Franklin BSP Realty Trust Third Quarter 2024 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 September 30, 2024 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, 2024, 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 3Q 2024 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 reconciliation. 3. Adjusted for accumulated depreciation and amortization of real property of $12.6 million and $11.5 million at 9/30/24 and 6/30/24, 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 3Q 2024 Financial Update • Book value per share, fully converted, is $15.24 vs. $15.27 last quarter (1). Undepreciated book value per share, fully converted, is $15.38 vs. $15.40 last quarter (1) (3) • Net debt to equity is 2.7x; recourse net debt to equity is 0.1x • 93% of financing sources are non-mark-to-market on our core book • $1.1 billion of liquidity of which $346 million is cash and $138 million is CLO reinvest/ramp available (4) • Core Portfolio: Principal balance decreased by $274 million in the quarter. Closed $380 million of new loan commitments and funded $325 million of principal balance including future funding on existing loans. Received loan repayments of $510 million • Core Portfolio: Originated $1.6 billion of new loan commitments year-to-date and funded $1.3 billion of principal balance on new loans • Core Portfolio of 157 CRE loans and $5.2 billion of principal balance, average size of $33 million and 74% multifamily. During the quarter, four assets were removed from the watch list. Three assets remain on the watch list, two of which are risk rated a five and one of which is risk rated a four • Thirteen foreclosure real estate owned positions, totaling $312 million, and one investment real estate owned position of $114 million Capitalization Investments Portfolio Earnings • GAAP Net Income of $30.2 million and $0.30 per diluted common share and $0.30 per fully converted share (1) • Distributable Earnings (2) of ($4.0) million or ($0.10) per fully converted share (1). Distributable Earnings includes $36.4 million of losses realized within the quarter, of which $32.5 million was already recognized in our GAAP financials in previous quarters • Declared a cash dividend of $0.355 per share, representing an annualized yield of 9.3% on book value per share, fully converted (1). GAAP and Distributable Earnings (2) dividend coverage of 85% and (28%), 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 / other income $48.1 Total core portfolio $5,077.5 Operating expenses (1) (18.6) Total real estate securities 210.7 Provision for credit loss 0.3 Cash and restricted cash 353.9 Other income/(loss) 0.5 CLO reinvestment available 137.6 GAAP net income (loss) $30.2 Other assets 555.4 Adjustments to GAAP net income (loss) (2) (34.1) Total assets $6,335.0 Distributable Earnings (2) (4.0) Balance Sheet - Debt & Equity GAAP net income (loss) per share, fully converted (3) $0.30 Collateralized loan obligations $4,097.7 GAAP return on common equity 7.9% Warehouse 183.8 GAAP dividend coverage, fully converted (2), (3) 85.3% Repo - securities 241.3 Asset specific financings 36.9 Distributable Earnings per share, fully converted (2), (3) ($0.10) Unsecured debt 81.4 Distributable Earnings return on common equity (2) (2.6%) Total Debt $4,641.1 Distributable Earnings dividend coverage, fully converted (2), (3) (27.9%) Preferred equity (4) 348.5 Common stock/retained earnings (5) 1,265.5 Dividend per share $0.355 Total equity (4), (5) 1,614.0 Dividend per share yield on book value 9.3% Book value per share, fully converted (3) $15.24 Net debt/total equity 2.66x Recourse net debt/total equity 0.12x Financial Highlights 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. 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 Series E preferred, which is not convertible into common equity. 5. Includes non-controlling interest. FBRT 3Q 2024 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 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. 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 3Q 2024 Financial Update Distributable Earnings ($M) (1) GAAP Net Income (Loss) ($M) $30.0 $35.8 -$3.8 $30.2 4Q'23 1Q'24 2Q'24 3Q'24 $39.3 $41.0 $32.4 -$4.0 4Q'23 1Q'24 2Q'24 3Q'24 4Q'23 1Q'24 2Q'24 3Q'24 $0.355 $0.355 $0.355 $0.355 Dividend per share $0.39 $0.41 $0.31 ($0.10) Distributable earnings per share, fully converted (1), (2) 109% 115% 87% (28%) Distributable dividend coverage, fully converted (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 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 3Q 2024 Financial Update 3Q 2024 ($M) YTD 2024 ($M) ,43 2 4 0 , 2 24 oans utstandin undin s on e oans undin s on istin oans epayments oreclosures 3 24 oans utstandin ,04 ,2 44 ,002 3 , 4 23 oans utstandin undin s on e oans undin s on istin oans epayments oreclosures 3 24 oans utstandin (1 ) (1 ) (2 ) (2 ) Total Commitment of $380M Total Commitment of $1,593M

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), 93% 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 3Q 2024 Financial Update Financing Sources (1) Net Leverage (2) Average debt cost including financing was 7.9% in 3Q24 vs. 7.8% in 2Q24 Collateralized Loan Obligations 88% Warehouse 4% Repo - Securities 5% Asset Specific Financings 1% Unsecured Debt 2% 0.12x 2.66x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x 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 September 30, 2024, 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 3Q 2024 Financial Update CLOs Warehouse/Revolver/Other CLO Name Debt Amount(1) Reinvest End Date Cost of Debt(2) BSPRT 2021-FL6 $402 million Ended S + 1.56% BSPRT 2021-FL7 $611 million Ended S + 1.69% BSPRT 2022-FL8 $895 million Ended S + 1.74% BSPRT 2022-FL9 $618 million Ended S + 2.84% BSPRT 2023-FL10 $717 million 4/8/25 S + 2.59% BSPRT 2024-FL11 $886 million 10/8/27 S + 1.99% Total $4,129 million CLO reinvestment available $138 million Repo – Securities (outstanding) $241 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 9/30/2024 that we can invest at a market advance rate utilizing our available capacity on financing lines FBRT 3Q 2024 Financial Update Liquidity ($M) 3 4 , 2 34 nrestricted Cash C ein estment ailable inancin ailable n ro ress Total i uidity (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 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 4 risk rated and two 5 risk rated Portfolio Collateral by Region Rate TypePortfolio Summary Collateral by StateCollateral Summary • $5.2B total portfolio; 64.0% WA LTV (1) • 148 senior loans; average UPB (2) of $35M • 9 mezzanine loans; average UPB (2) of $4M • 3 non-performing loans (3) Portfolio Overview Floating 95% Fixed 5% Multifamily 74% Hospitality 14% Industrial 6% Office 4% Retail 1% Other 1% Senior 99% Mezzanine 1% Texas 35% Florida 11% North Carolina 11% Various 6% Georgia 5% South Carolina 5% Arizona 4% New York 1% All Other 22%Southwest 39% Southeast 37% Mideast 5% Great Lakes 4% New England 3% Far West 3% Rocky Mountain 2% Various 7%

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 Multifamily 67% Retail 16% Hospitality 11% Industrial 6% 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 9/30/24 SOFR indices. Portfolio • 16 loans; $380 million total commitment ($274 million of initial funding / $106 million of future funding) • 4.21% weighted average spread; 9.05% all-in coupon (1) • 0.8% and 0.4% weighted average origination and exit fees, respectively Overview Southeast 62% Various 16% Southwest 11% Far West 6% Mideast 5% Florida 48% Various 16% Texas 11% Tennessee 8% North Carolina 6% California 6% New York 4% New Jersey 1%

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 1. Previously part of the Multi-Property Apartment Community included on the watchlist in Q2 2024. Only one property remains Portfolio Investment Suburban Office Park CBD Office Building 50-Unit Apartment Community (1) Loan Type Floating Rate Senior Loan Floating Rate Senior Loan Floating Rate Senior Loan Investment Date Q4 2019 Q1 2021 Q2 2022 Default Date None None Q2 2023 Non-Performing Yes Yes Yes Collateral Office Office Multifamily Loan Purpose Acquisition Refinance Acquisition Location Alpharetta, Georgia Denver, Colorado Rock Hill, South Carolina Loan Risk Rating 5 5 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 Foreclosure Real Estate Owned (“REO”) Portfolio Investment Single Tenant Retail Portfolio CBD Office Complex 16-Building Apartment Complex Two Property Portfolio Apartment Communities 471-Unit Apartment Community 426-Unit Apartment Community 224-Unit Apartment Community 397-Unit Apartment Community 76-Unit Apartment Community 80-Unit Apartment Community 128-Unit Apartment Community 122-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 Q2 2022 Q2 2022 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 Q3 2024 Q3 2024 Q3 2024 Collateral Type Retail Office Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Multifamily Collateral Detail 5 Freestanding Retail Properties 124k Square Foot Office Complex 236-Unit Apartment Complex with 16 Buildings Two Property, 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 80-Unit, Garden Style Apartment Community 128-Unit, Garden Style Apartment Community 122-Unit, Garden Style Apartment Community Location Various Portland, Oregon Lubbock, Texas Mooresville / Chapel Hill, North Carolina Raleigh, North Carolina Cleveland, Ohio San Antonio, Texas Oklahoma City, Oklahoma Charlotte, North Carolina Charlotte, North Carolina Charlotte, North Carolina Statesville, North Carolina Multi Property Loan

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 4/5/24 124 123 + 3.15% 8.00% 4/9/28 Various Industrial 63.8% Loan 2 Senior Loan 2/9/23 120 120 + 4.90% 9.75% 2/9/28 Various Hospitality 53.6% Loan 3 Senior Loan 5/10/24 117 116 + 2.50% 7.35% 5/9/29 Connecticut Multifamily 50.7% Loan 4 Senior Loan 2/25/22 86 86 + 3.24% 8.08% 7/9/26 New Jersey Multifamily 60.0% Loan 5 Senior Loan 2/24/22 86 86 + 3.15% 8.00% 3/9/27 North Carolina Multifamily 69.6% Loan 6 Senior Loan 2/10/22 82 82 + 3.20% 8.05% 2/9/27 Florida Multifamily 74.5% Loan 7 Senior Loan 12/15/21 81 81 + 0.92% 6.24% 8/9/26 North Carolina Multifamily 76.1% Loan 8 Senior Loan 2/16/24 79 79 + 3.65% 8.50% 3/9/29 Texas Multifamily 53.3% Loan 9 Senior Loan 8/1/23 79 79 + 3.20% 8.05% 8/9/28 Texas Multifamily 58.7% Loan 10 Senior Loan 12/21/21 78 78 + 3.45% 8.30% 1/9/27 Florida Multifamily 78.8% Loan 11 Senior Loan 3/31/21 75 75 + 2.95% 7.91% 4/9/26 Texas Multifamily 72.6% Loan 12 Senior Loan 3/7/24 75 75 + 2.70% 7.55% 3/9/29 North Carolina Industrial 58.6% Loan 13 Senior Loan 5/18/22 70 70 + 3.80% 8.65% 12/9/24 Georgia Multifamily 77.9% Loan 14 Senior Loan 9/20/21 70 69 + 3.25% 8.21% 10/9/26 South Carolina Multifamily 77.1% Loan 15 Senior Loan 11/30/21 69 69 + 2.88% 7.84% 12/9/26 Texas Multifamily 74.8% Loans 16 - 157 Senior & Mezz Loans Various 3,875 3,866 + 4.02% 8.59% Various Various Various 63.5% Total/Wtd. avg. $5,165 $5,154 + 3.81% 8.46% 2.6 years 64.0% Average Loan Size $33 $33

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 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 2Q24 Risk Rating # of Loans - 127 27 1 2 Addition - 18 5 - - Reduction - 10 5 4 - +/- vs 2Q24 - 8 - (4) - Principal Balance - 4,083 1,013 1 68 Non-Performing - - - 1 2 Watch List - - - 1 2 0.0% 79.1% 19.6% 0.0% 1.3% 1 2 3 4 5

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 ($0.01) ($0.03) ($0.02) $0.00 $0.01 -1.50% -1.00% -0.50% 9/30/2024 +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 Negative earnings correlation to falling rates As of 10/15/24: 1M SOFR: 4.78% As of 9/30/24: 1M SOFR: 4.85%

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 $69 $333 $1,600 $1,668 $834 $660 2024 ROY 2025 2026 2027 2028 2029 Core Portfolio – Fully Extended Maturities Note: All numbers in millions. Excludes loans on non-accrual and loans in maturity default at 9/30/2024 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 Multifamily 45% Office 35% Hospitality 13% All Other 7% 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 2Q24 Provision / (Benefit) Write offs 3Q24 UPB As % of Total UPB General CECL Provision $50.3 ($0.7) - $49.6 $5,097 1.0% Specific CECL Provision 32.3 0.5 (4.1) 28.7 $68 0.5% Total Allowance for Credit Losses $82.6 ($0.2) ($4.1) $78.3 $5,165 1.5%

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 GAAP Net Income to Distributable Earnings Reconciliation Note: All numbers in millions except share and per share data. 1. Before Q1 2024, we adjusted GAAP income for non-cash CLO amortization acceleration to effectively amortize the issuance costs of our CLOs over the expected lifetime of the CLOs. We assume our CLOs will be outstanding for approximately four years and amortized the financing costs over approximately four years in our distributable earnings as compared to effective yield methodology in our GAAP earnings. Starting in Q1 2024, we amortized the issuance cost incurred on our CLOs over the expected lifetime of the CLOs in our GAAP presentation, making our previous adjustments no longer necessary. 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 and (iii) derivatives. 3. Represents accrued and unpaid subordinated performance fee. In addition, reversal of subordinated performance fee represents cash payment obligations in the quarter. 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 September 30, 2024, the Company has $11.9 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 3Q'24 2Q'24 1Q'24 4Q'23 GAAP Net Income (Loss) 30.2 (3.8) 35.8 30.0 Adjustments: CLO Amortization Acceleration (1) - - - (1.6) Unrealized (Gain) / Loss (2) 2.5 6.3 (0.3) (0.0) Subordinated Performance Fee (3) (3.4) (2.2) (0.6) 2.6 Non-Cash Compensation Expense 2.1 2.1 1.8 1.3 Depreciation & Amortization 1.4 1.4 1.4 1.6 (Reversal of) / Provision for Credit Loss (0.3) 32.2 2.9 5.4 Realized Gain/(Loss) Adjustment on Loans and REO (4) (36.4) (3.7) - - Distributable Earnings (4.0) 32.4 41.0 39.3 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 1.4 1.6 0.1 (0.0) Noncontrolling Interests in Joint Ventures Net (Income) / Loss DE Adjustments (1.4) (1.7) (0.3) (0.3) Distributable Earnings to Common (8.8) 27.4 36.0 34.1 Average Common Stock & Common Stock Equivalents (5) 1,349.1 1,370.7 1,389.9 1,394.9 GAAP Net Income (Loss) ROE 7.9% (2.0%) 8.9% 7.2% Distributable Earnings ROE (2.6%) 8.0% 10.4% 9.8% GAAP Net Income / (Loss) Earnings Per Share, Diluted $0.30 ($0.11) $0.35 $0.28 Fully Converted Weighted Average Shares Outstanding (6) 88,432,401 88,452,224 88,470,537 88,182,810 GAAP Net Income / (Loss) Earnings Per Share, Fully Converted (6) $0.30 ($0.08) $0.35 $0.29 Distributable Earnings Per Share, Fully Converted (6) ($0.10) $0.31 $0.41 $0.39

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 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. Excluding the amounts for accumulated depreciation and amortization of real property of $12.6 million and $9.4 million as of September 30, 2024 and December 31, 2023, respectively, would result in a fully-converted book value per share of $15.38 and $15.88 as of September 30, 2024 and December 31, 2023, respectively. Appendix September 30, 2024 December 31, 2023 Stockholders' equity applicable to convertible common stock $ 1,347,455 $ 1,390,120 Shares: Common stock 81,788,091 81,942,656 Restricted stock and restricted stock units 1,278,698 809,257 Series H convertible preferred stock 5,370,498 5,370,498 Total outstanding shares 88,437,287 88,122,411 Fully-converted book value per share (1), (2) $ 15.24 $ 15.77

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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Income Interest income $ 134,142 $ 137,042 $ 398,253 $ 420,470 Less: Interest expense 89,884 77,973 257,942 224,347 Net interest income 44,258 59,069 140,311 196,123 Revenue from real estate owned 5,412 3,317 14,196 13,067 Total income $ 49,670 $ 62,386 $ 154,507 $ 209,190 Expenses Asset management and subordinated performance fee $ 4,906 $ 7,908 $ 19,023 $ 24,893 Acquisition expenses 255 316 688 977 Administrative services expenses 3,801 3,566 7,365 10,993 Professional fees 3,588 4,153 11,536 11,761 Share-based compensation 2,134 1,255 6,020 3,505 Depreciation and amortization 1,387 1,513 4,221 5,514 Other expenses 5,709 2,856 11,274 9,323 Total expenses $ 21,780 $ 21,567 $ 60,127 $ 66,966 Other income/(loss) (Provision)/benefit for credit losses $ 268 $ (2,379) $ (34,790) $ (28,363) Realized gain/(loss) on extinguishment of debt — (2,836) — 2,201 Realized gain/(loss) on real estate securities, available for sale 55 (486) 143 110 Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value 6,228 933 13,125 3,027 Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value (615) — — 44 Gain/(loss) on other real estate investments (2,193) (4,112) (8,436) (7,142) Trading gain/(loss) — (2,627) — (605) Unrealized gain/(loss) on derivatives 322 (183) 1 (110) Realized gain/(loss) on derivatives (1,573) 67 (1,261) 684 Total other income/(loss) $ 2,492 $ (11,623) $ (31,218) $ (30,154) Income/(loss) before taxes 30,382 29,196 63,162 112,070 (Provision)/benefit for income tax (209) 1,799 (927) 2,408 Net income/(loss) $ 30,173 $ 30,995 $ 62,235 $ 114,478 Net (income)/loss attributable to non-controlling interest 1,441 772 3,124 722 Net income/(loss) attributable to Franklin BSP Realty Trust, Inc. $ 31,614 $ 31,767 $ 65,359 $ 115,200 Less: Preferred stock dividends 6,749 6,748 20,245 20,245 Net income/(loss) applicable to common stock $ 24,865 $ 25,019 $ 45,114 $ 94,955 Basic earnings per share $ 0.30 $ 0.30 $ 0.53 $ 1.14 Diluted earnings per share $ 0.30 $ 0.30 $ 0.53 $ 1.14 Basic weighted average shares outstanding 81,788,091 82,210,624 81,865,672 82,410,725 Diluted weighted average shares outstanding 81,788,091 82,210,624 81,865,672 82,410,725 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 September 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 346,153 $ 337,595 Restricted cash 7,720 6,092 Commercial mortgage loans, held for investment, net of allowance for credit losses of $76,640 and $47,175 as of September 30, 2024 and December 31, 2023, respectively 5,077,476 4,989,767 Real estate securities, available for sale, measured at fair value, amortized cost of $210,256 and $243,272 as of September 30, 2024 and December 31, 2023, respectively (includes pledged assets of $210,656 and $167,948 as of September 30, 2024 and December 31, 2023, respectively) 210,656 242,569 Receivable for loan repayment 196,314 55,174 Accrued interest receivable 37,517 42,490 Prepaid expenses and other assets 20,315 19,213 Intangible lease asset, net of amortization 40,554 42,793 Real estate owned, net of depreciation 113,848 115,830 Real estate owned, held for sale 284,423 103,657 Total assets $ 6,334,976 $ 5,955,180 LIABILITIES AND STOCKHOLDERS' EQUITY Collateralized loan obligations $ 4,097,668 $ 3,567,166 Repurchase agreements and revolving credit facilities - commercial mortgage loans 183,761 299,707 Repurchase agreements - real estate securities 241,266 174,055 Mortgage note payable 23,998 23,998 Other financings 12,865 36,534 Unsecured debt 81,370 81,295 Interest payable 12,378 15,383 Distributions payable 36,240 36,133 Accounts payable and accrued expenses 14,013 13,339 Due to affiliates 15,630 19,316 Intangible lease liability, held for sale 1,805 12,297 Total liabilities $ 4,720,994 $ 4,279,223 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 September 30, 2024 and December 31, 2023 $ 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 September 30, 2024 and December 31, 2023 $ 258,742 $ 258,742 Common stock, $0.01 par value, 900,000,000 shares authorized, 83,066,789 and 82,751,913 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 818 820 Additional paid-in capital 1,598,844 1,599,197 Accumulated other comprehensive income/(loss) 400 (703) Accumulated deficit (342,355) (298,942) Total stockholders' equity $ 1,516,449 $ 1,559,114 Non-controlling interest 7,785 27,095 Total equity $ 1,524,234 $ 1,586,209 Total liabilities, redeemable convertible preferred stock and equity $ 6,334,976 $ 5,955,180 FBRT Balance Sheet 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 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 (i) perpetual preferred stock dividend payments and (ii) non-controlling interests in joint ventures. As noted in (ii) 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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