.7% Loan 13 Senior Loan 9/20/21 67 67 + 3.25% 7.69% 10/9/26 South Carolina Multifamily 77.1% Loan 14 Senior Loan 2/29/24 67 67 + 3.25% 7.57% 3/9/29 Florida Multifamily 58.7% Loan 15 Senior Loan 6/14/22 67 67 + 3.45% 7.77% 6/9/27 Georgia Multifamily 71.6% Loans 16 - 152 Senior & Mezz Loans Various 3,555 3,542 + 3.76% 8.10% Various Various Various 62.0% Total/Wtd. avg. $4,801 $4,786 + 3.58% 7.92% 2.5 years 62.8% Average Loan Size $32 $31

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 18 Risk Rating Principal Balance - 3,838 773 168 23 Loan Count, 4Q24 - 124 27 1 3 (+) Addition - 11 1 4 - (-) Reduction - (9) (8) - (2) Loan Count, 1Q25 - 126 20 5 1 Change QoQ - 2 (7) 4 (2) Non-Performing - - - 2 1 Watch List - - - 5 1 0.0% 79.9% 16.1% 3.5% 0.5% 1 2 3 4 5 Core Portfolio – Risk Ratings Note: Principal balance in millions. Watchlist loans are loans with a risk rating of 4 or 5 Appendix Risk Ratings Average risk rating was 2.2 for the quarter vs. 2.3 in 4Q24

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 19 $0.08 $0.01 ($0.01) $0.00 $0.01 -1.50% -1.00% -0.50% 3/31/2025 +0.25% Change in Floating Base Rate Indices Earnings Sensitivity Note: Reflects earnings impact of an increase or decrease in the floating-rate indices referenced by our portfolio, assuming no change in credit spreads, portfolio composition or asset performance Appendix EPS Sensitivity on Index Rates Positive earnings correlation to falling rates due to rate floor activations As of 4/11/25: 1M SOFR: 4.33% As of 3/31/25: 1M SOFR: 4.32%

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 $399 $1,027 $1,337 $897 $1,124 $17 2025 ROY 2026 2027 2028 2029 2030 Core Portfolio – Fully Extended Maturities Note: All numbers in millions. Appendix Fully Extended Maturity by Year

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 21 4Q24 Provision/ (Benefit) Write offs 1Q25 UPB As % of Total UPB General CECL Provision $48.0 ($1.6) - $46.4 $4,741 1.0% Specific CECL Provision 31.2 (0.3) (29.9) 1.0 $60 0.0% Total Allowance for Credit Losses $79.2 ($1.9) ($29.9) $47.4 $4,801 1.0% Multifamily 79% Office 2% Hospitality 13% All Other 6% Core Portfolio – Allowance For Loan Loss Note: All numbers in millions. Allowance for loan loss above includes future funding. Appendix Total Allowance for Credit Loss by Collateral Type

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 22 1Q'25 4Q'24 3Q'24 2Q'24 GAAP Net Income (Loss) 23.7 30.2 30.2 (3.8) Adjustments: Unrealized (Gain) / Loss (1) 3.3 (1.5) 2.5 6.3 Subordinated Performance Fee (2) 0.3 (1.4) (3.4) (2.2) Non-Cash Compensation Expense 2.2 2.2 2.1 2.1 Depreciation & Amortization 1.4 1.4 1.4 1.4 Transaction-Related and Non-Recurring Items (3) 3.0 - - - (Reversal of) / Provision for Credit Loss (1.9) 0.9 (0.3) 32.2 Distributable Earnings before realized loss 31.9 31.7 32.5 36.0 Realized (Gain) / Loss Adjustment on Loans and REO (4) (38.2) (0.5) (36.4) (3.7) Distributable Earnings (6.2) 31.2 (4.0) 32.4 7.5% Series E Cumulative Reedemable Preferred Stock Dividend (4.8) (4.8) (4.8) (4.8) Noncontrolling Interests in Joint Ventures Net (Income) / Loss 0.4 0.4 1.4 1.6 Noncontrolling Interests in Joint Ventures Net (Income) / Loss DE Adjustments (0.4) (0.4) (1.4) (1.7) Distributable Earnings to Common (11.1) 26.4 (8.8) 27.4 Average Common Stock & Common Stock Equivalents (5) 1,338.9 1,346.2 1,349.1 1,370.7 GAAP Net Income / (Loss) ROE 5.7% 7.6% 7.9% (2.0%) Distributable Earnings ROE (3.3%) 7.8% (2.6%) 8.0% GAAP Net Income / (Loss) Earnings Per Share, Diluted $0.20 $0.29 $0.30 ($0.11) Fully Converted Weighted Average Shares Outstanding (6) 88,842,266 88,437,287 88,432,401 88,452,224 GAAP Net Income / (Loss) Earnings Per Share, Fully Converted (6) $0.22 $0.29 $0.30 ($0.08) Distributable Earnings Per Share, Fully Converted (6) ($0.12) $0.30 ($0.10) $0.31 Distributable Earnings Per Share before realized loss, Fully Converted (6) $0.31 $0.30 $0.31 $0.35 GAAP Net Income to Distributable Earnings Reconciliation Note: All numbers in millions except share and per share data. 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 Holdings JV LLC 4. 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, 2025, the Company has $0 million of GAAP loss adjustments that would run through distributable earnings if and when cash losses are realized. 5. Represents the average of all classes of equity except the Series E Preferred Stock. 6. Fully Converted assumes conversion of our series of convertible preferred stock and full vesting of our outstanding equity compensation awards. Appendix

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 23 March 31, 2025 December 31, 2024 Stockholders' equity applicable to convertible common stock $ 1,330,641 $ 1,343,568 Shares: Common stock 82,161,584 81,788,091 Restricted stock and restricted stock units 1,475,850 1,278,698 Series H convertible preferred stock 5,370,498 5,370,498 Total outstanding shares 89,007,932 88,437,287 Fully-converted book value per share(1) $ 14.95 $ 15.19 Book Value Per Share & Shares Outstanding 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. Book value per share as of March 31, 2025 and December 31, 2024, excluding the impact for accumulated depreciation and amortization of real property of $14.8 million and $13.8 million, respectively, was $15.12 and $15.35. Appendix

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 24 Three Months Ended March 31, 2025 2024 Income Interest income $ 113,908 $ 130,558 Less: Interest expense 70,593 81,318 Net interest income 43,315 49,240 Revenue from real estate owned 6,797 4,712 Total income $ 50,112 $ 53,952 Expenses Asset management and subordinated performance fee $ 6,555 $ 7,865 Acquisition expenses 299 238 Administrative services expenses 3,348 2,860 Professional fees 6,576 4,084 Share-based compensation 2,246 1,799 Depreciation and amortization 1,380 1,417 Other expenses 9,936 2,363 Total expenses $ 30,340 $ 20,626 Other income/(loss) (Provision)/benefit for credit losses $ 1,898 $ (2,880) Realized gain/(loss) on real estate securities, available for sale — 88 Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value 5,039 5,513 Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value — 457 Gain/(loss) on other real estate investments (2,232) 6 Unrealized gain/(loss) on derivatives (1,056) (138) Realized gain/(loss) on derivatives 938 290 Total other income/(loss) $ 4,587 $ 3,336 Income/(loss) before taxes 24,359 36,662 (Provision)/benefit for income tax (654) (835) Net income/(loss) $ 23,705 $ 35,827 Net (income)/loss attributable to non-controlling interest 353 93 Net income/(loss) attributable to Franklin BSP Realty Trust, Inc. $ 24,058 $ 35,920 Less: Preferred stock dividends 6,748 6,748 Net income/(loss) applicable to common stock $ 17,310 $ 29,172 Basic earnings per share $ 0.20 $ 0.35 Diluted earnings per share $ 0.20 $ 0.35 Basic weighted average shares outstanding 82,053,686 81,994,096 Diluted weighted average shares outstanding 82,053,686 81,994,096 FBRT Income Statement Appendix

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 25 FBRT Balance Sheet Appendix March 31, 2025 December 31, 2024 ASSETS Cash and cash equivalents $ 215,368 $ 184,443 Restricted cash 8,736 12,421 Commercial mortgage loans, held for investment, net of allowance for credit losses of $46,604 and $78,083 as of March 31, 2025 and December 31, 2024, respectively 4,739,876 4,908,667 Commercial mortgage loans, held for sale, measured at fair value 4,992 87,270 Real estate securities, available for sale, measured at fair value, amortized cost of $167,511 and $202,894 as of March 31, 2025 and December 31, 2024, respectively 167,192 202,973 Receivable for loan repayment 54,297 157,582 Accrued interest receivable 36,834 42,225 Prepaid expenses and other assets 18,358 17,526 Intangible lease asset, net of amortization 39,114 39,834 Real estate owned, net of depreciation 112,499 113,160 Real estate owned, held for sale 243,390 222,890 Equity method investment 13,395 13,395 Total assets $ 5,654,051 $ 6,002,386 LIABILITIES AND STOCKHOLDERS' EQUITY Collateralized loan obligations $ 3,226,710 $ 3,628,270 Repurchase agreements and revolving credit facilities - commercial mortgage loans 429,314 329,811 Repurchase agreements - real estate securities 206,164 236,608 Mortgage note payable 23,998 23,998 Other financings 12,865 12,865 Unsecured debt 81,420 81,395 Derivative instruments, measured at fair value 88 713 Interest payable 11,386 12,844 Distributions payable 36,444 36,237 Accounts payable and accrued expenses 17,567 14,443 Due to affiliates 12,156 14,106 Intangible lease liability, held for sale 880 1,291 Total liabilities $ 4,058,992 $ 4,392,581 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, 2025 and December 31, 2024 $ 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, 2025 and December 31, 2024 $ 259,748 $ 258,742 Common stock, $0.01 par value, 900,000,000 shares authorized, 82,870,769 and 83,066,789 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 822 818 Additional paid-in capital 1,600,846 1,600,997 Accumulated other comprehensive income/(loss) (318) 79 Accumulated deficit (360,456) (348,074) Total stockholders' equity $ 1,499,636 $ 1,512,562 Non-controlling interest 5,675 7,495 Total equity $ 1,505,311 $ 1,520,057 Total liabilities, redeemable convertible preferred stock and equity $ 5,654,051 $ 6,002,386

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 26 Definitions 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, and (vii) certain other non-cash items. 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 and Distributable Earnings to Common provide meaningful information to consider in addition to the disclosed GAAP results. The Company believes Distributable Earnings 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 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 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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