Franklin BSP Realty Trust Supplemental Information Second Quarter 2023

Important Information 2 The information herein relates to the Company’s business and financial information as of June 30, 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 2Q 2023 Financial Update 3

FBRT 2Q 2023 Financial Update: Second 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 $8.0 million and $6.5 million at 6/30/23 and 3/31/23, 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 $39.6 million and $0.39 per diluted common share and $0.39 per fully converted share (1) ― Distributable Earnings (2) of $63.5 million and $0.66 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 111% and 185%, respectively Capitalization ― Book value per share, fully converted is $15.85 vs. $15.78 last quarter (1). Undepreciated book value per share, fully converted is $15.94 vs. $15.86 last quarter (1), (3) ― Net debt to equity is 2.4x; recourse net debt to equity is 0.6x ― 77% of financing sources are non-mark-to-market on our core book ― $1.2 billion of liquidity of which $225 million is cash and $55 million is CLO reinvest available (4) ― FBRT repurchased 445k shares for $5.5 million. $39.3 million remains available under the company’s repurchase program Investments ― Core portfolio: closed $230 million of new loan commitments and funded $281 million of principal balance including future funding on existing loans. Received loan repayments of $232 million for a net increase in our loan portfolio of $49 million in the quarter Portfolio ― Core portfolio of 156 CRE loans and $5.1 billion of principal balance, average size of $33 million and 77% multifamily. During the quarter, two assets were removed from the watch list and four assets were added to the watch list with a risk rating of four. Five assets remain on the watch list at quarter-end ― In April 2023, Brooklyn Hotel sale closed for a total sale price of $96 million. As a result, we received the full principal amount of the loan and approximately $20 million of additional proceeds after payment of all related closing expenses ― In April 2023, completed foreclosures and received deeds from the borrower on all 24 properties related to the single tenant retail portfolio loan

FBRT 2Q 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 1/19/24, 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 $83.6 Total core portfolio $5,023.6 Operating expenses (1) (20.2) Total real estate securities $317.1 Trading and derivatives gain/(loss) on ARMs/Securities (0.9) Cash and restricted cash $232.1 Provision for credit loss (21.6) CLO reinvestment available $55.5 Other income/(loss) (1.2) Other assets $357.1 GAAP net income (loss) $39.6 Total assets $5,985.3 Adjustments to GAAP net income (loss) (2) 23.8 Distributable Earnings (2) $63.5 Balance Sheet - Debt & Equity Realized trading and derivatives (gain)/loss on ARMs (0.2) Collateralized loan obligations 3,032.0 Run-Rate Distributable Earnings (2) $63.3 Warehouse 695.0 Run-Rate Distributable Earnings per share, fully converted (2),(3) $0.66 Repo - securities 290.0 Run-Rate Distributable Earnings return on common equity (2) 16.4% Asset specific financings 106.3 Unsecured debt 81.2 GAAP net income (loss) per share, fully converted (3) $0.39 Total Debt $4,204.6 GAAP return on common equity 9.8% Preferred equity (4) 348.5 GAAP dividend coverage, fully converted (2), (3) 110.7% Common stock/retained earnings (5) 1,341.0 Total equity (4) 1,689.5 Distributable Earnings per share, fully converted (2), (3) $0.66 Book value per share, fully converted (3) $15.85 Distributable Earnings return on common equity (2) 16.5% Distributable Earnings dividend coverage, fully converted (2), (3) 185.3% Net debt/total equity 2.35x Recourse net debt/total equity 0.56x Dividend per share $0.355 Dividend per share yield on book value 9.0%

FBRT 2Q 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. GAAP Net Income (Loss) ($M)Distributable Earnings ($M) (1) $35.3 $27.2 $43.8 $39.6 3Q'22 4Q'22 1Q'23 2Q'23 $34.4 $38.8 $44.8 $63.5 3Q'22 4Q'22 1Q'23 2Q'23 $0.355 $0.355 $0.355 $0.355 Dividend per share $0.33 $0.37 $0.44 $0.66 Distributable earnings per share, fully converted (1), (2) 93% 104% 125% 185% Distributable dividend coverage, fully converted (1), (2)

FBRT 2Q 2023 Financial Update: Core Loan Originations 7 Note: All numbers in millions. Numbers in charts above represent principal balance. 1. As of June 30, 2023, future funding remaining on the loans outstanding was $443 million. 2. Includes full paydowns, dispositions, partial paydowns and amortization. (1) 2Q 2023 ($M) YTD 2023 ($M) (1) (2) (2)

FBRT 2Q 2023 Financial Update: Capitalization Overview 1. On our core book (excluding repo-securities), 77% of financings are non-mark-to-market. 8 Collateralized Loan Obligations 72% Warehouse 17% Repo - Securities 7% Asset Specific Financings 3% Unsecured Debt 2% Financing Sources (1) FBRT average debt cost including financing costs was 7.3% in 2Q23 vs. 6.7% last quarter Net Leverage $4.2Bn Total Debt 0.56x 2.35x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x Recourse Leverage Total Leverage

FBRT 2Q 2023 Financial Update: Financing Detail 9 1. Outstanding balance at June 30, 2023 and net of tranches held by FBRT. 2. BSPRT 2019-FL5 was redeemed in July 2023 and re-levered at an advance rate of 67%, freeing up approximately $52 million of capital. 3. Cost of debt is shown before discount and transaction costs. 4. Commitment for loans. Excludes bond repurchase agreements. CLO Name Debt Amount (1) Reinvest End Date Cost of Debt BSPRT 2019-FL5 (2) $122 million Ended L + 1.89% BSPRT 2021-FL6 $585 million 9/15/23 L + 1.42% BSPRT 2021-FL7 $720 million 12/15/23 L + 1.64% BSPRT 2022-FL8 $960 million 2/15/24 S + 1.72% BSPRT 2022-FL9 (3) $671 million 7/15/24 S + 2.80% Total $3,058 million CLO reinvestment available $55 million Repo – Securities (outstanding) $290 million Name Commitment (4) Barclays (Warehouse) $500 million Wells Fargo $500 million JP Morgan $500 million Atlas SP Partners $600 million Barclays (Secured Revolver) $250 million Webster Bank loan participation $62 million Customers Bank loan participation $20 million Total $2,432 million CLOs Warehouse/Revolver/Other

FBRT 2Q 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 0.6% Senior 99.4% Southeast 42% Southwest 35% Mideast 11% Far West 4% Great Lakes 3% Various(1) 5% Floating 98% Fixed 2% Portfolio Summary Collateral Summary Collateral by Region Rate Type Portfolio Overview − $5.1 billion total portfolio − 148 senior loans; average size of ~$34 million − 8 mezzanine loans; average size of ~$4 million − One non-performing loan Multifamily 77% Office 6% Hospitality 11%Retail 1% Industrial 2% Other 3% Collateral by State Texas 31% North Carolina 13% Florida 11% Georgia 6% New York 5% Various 5% South Carolina 5% Arizona 4% All Other 20%

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 6/30/23. − 7 loans; $230 million total commitment ($221 million of initial funding / $9 million of future funding) − 4.32% weighted average spread; 9.02% all-in coupon(1). 0.7% and 0.2% weighted average origination and exit fees, respectively By Collateral By Region By State Overview Multifamily 78% Hospitality 22% Florida 34% New York 26% Arizona 25% District of Columbia 15% Mideast 41% Southeast 34% Southwest 25%

Portfolio: Core Portfolio - Case Studies: Watch List Loans (Risk Rating 4&5) 14 Investment CBD Office Complex CBD Office Building Garden Style Apartment Community Suburban Office Park 16-Building Apartment Complex Loan Type Floating Rate Senior Loan & Mezzanine Loan Floating Rate Senior Loan Floating Rate Senior Loan Floating Rate Senior Loan Floating Rate Senior Loan Investment Date Q1 2020 Q1 2021 Q4 2021 Q4 2019 Q1 2021 Default Date None None None None None Non-Accrual Yes No No No No Collateral 124k Square Foot Office Complex 31-Story, 299k Square Foot Office Building 252-Unit Garden Style Apartment Community Two, 6-Story Office Buildings 236-Unit Apartment Complex with 16 Buildings Loan Purpose Acquisition Refinance Acquisition Acquisition Acquisition Location Portland, Oregon Denver, Colorado Arlington, Texas Alpharetta, Georgia Lubbock, Texas Loan Risk Rating 5 4 4 4 4

Portfolio: Foreclosure Real Estate Owned (“REO”) 15Note: Foreclosure REO is $109 million of net book value. In addition, FBRT owns an investment REO with a total net book value of $131 million, which is not presented above. Investment Single Tenant Retail Portfolio Office Tower Loan Investment Date Q2 2022 Q3 2018 Foreclosure / Deed-In-Lieu Date Q4 2022 - Q2 2023 Q4 2022 Collateral Type Retail Office Collateral Detail 24 Freestanding Retail Properties 21-Story Office Tower Location Various St. Louis, Missouri Post quarter-end update: − Single Tenant Retail Portfolio: In June 2023, the Company executed an amendment to the leases that is effective July 1, 2023, applicable to all 24 properties. The amendment granted a rental abatement period of 15 months to the lessees. Additionally, the amendment modified the initial term of the lease to expire in June 2038 and contains renewal options for ten consecutive five-year terms. As of early July, all the properties are being marketed for sale. − Office Tower: We are under LOI to sell the property and hoping to close in the near term.

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 $143 $142 + 4.75% 10.34% 6/9/26 Florida Multifamily 55.8% Loan 2 Senior Loan 6/1/22 153 140 140 + 3.95% 9.58% 6/9/27 Various Multifamily 67.8% Loan 3 Senior Loan 2/9/23 120 120 119 + 4.90% 10.71% 2/9/28 Various Hospitality 53.6% Loan 4 Senior Loan 2/25/22 86 86 86 + 3.24% 8.87% 3/9/26 New Jersey Multifamily 60.0% Loan 5 Senior Loan 2/24/22 86 86 85 + 3.15% 9.03% 3/9/27 North Carolina Multifamily 69.6% Loan 6 Senior Loan 6/1/22 86 83 83 + 3.95% 9.58% 6/9/27 North Carolina Multifamily 71.8% Loan 7 Senior Loan 2/10/22 82 82 82 + 3.20% 8.72% 2/9/27 Florida Multifamily 74.5% Loan 8 Senior Loan 12/15/21 84 81 81 + 3.21% 8.59% 1/9/27 North Carolina Multifamily 76.1% Loan 9 Senior Loan 12/21/21 79 78 78 + 3.45% 8.79% 1/9/27 Florida Multifamily 78.8% Loan 10 Senior Loan 3/31/21 79 76 76 + 2.95% 8.40% 4/9/26 Texas Multifamily 72.6% Loan 11 Senior Loan 5/18/22 71 71 71 + 3.80% 9.43% 6/9/27 Georgia Multifamily 77.9% Loan 12 Senior Loan 9/20/21 70 70 69 + 3.25% 9.00% 10/9/26 South Carolina Multifamily 77.1% Loan 13 Senior Loan 6/14/22 71 69 69 + 3.45% 9.40% 6/9/27 Georgia Multifamily 71.6% Loan 14 Senior Loan 12/20/21 74 68 68 + 6.03% 12.14% 7/9/26 New York Multifamily 74.7% Loan 15 Senior Loan 10/29/21 70 67 67 + 2.85% 8.52% 11/9/26 Texas Multifamily 70.6% Loans 16 - 156 Senior & Mezz Loans Various 4,163 3,767 3,747 + 3.91% 9.59% Various Various Various 66.5% CECL Reserve (40) Total/Wtd. avg. $5,527 $5,086 $5,023 + 3.89% 9.56% 3.1 years 67.1% Average Loan Size $35 $33 $32

Appendix: Core Portfolio - Risk Ratings 18 Note: Principal balance in millions. Average risk rating was 2.2 for the quarter vs. 2.1 last quarter Risk Rating # of Loans 2 127 22 4 1 + vs 1Q23 +1 +7 +6 +4 +1 - vs 1Q23 - -13 -4 -2 -1 +/- vs 1Q23 +1 -6 +2 +2 - Principal Balance $62 $4,343 $535 $113 $33 Non-Accrual - - - - 1 1.2% 85.4% 10.5% 2.2% 0.6% 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 ($0.06) $0.00 $0.06 $0.12 $0.18 $0.25 -0.50% 6/30/2023 +0.50% +1.00% +1.50% +2.00% Change in Floating Base Rate Indices Sensitivity on Index Rates (Annual EPS Impact) As of 7/27/23: 1M SOFR: 5.32% As of 6/30/23 1M SOFR = 5.14%

Appendix: Rate Cap Sensitivity 20Note: The above analysis assumes fixed rates loan have rate caps that are always active and do not expire. 1. Loans without rate caps includes loans that previously had rate caps, but have expired as of 6/30/23. 91%; 142 93%; 145 93%; 145 Current (as of 6/30/23) +0.50% +1.00% Change in Floating Base Rate Indices All loans with rate caps are activated at +0.50% and above 93% of our loans have a rate cap (average of 2.5% rate cap) and 91% were activated as of 6/30/23 Percentage and Number of Loans with Rate Caps Activated loans loans loans

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 6/30/23. $95 $372 $358 $2,105 $1,920 $198 2023 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 – Including Asset-Specific Reserve Multifamily 59% Office 25% Hospitality 15% Other 1% $ millions Allowance for Loan Loss Balance at 3/31/23 - General Reserve $30.4 Provision for Credit Loss - General Reserve 9.7 Allowance for Loan Loss Balance at 6/30/23 - Before Asset-Specific Reserve $40.2 Asset-Specific Reserve at 3/31/23 - Provision for Credit Loss - Asset-Specific 11.9 Allowance for Loan Loss Balance at 6/30/23 - Including Asset-Specific Reserve $52.1 Charge-Off at 6/30/23 - Asset-Specific (11.9) Allowance for Loan Loss Balance at 6/30/23 - After Charge-Off $40.2 Portfolio Principal Balance - Including Asset-Specific $5,086 Total Allowance for Loan Loss % of Portfolio - Before Charge-Off 1.0% Portfolio Principal Balance - Excluding Asset-Specific $5,053 Total Allowance for Loan Loss % of Portfolio - After Charge-Off 0.8%

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) $39,644 88,421,116 $0.39 $1,413,493 9.8% Run-Rate Distributable Earnings (1) $63,282 88,421,116 $0.66 $1,413,493 16.4% Distributable Earnings (1) $63,484 88,421,116 $0.66 $1,413,493 16.5% GAAP Net Income (Loss): Core (2) 40,213 85,550,163 $0.41 1,367,598 10.3% Securities (569) 2,870,953 ($0.20) 45,895 (5.0%) Total $39,644 88,421,116 $0.39 $1,413,493 9.8% Run-Rate Distributable Earnings: (1) Core (2) 63,174 85,550,163 $0.68 1,367,598 16.9% Securities 108 2,870,953 $0.04 45,895 0.9% Total $63,282 88,421,116 $0.66 $1,413,493 16.4% Distributable Earnings: (1) Core (2) 63,174 85,550,163 $0.68 1,367,598 16.9% Securities 310 2,870,953 $0.11 45,895 2.7% Total $63,484 88,421,116 $0.66 $1,413,493 16.5%

Appendix: GAAP Net Income to Distributable Earnings Reconciliation 24 3Q'22 4Q'22 1Q'23 2Q'23 GAAP Net Income (Loss) 35.3 27.2 43.8 39.6 Adjustments: CLO Amortization Acceleration/CLO Call (1) (1.2) (1.4) (1.5) (1.2) Unrealized (Gain)/Loss (2) 1.1 6.2 0.6 2.7 Subordinated Performance Fee (3) (2.5) (2.5) (0.6) 2.6 Non-Cash Compensation Expense 0.8 2.7 1.0 1.2 Depreciation & Amortization 1.3 1.5 1.8 2.2 (Reversal of) / Provision for Credit Loss (0.6) 5.1 4.4 21.6 Loan Workout Charges / (Loan Workout Recoveries) (4) 0.2 - - (5.1) Realized Gain on Debt Extinguishment - - (4.8) (0.3) Realized trading and derivatives (gain)/loss on ARMs (0.2) (0.2) (2.2) (0.2) Run-Rate Distributable Earnings (5) 34.3 38.6 42.5 63.3 Realized trading and derivatives gain/(loss) on ARMs 0.2 0.2 2.2 0.2 Distributable Earnings 34.4 38.8 44.8 63.5 Preferred Equity E Class Dividend (4.8) (4.8) (4.8) (4.8) Depreciation and amortization attributed to noncontrolling interests of joint ventures - (1.4) (0.4) (0.4) Noncontrolling interests in joint ventures net (income)/loss - 0.2 (0.0) (0.0) Distributable Earnings to Common (6) 29.6 32.8 39.6 58.2 Average Common Stock & Common Stock Equivalents (7) 1,422.0 1,416.7 1,422.6 1,413.5 GAAP Net Income (Loss) ROE 8.6% 6.4% 11.0% 9.8% Run-Rate Distributable Earnings ROE 8.3% 9.2% 10.5% 16.4% Distributable Earnings ROE 8.3% 9.2% 11.1% 16.5% GAAP Net Income / (Loss) Earnings Per Share, Diluted $0.34 $0.25 $0.44 $0.39 Fully Converted Weighted Average Shares Outstanding (8) 89,971,458 88,704,093 88,916,252 88,421,116 GAAP Net Income / (Loss) Earnings Per Share, Fully Converted (9) $0.34 $0.25 $0.44 $0.39 Run-Rate Distributable Earnings Per Share, Fully Converted (9) $0.33 $0.37 $0.42 $0.66 Distributable Earnings Per Share, Fully Converted (9) $0.33 $0.37 $0.44 $0.66 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. 6. Distributable Earnings to common is net of preferred equity E class dividend payment and non-controlling interests in joint ventures. 7. Represents the average of all equity except the preferred equity E class. 8. 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. 9. 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.

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 Series H and Series I convertible preferred stock and vesting of our outstanding equity compensation awards. 2. Excluding the amounts for accumulated depreciation and amortization of real property of $8.0 million and $5.2 million as of June 30, 2023 and December 31, 2022, respectively, would result in a fully-converted book value per share of $15.94 and $15.84 as of June 30, 2023 and December 31, 2022, respectively. June 30, 2023 December 31, 2022 Stockholders' equity applicable to convertible common stock $ 1,400,927 $ 1,398,986 Shares: Common stock 82,210,624 82,479,743 Equity compensation awards (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 88,390,379 88,662,624 Fully-converted book value per share (1) (2) $ 15.85 $ 15.78

26 Appendix: FBRT Income Statement Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income Interest income $ 152,892 $ 70,213 $ 283,428 $ 145,471 Less: Interest expense 75,299 32,807 146,374 55,287 Net interest income 77,593 37,406 137,054 90,184 Revenue from real estate owned 6,438 2,312 9,750 4,624 Total income $ 84,031 $ 39,718 $ 146,804 $ 94,808 Expenses Asset management and subordinated performance fee $ 8,900 $ 6,601 $ 16,985 $ 13,346 Acquisition expenses 283 319 661 634 Administrative services expenses 3,398 3,048 7,427 6,401 Professional fees 2,794 8,054 7,608 14,213 Share-based compensation 1,228 682 2,250 1,182 Depreciation and amortization 2,196 1,296 4,001 2,591 Other expenses 4,301 1,663 6,467 3,425 Total expenses $ 23,100 $ 21,663 $ 45,399 $ 41,792 Other income/(loss) (Provision)/benefit for credit losses $ (21,624) $ (32,530) $ (25,984) $ (31,575) Realized gain/(loss) on extinguishment of debt 270 15 5,037 15 Realized gain/(loss) on sale of available for sale trading securities — — 596 — Realized gain/(loss) on sale of commercial mortgage loans, held for sale — 39 — 39 Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value 2,094 (1,833) 2,094 56 Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value (303) (2,797) 44 (3,736) Gain/(loss) on other real estate investments (1,691) — (3,030) (29) Trading gain/(loss) (946) (22,538) 2,022 (110,973) Unrealized gain/(loss) on derivatives 393 (9,427) 73 (14,390) Realized gain/(loss) on derivatives 573 25,193 617 59,223 Total other income/(loss) $ (21,234) $ (43,878) $ (18,531) $ (101,370) Income/(loss) before taxes 39,697 (25,823) 82,874 (48,354) (Provision)/benefit for income tax (53) 114 609 138 Net income/(loss) $ 39,644 $ (25,709) $ 83,483 $ (48,216) Net (income)/loss attributable to non-controlling interest (41) — (50) — Net income/(loss) attributable to Franklin BSP Realty Trust, Inc. $ 39,603 $ (25,709) $ 83,433 $ (48,216) Less: Preferred stock dividends 6,749 6,955 13,497 27,966 Net income/(loss) applicable to common stock $ 32,854 $ (32,664) $ 69,936 $ (76,182) Basic earnings per share $ 0.39 $ (0.43) $ 0.83 $ (1.27) Diluted earnings per share $ 0.39 $ (0.43) $ 0.83 $ (1.27) Basic weighted average shares outstanding 82,252,979 75,837,621 82,512,434 59,985,361 Diluted weighted average shares outstanding 82,252,979 75,837,621 82,512,434 59,985,361

27 Appendix: FBRT Balance Sheet June 30, 2023 December 31, 2022 ASSETS (Unaudited) Cash and cash equivalents $ 224,696 $ 179,314 Restricted cash 7,444 11,173 Commercial mortgage loans, held for investment, net of allowance for credit losses of $38,932 and $40,848 as of June 30, 2023 and December 31, 2022, respectively 5,023,579 5,228,928 Commercial mortgage loans, held for sale, measured at fair value 34,250 15,559 Real estate securities, trading, measured at fair value 125,215 235,728 Real estate securities, available for sale, measured at fair value, amortized cost of $192,471 and $220,635 as of June 30, 2023 and December 31, 2022, respectively 191,849 221,025 Derivative instruments, measured at fair value 251 415 Receivable for loan repayment (1) 66,835 42,557 Accrued interest receivable 38,348 34,007 Prepaid expenses and other assets 15,862 15,795 Intangible lease asset, net of amortization 66,008 54,831 Real estate owned, net of depreciation 179,252 127,772 Real estate owned, held for sale 11,760 36,497 Total assets $ 5,985,349 $ 6,203,601 LIABILITIES AND STOCKHOLDERS' EQUITY Collateralized loan obligations $ 3,031,984 $ 3,121,983 Repurchase agreements - commercial mortgage loans 695,039 680,859 Repurchase agreements - real estate securities 289,993 440,008 Mortgage note payable 23,998 23,998 Other financing and loan participation - commercial mortgage loans 82,348 76,301 Unsecured debt 81,246 98,695 Derivative instruments, measured at fair value 299 64 Interest payable 12,669 12,715 Distributions payable 36,221 36,317 Accounts payable and accrued expenses 12,460 17,668 Due to affiliates 15,929 15,429 Intangible lease liability, net of depreciation 13,664 6,428 Total liabilities $ 4,295,850 $ 4,530,465 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 June 30, 2023 and December 31, 2022 $ 89,748 $ 89,748 Redeemable convertible preferred stock Series I, $0.01 par value, none authorized and outstanding as of June 30, 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 June 30, 2023 and December 31, 2022 $ 258,742 $ 258,742 Common stock, $0.01 par value, 900,000,000 shares authorized, 83,019,881 and 82,992,784 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively 822 826 Additional paid-in capital 1,600,036 1,602,247 Accumulated other comprehensive income (loss) (1,299) 390 Accumulated deficit (288,380) (299,225) Total stockholders' equity $ 1,569,921 $ 1,562,980 Non-controlling interest 29,830 15,408 Total equity $ 1,599,751 $ 1,578,388 Total liabilities, redeemable convertible preferred stock and equity $ 5,985,349 $ 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 residential adjustable-rate mortgage pass-through securities ("ARM Agency Securities" or "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, (viii) certain other non-cash items, and (ix) impairments of acquisition assets related to the Capstead merger. Further, Run-Rate Distributable Earnings, a non-GAAP measure, presents Distributable Earnings before trading and derivative gain/loss on ARMs. 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, which the Company is actively in the process of liquidating 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.