FBRT

Image source: The Motley Fool. Thursday, July 30, 2026 at 9:00 a.m. ET Investor Relations - Lindsey Crabbe Chief Executive Officer - Michael Comparato Chief Financial Officer and Chief Operating Officer - Jerome Baglien President - Brian Buffone Operator: Good day, and welcome to the Franklin BSP Realty Trust Second Quarter 2026 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today’s presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touchtone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference call over to Ms. Lindsey Crabbe. Ms. Crabbe, the floor is yours, ma’am. Lindsey Crabbe: Hello, and good morning, everyone. Welcome to FBRT’s second-quarter earnings call. Thank you for joining us. As the operator mentioned, I am Lindsey Crabbe. With me on the call today are Michael Comparato, Chief Executive Officer of FBRT; Jerome Baglien, Chief Financial Officer and Chief Operating Officer of FBRT; and Brian Buffone, President of FBRT. Before we begin, I want to mention that some of today’s comments are forward-looking statements and are based on certain assumptions. Those comments and assumptions are subject to inherent risks and uncertainties described in our most recently filed SEC periodic reports, and actual future results may differ materially. The information conveyed on this call is current only as of the date of this call, July 30, 2026. The company assumes no obligation to update any statements made during this call, including any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Additionally, we will refer to certain non-GAAP financial measures, which are reconciled to GAAP figures in our earnings release and supplementary slide deck, each of which is available on our website at [www.fbrtreit.com](http://www.fbrtreit.com). We will refer to the supplementary slide deck on today’s call. With that, I will turn the call over to Michael Comparato. Michael Comparato: Thank you, Lindsey, and good morning, everyone, and thank you for joining us today. I will begin with a few thoughts on the current market environment and our second-quarter performance. Then I will hand it over to Jerome Baglien, who will review our financial results, and Brian will provide an update on the portfolio and overall credit trends. The commercial real estate market remained unsettled during the second quarter. Ongoing geopolitical concerns and conflict continued to put uncertainty in the minds of investors. Higher oil prices have led to inflation concerns, which have in turn led to higher interest rates. At the moment, the higher-for-longer interest rate environment appears to be fairly sticky. The buy-sell transactional volume in the multifamily sector slowed, as the bid-ask spread between buyers and sellers is very wide in the current rate environment. We have remained selective in deploying capital, focusing on our opportunities where our structuring expertise, longstanding relationships, and ability to navigate more complex transactions allow us to generate attractive risk-adjusted returns. At the same time, we have maintained discipline in our underwriting, made further progress resolving legacy assets, repurchased shares at a meaningful discount to book value, and maintained a strong liquidity position. We have continued to position the portfolio into newer-vintage investments, with more than three-quarters of our loan book now originated following the interest rate hiking cycle. Against that backdrop, we were pleased with our second-quarter results. We generated distributable earnings that covered our dividend for the second quarter in a row, and we have increased our book value per share. Our stock continues to trade at what we believe is a meaningful discount to the underlying value of the company. As Brian will discuss later, we have just 1% office exposure, and approximately 77% of our portfolio has been originated since interest rates began moving higher. We have zero exposure to data centers, life sciences, or lab space. We are still underearning on our watchlist and REO positions, but we are committed to resolving those as timely and efficiently as possible. With the repositioning of our dividend, we think we have the proper earnings level to work through the balance of legacy loans and workout assets. We continue to believe repurchasing our stock at these levels is one of the most attractive uses of capital available to us. Overall, we believe the company remains well positioned with a high-quality, multifamily-focused portfolio, significant liquidity, and a balance sheet that provides flexibility as opportunities emerge. We remain confident in the quality of the portfolio, the progress we have made through legacy assets, and our ability to continue creating long-term value for shareholders. And with that, I will turn the call over to Jerome Baglien. Jerome Baglien: Great. Thanks, Michael, and thanks, everyone, for joining. I am going to walk through the financial results for the quarter. FBRT reported GAAP net income of $16.3 million, or $0.13 per fully converted common share. Distributable earnings totaled $28.3 million, or $0.25 per fully converted share. Excluding approximately $1.9 million of realized losses, distributable earnings before realized losses were $30.2 million, or $0.28 per fully converted share. Results this quarter benefited from improved core net interest income, an outsized contribution from our conduit business, and significantly lower realized losses compared to the first quarter. This quarter also demonstrated the benefit of our diversified platform. While NewPoint experienced lower origination volumes as rates remained higher for longer, our diversified earnings streams helped support overall results. That said, we continue to have approximately $250 million of equity invested in underperforming assets, and resolving those positions remains a key priority as we move forward. During the quarter, we recorded a $5.2 million CECL provision on our core portfolio. This was mainly due to an increase in the general reserve driven by the change in the economic environment, as well as a modest addition to specific reserves on a small number of watchlist assets. Book value per fully converted share increased to $14.24 from $14.18 last quarter. Continued share repurchase activity remained an important driver of book value accretion during the quarter. We repurchased over $16 million of common stock during the quarter at an average price of $8.70 per share, continuing what we believe is an attractive use of capital while our shares trade at a substantial discount to book value. Our balance sheet remains in a strong position. Net leverage finished the quarter at 2.6x, with recourse leverage of just 0.7x, while approximately 79% of our core financing remains non-mark-to-market. We ended the quarter with nearly $800 million of available liquidity, including cash, CLO reinvestment capacity, and available financing. A few notes on NewPoint. NewPoint generated distributable earnings of $7.4 million during the quarter. Agency originations totaled approximately $399 million, reflecting the slower transaction environment we saw broadly across commercial real estate markets. The servicing platform remains a significant strategic asset for the company. The servicing portfolio increased to nearly $60 billion, providing a recurring earnings stream that continues to complement our lending platform. While quarterly production can fluctuate with market activity, we continue to believe NewPoint represents an important long-term value driver for FBRT. Servicing fees and float income were up $1.2 million in the quarter and provided a stable cash contribution. With that, I will turn it over to Brian Buffone to give you an update on our portfolio. Brian Buffone: Thanks, Jerome, and good morning, everyone. I will start on slide 14. Our core loan portfolio finished the quarter at approximately $4.3 billion. As Mike mentioned, transaction activity remained relatively subdued across the industry during the quarter, with borrowers continuing to delay refinancings and acquisitions in the current interest rate environment. As a result, our new originations were limited and were outpaced by repayments during the quarter. We originated approximately $167 million of new loan commitments while receiving roughly $458 million of repayments, resulting in a net decline in the portfolio. Against that backdrop, we remain disciplined in our underwriting standards and continued focusing on opportunities where we believe we can achieve attractive risk-adjusted returns rather than simply prioritizing volume. We also closed on the purchase of our first B-piece CMBS investment in a number of years as a supplement to our normal balance sheet investments. Our portfolio remains highly concentrated in multifamily at approximately 80% of outstanding balances, with office exposure remaining at just 1% of the portfolio. Approximately 77% of our investments have now been originated following the interest rate hiking cycle as we continue the transition toward newer vintages. During the quarter, we closed nine new loans totaling $167 million of commitments. The market for high-quality multifamily loans remains competitive. Although we continue to see selective opportunities where our relationships, structuring expertise, and ability to execute help differentiate us. While spreads remain tighter than they have been over the past two years, we continue to maintain our underwriting discipline with an emphasis on lower-leverage loans and experienced sponsors. That being said, total levered returns on assets with CLO execution are still quite attractive. Turning to our credit performance. The overall portfolio performance remained stable during the quarter. Our average risk rating improved to 2.4 from 2.5 last quarter. We ended the quarter with 12 watchlist loans compared to 11 last quarter, reflecting two additions and one successful resolution. One asset was removed from the watchlist during the quarter, while two smaller multifamily loans were added as we continue to proactively identify and address emerging issues. The legacy portion of our portfolio is now down to approximately 23% of our total loan book and is predominantly secured by multifamily assets. We are actively working to address and wind down these older exposures as we move the book fully into newer vintages. Slide 17 covers our foreclosure/REO portfolio. We finished the quarter with six foreclosure/REO assets, unchanged from last quarter, as we sold one asset and added another. The addition, a property known as The Point at Caldwell, was appraised by a third-party vendor above our basis, and that resulted in a write-up in carrying value of approximately $9.7 million. More broadly, our objective remains to monetize these assets efficiently and redeploy capital into accretive opportunities. With that, I will turn it back to the operator for a Q&A session. Operator: Thank you, sir. We will now begin the question-and-answer session. To ask a question, you may press star, then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. At this time, we will just pause momentarily to assemble our roster. The first question we have will come from Chris Miller of Citizens Capital Markets. Please go ahead. Chris Miller: Hey, guys. Thanks for taking the questions this morning. I want to touch on NewPoint. You guys have previously given guidance for 2026, with origination volumes in a range of $4.5 billion to $5.5 billion. But I guess halfway through the year, you have done just over $1 billion. So I assume those numbers will be hard to hit in the back half of the year, but kind of breaking that down to a quarterly average would be about $1 billion a quarter for NewPoint. So do you guys think those types of volumes are achievable in the back half of the year? Michael Comparato: Hey, Chris. It is Mike. Unfortunately, I do not. I do not think anybody had a 4.70% 10-year on their bingo card to start the year. As I mentioned, you know, to start the call, just, you know, oil going up and past $100 got everybody spooked on inflation. You know, inflation has continued to run hotter than anybody would like. I think it is now five straight years above the Fed target. And so I think everybody is just dealing with a higher-rate environment. And in that environment, you know, most borrowers always think that rates are going to go lower or the future is going to always be better. And so we are seeing the vast majority of them opt to go to the floating-rate market in the current environment. So I do think in a lower-rate environment and something that is more, you know, what we saw a few years ago, that, you know, those volume numbers are certainly achievable. But in the current environment, it is very much an uphill battle on the agency side of things. Chris Miller: Got it. That is helpful. And then say we do get oil prices to come down and we get some relief on rates. How fast can that business ramp back up? Like, what is the lag from rates moving down until you guys start to see stuff flow through the pipeline? Michael Comparato: Look, I think the pipeline is very strong. I think the last number that we discussed, I mean, within the last few days, was we have got $1.7 billion quoted or in underwriting. A lot of borrowers are just waiting. So there could be a switch that flips. Right? If you saw, you know, I am just arbitrarily picking a number, you know, a meaningful drop in rates. Like, rates come down 50 basis points, and we are in the low fours. I think you could see, you know, a $1 billion quarter with people that sprint to try to lock in some fixed-rate debt. So it is not for a lack of effort. It is not for a lack of opportunity. It is really just a bunch of borrowers basically being bond traders and waiting to see, you know, when they want to lock in long-term rates. Chris Miller: Got it. That makes a lot of sense. And if I could just squeeze a quick housekeeping one in. Looking at your interest rate sensitivity slide, it looks like rates moving higher is a headwind to EPS going forward, which we typically do not see for a mortgage REIT. So can you just talk me through that dynamic? Michael Comparato: Jerome, do you want to take that? Jerome Baglien: Yeah. I can come back to you on some specifics there, but I think it is just the overall balance of the portfolio today. So let me come back to you on exactly how that works. Chris Miller: Okay. Appreciate that. Thanks for taking the questions today. Jerome Baglien: No problem. Operator: The next question we have will come from John Nicodemus of BTIG. John Nicodemus: Hello, and good morning, everyone. We were encouraged to see earnings come up from the $0.22 to $0.23 range we had seen in the prior few quarters. Jerome, I know you mentioned there was an impact there from conduit, but based on some of the improvements that your team has made over the last few quarters, is this sort of a level we can expect to see through the back half of the year? Maybe a little bit closer to the $0.22 to $0.23 range. Just sort of curious how we should be thinking about earnings looking forward at this time after that bump up. Thanks. Jerome Baglien: Yes. Happy to comment on that. I did highlight the conduit intentionally. It was a big quarter in terms of what it contributed. And that is probably the hardest thing to predict, or at least one of them, in our business. So I think this quarter was, you know, benefited by, you know, I would say, a couple of one-time things that probably made it a little higher than I would expect. Michael Comparato: Yeah. I do think kind of what you mentioned, you know, is a reasonable kind of target range with the portfolio we have today. We always have some one-time items, so it is always tricky to predict exactly what they will be. But, I mean, we set the level on the dividend intentionally, knowing that we do have some stuff to work through. There will be some in and some out on these portfolios. And even if the core stuff is really steady, it will ebb and flow a little bit, but we feel comfortable kind of staying above that. I do think, you know, if you look at the path we are on, ex kind of some of that one-time stuff, you are trending in the right direction, which is really ultimately what we are trying to do. So sorry there is not perfect specificity on that, but there is some stuff that is harder to give you exact, you know, nominal answers on. Jerome Baglien: Yeah. Michael Comparato: And, John, I would zoom out a little bit on that. You know, we have held for two years that the ultimate earning power, or earnings power, of the company, you know, is closer to where the dividend was prior to the cut. You know, we just said we have got to get through our issues, get these underperforming assets back to performing loans. And, you know, there is a fairly clear path to, I think, you know, meaningfully higher earnings. And that is without the benefit of the buyback. Right? So now throw in, you know, our ability to buy back shares, which I do not think anybody on our side of the call would have thought we would be trading, you know, at this large of a discount to book. But we are going to take advantage of that. We are going to continue to buy back shares. That will also drive, you know, earnings on a per-share basis as well. John Nicodemus: Great. Thank you so much, Jerome and Mike. That is perfect and great to hear that is the overall direction things are going in. And then a little more specific one for me here. I just wanted to ask about one of the downgrades. I saw the Houston loan come onto the watchlist. I know it is a smaller loan, but also did not see that it was originated in 2025. I was not sure if this was a sponsor issue, asset-specific, but just a little more color there, given the recent vintage of the loan, would be great. Thank you. Michael Comparato: Brian, is that La Serena? Brian Buffone: Sorry. I was on mute. Michael Comparato: Yeah. Brian Buffone: That is La Serena. Michael Comparato: Oh, okay. So, John, La Serena is an asset that we foreclosed, I want to say, 18 months ago. Apologies if I am off by a few quarters there. We actually sold it to another sponsor fairly quickly after we foreclosed on it. Made a few-million-dollar profit selling it. And then they failed in their business plan, and it has come back around full circle to REO. And I believe, Brian, correct me if I am wrong, we have that under a letter of intent again, already to be sold to someone else. Brian Buffone: Correct. We are negotiating a purchase and sale agreement as we speak. Michael Comparato: Yeah. So I would say it is accurate, of course, that it was a 2025 origination. But it is really a legacy asset origination that unfortunately has come in and out of the system twice now. John Nicodemus: Got it. Makes a ton of sense, and thanks for the time. Operator: As a reminder, if you would like to participate in today’s Q&A, please press star, then one on a touchtone phone. Again, that is star, then one to ask a question. Next, we have Jason Weaver of JonesTrading. Val Alvar: Hey. Good morning. This is Val Alvar filling in for Jason Weaver. Thanks for taking my question. I know you touched on it a little bit, but the new loans that were coming in around 238 basis points over, which is inside your cost of debt. At the same time, you guys slowed the buyback. And I know you mentioned that the stock is now trading around 0.59x book and liquidity is up. So how are you kind of ranking those two uses of capital? Is there, like, a spread level where you would stop originating and lean into the authorization instead? Thanks. Michael Comparato: So I do not think, you know, clearly, the cost of liabilities is higher than where we are originating loans. It may be on a backward-looking basis for where our legacy liabilities are. But for new origination, we are still originating, you know, at a very positive spread. So I would say, generically, you know, warehouse financing today for multifamily is priced in the SOFR plus 125 to 135 basis-point range. And then if you go the CRE CLO route on the liability side, that is probably a total cost of funds that is, like, 150 to 160 basis points. But you are getting, you know, meaningfully higher advance rates. So while the origination figure of SOFR plus 238 basis points appears tight, you know, as asset spreads are compressing and declining, so are liabilities. So I just would not mismatch legacy liabilities to current originations. Val Alvar: Got it. Thank you. I appreciate that extra color there. Michael Comparato: And then I missed the second half of the question. Could you just ask that again? Val Alvar: Yeah. Yeah. I think it was on the inflection point, right, on buyback versus originate. Michael Comparato: Yes. Yes. You got it. Oh, go ahead. Jerome Baglien: Yeah. Let me give a little color on that. I think, obviously, it is very accretive to buy back at these levels. There is no question about that. There are multiple ways to calculate an IRR or return, but either way, I think it is extremely compelling. You also have to balance that with the structure of the balance sheet we have, in that you have got reinvestment that opens up on the CLOs. You want to make sure you keep those things full at the same time to keep the effectiveness of that financing structure that you set up. I think you balance available liquidity depending on where it arrives versus keeping the effectiveness of, you know, the core portfolio at a high-returning ROE at the same time. So it is a capital balance between those two points, I think, in a lot of ways. Val Alvar: Got it. Thank you. Operator: Well, at this time, we are showing no further questions. This will conclude our question-and-answer session. I would now like to turn the conference call back over to Lindsey Crabbe for any closing remarks. Ma’am? Lindsey Crabbe: We appreciate you joining us today. Please reach out if you have any further questions. Thanks, and have a great day. Operator: All right. Thank you, ma’am, and thank you to the rest of the management team for your time also. The conference call is now concluded. We thank you all for attending today’s presentation. At this time, you may disconnect your lines. Thank you. Take care, and have a great day. Before you buy stock in Franklin Bsp Realty Trust, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Franklin Bsp Realty Trust wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Franklin BSP Realty Trust (FBRT) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Franklin BSP Realty Trust, Inc.? Here are five stocks we like better. Distributable earnings covered the dividend for a second consecutive quarter. FBRT reported $28.3 million, or $0.25 per fully converted share, while earnings excluding realized losses reached $30.2 million, or $0.28 per share. Book value increased as the company repurchased shares at a discount. FBRT bought back more than $16 million of stock at an average $8.70 per share, while ending the quarter with 2.6x net leverage and nearly $800 million in available liquidity. NewPoint’s loan production slowed, but its servicing platform expanded. Agency originations totaled about $399 million, below the pace needed to meet its 2026 target, while the servicing portfolio grew to nearly $60 billion and generated higher servicing fees and float income. Best Stocks Under $15? 3 Low-Priced Picks With Upside Franklin BSP Realty Trust (NYSE:FBRT) reported second-quarter 2026 distributable earnings that covered its dividend for a second consecutive quarter, as improved core net interest income, a strong contribution from its conduit business and lower realized losses supported results. The commercial real estate lender reported GAAP net income of $16.3 million, or $0.13 per fully converted common share. Distributable earnings were $28.3 million, or $0.25 per fully converted share. Excluding approximately $1.9 million of realized losses, distributable earnings totaled $30.2 million, or $0.28 per share. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now 5 Highest-Rated Dividend Stocks According to MarketBeat Chief Executive Officer Michael Comparato said the commercial real estate market remained unsettled during the quarter, citing geopolitical concerns, higher oil prices, inflation worries and a persistently elevated interest-rate environment. Transaction activity in multifamily slowed as buyers and sellers remained divided on pricing, he said. “We have remained selective in deploying capital,” Comparato said, adding that the company is targeting opportunities where its structuring expertise and relationships can produce attractive risk-adjusted returns. → Microsoft Just Flipped the AI Spending Narrative Overnight 3 Small-Cap Stocks Ready to Deliver Significant Growth Book value per fully converted share increased to $14.24 from $14.18 in the first quarter. Chief Financial Officer and Chief Operating Officer Jerry Baglien said share repurchases contributed to the increase. During the quarter, FBRT repurchased more than $16 million of common stock at an average price of $8.70 per share. Management said it views repurchases as an attractive use of capital while the shares trade at a substantial discount to book value. → Carrier Earnings Could Send the Stock to a New All-Time High The company ended the quarter with net leverage of 2.6 times and recourse leverage of 0.7 times. About 79% of core financing was non-mark-to-market, and FBRT had nearly $800 million of available liquidity, including cash, CLO reinvestment capacity and available financing. Baglien said the company recorded a $5.2 million CECL provision on its core portfolio, primarily reflecting a higher general reserve tied to changes in the economic environment and modest additions to specific reserves for a small number of watch-list assets. Management also noted that approximately $250 million of equity remains invested in underperforming assets. Resolving those positions remains a priority, Baglien said. NewPoint, FBRT’s agency lending and servicing platform, generated $7.4 million of distributable earnings during the quarter. Agency originations totaled approximately $399 million, reflecting subdued commercial real estate transaction volumes. The servicing portfolio grew to nearly $60 billion. Servicing fees and float income increased by $1.2 million during the quarter, providing what management described as a stable cash contribution. Comparato said NewPoint’s previously discussed 2026 agency origination volume range of $4.5 billion to $5.5 billion will be difficult to achieve in the current rate environment. He said many borrowers are choosing floating-rate financing while waiting for an opportunity to lock in lower long-term fixed rates. Still, he said the platform’s pipeline remained strong, with $1.7 billion quoted or in underwriting. Comparato said a meaningful decline in rates could prompt borrowers to move quickly, potentially allowing NewPoint to generate a $1 billion quarterly origination volume. FBRT’s core loan portfolio ended the second quarter at approximately $4.3 billion. The company originated roughly $167 million of new loan commitments across nine loans, while receiving approximately $458 million in repayments, resulting in a net portfolio decline. President Brian Buffone said the company continued to emphasize lower-leverage loans and experienced sponsors as competition for high-quality multifamily loans remained active. FBRT also completed its first B-piece CMBS investment in several years as a supplement to its usual balance-sheet investments. Multifamily represented approximately 80% of outstanding portfolio balances, while office exposure was 1%. About 77% of investments were originated after interest rates began rising, reflecting management’s effort to transition the portfolio toward newer-vintage loans. The company reported no exposure to data centers, life sciences or lab space. Average portfolio risk rating improved to 2.4 from 2.5 in the first quarter. Watch-list loans increased to 12 from 11, following two additions and one resolution. Legacy loans declined to approximately 23% of the total loan book and were predominantly backed by multifamily properties. Foreclosure REO assets remained at six after the company sold one asset and added another. The newly added REO asset, Point at Caldwell, was appraised by a third-party vendor above FBRT’s basis, producing a $9.7 million increase in carrying value, Buffone said. During the question-and-answer session, management discussed La Serena, a Houston-area asset that returned to the company’s REO portfolio after a subsequent sponsor failed to execute its business plan. Comparato said FBRT had previously foreclosed on and sold the property at a profit, and Buffone said the company was negotiating a purchase and sale agreement for the asset. Looking ahead, management said it expects earnings to fluctuate with one-time items and asset resolutions but believes the company is progressing toward improved earnings power. The company also said it will continue balancing loan originations with stock repurchases and the need to maintain the efficiency of its CLO financing structures. Franklin BSP Realty Trust, Inc (NYSE: FBRT) is a publicly traded real estate investment trust sponsored by an affiliate of Franklin Square Capital Partners. The company focuses on acquiring, owning and managing single-tenant net leased commercial properties across the United States. Its portfolio spans retail, office, industrial and other property types, with leases structured to shift most property‐level responsibilities—such as maintenance, property taxes and insurance—to the tenants. By concentrating on net lease investments, Franklin BSP Realty Trust aims to generate stable and predictable rental income streams. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Franklin BSP Realty Trust Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Franklin BSP Realty Trust Inc (NYSE:FBRT) generated distributable earnings that covered its dividend for the second consecutive quarter. Book value per share increased to $14.24 from $14.18 in the prior quarter, driven by share repurchases. The company repurchased over $16 million of common stock at an average price of $8.70 per share, well below book value. The portfolio is highly concentrated in multifamily (80%) with minimal office exposure (1%), reducing risk. Approximately 77% of the loan book was originated after the interest rate hiking cycle, positioning it for current conditions. The commercial real estate market remains unsettled due to geopolitical concerns, higher oil prices, and sticky inflation. New loan originations were limited at $167 million, outpaced by $458 million in repayments, leading to a net portfolio decline. The company still has approximately $250 million of equity invested in underperforming assets, which weighs on earnings. NewPoint's agency origination volumes were lower due to the higher-for-longer interest rate environment, missing earlier guidance. Interest rate sensitivity analysis indicates that rising rates are a headwind to future earnings per share. Here are the key highlights from the Franklin BSP Realty Trust Inc (NYSE:FBRT) Q2 2026 earnings call. Warning! GuruFocus has detected 10 Warning Signs with FBRT. High Yield Dividend Stocks in Gurus' Portfolio This Powerful Chart Made Peter Lynch 29% A Year For 13 Years How to calculate the intrinsic value of a stock? Is FBRT fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide an update on the current market environment and how it is impacting FBRT's performance? A: (Michael Comparato, CEO) The commercial real estate market remains unsettled due to ongoing geopolitical concerns and higher oil prices, which have led to inflation and higher interest rates. The "higher for longer" rate environment is sticky, causing a wide bid-ask spread in the multifamily sector and slowing transaction volume. We have remained selective in deploying capital, focusing on complex transactions where our expertise allows for attractive risk-adjusted returns. Q: What were the key financial results for the second quarter of 2026? A: (Jerry Badlian, CFO & COO) FBRT reported GAAP net income of $16.3 million ($0.13 per share) and distributable earnings of $28.3 million ($0.25 per share). Excluding $1.9 million in realized losses, distributable earnings were $30.2 million ($0.28 per share). Results benefited from improved core net interest income, an outsized contribution from the conduit business, and lower realized losses. Book value per share increased to $14.24 from $14.18 last quarter. Q: Given the slow start to the year, are the 2026 origination volume guidance targets for NewPoint still achievable? A: (Michael Comparato, CEO) No, we do not believe the $4.5 to $5.5 billion guidance is achievable. Nobody predicted oil prices would surge past $100, which spooked the market on inflation. In this environment, most borrowers are opting for floating-rate debt rather than locking in long-term fixed rates with agencies. The pipeline is strong at $1.7 billion, but borrowers are waiting for a meaningful drop in rates before acting. Q: How should we think about the company's earnings power going forward after the Q2 bump? A: (Jerry Badlian, CFO & COO) The Q2 results were boosted by a strong conduit contribution, which is hard to predict. The prior range of $0.22 to $0.23 per share is a reasonable target for the core portfolio. However, we are trending in the right direction. (Michael Comparato, CEO) The ultimate earnings power of the company is closer to the level of the dividend before the cut. There is a clear path to meaningfully higher earnings once we resolve our underperforming assets, and this is without the added benefit of the accretive share buyback program. Q: Can you provide more color on the La Serena loan that was added to the watch list, given it was a 2025 origination? A: (Michael Comparato, CEO) While it was technically a 2025 origination, it is a legacy asset. We originally foreclosed on the property about 18 months ago and sold it to another sponsor at a small profit. That sponsor failed in their business plan, and the asset has come back to us as REO. (Brian Bassone, President) We are already negotiating a purchase and sale agreement to sell it again. Q: How are you balancing the decision to originate new loans versus repurchasing stock, given the discount to book value? A: (Michael Comparato, CEO) It is important not to mismatch legacy liability costs with current originations. While the spread on new loans appears tight, the cost of new liabilities (warehouse or CLO financing) has also declined, so we are still originating at a positive spread. (Jerry Badlian, CFO & COO) Buying back stock at these levels is extremely compelling from an IRR perspective. However, we must balance this with the need to keep our CLO structures full and maintain the effectiveness of our financing. It is a capital allocation balance between the high ROE of the core portfolio and the accretive buyback. Q: What is the status of the company's legacy assets and REO portfolio? A: (Brian Bassone, President) The legacy portion of the portfolio is now down to approximately 23% of the total loan book and is predominantly secured by multifamily assets. We ended the quarter with six foreclosure REO assets, unchanged from last quarter. One asset was sold and another was added. The new addition, Point at Caldwell, was appraised above our basis, resulting in a $9.7 million write-up in carrying value. Our objective is to monetize these assets efficiently. Q: What is the company's exposure to office and other risky asset classes? A: (Michael Comparato, CEO) Our office exposure is just 1% of the portfolio. We have zero exposure to data centers, life sciences, or lab space. Approximately 77% of our investments have been originated since the interest rate hiking cycle began, and the portfolio is highly concentrated in multifamily at about 80%. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Franklin BSP (FBRT) came out with quarterly earnings of $0.25 per share, beating the Zacks Consensus Estimate of $0.23 per share. This compares to earnings of $0.27 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +8.70%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.22 per share when it actually produced earnings of $0.22, delivering no surprise. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Franklin BSP, which belongs to the Zacks REIT and Equity Trust industry, posted revenues of $65.29 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 11.04%. This compares to year-ago revenues of $49.29 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Franklin BSP shares have lost about 22.7% since the beginning of the year versus the S&P 500's gain of 8.5%. While Franklin BSP has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Franklin BSP was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.26 on $75.2 million in revenues for the coming quarter and $0.86 on $301.65 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust is currently in the bottom 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Ares Commercial Real Estate (ACRE), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 4. This real estate investment trust is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of +115.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Ares Commercial Real Estate's revenues are expected to be $26.52 million, up 14.7% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Franklin BSP Realty Trust, Inc. (FBRT) : Free Stock Analysis Report Ares Commercial Real Estate Corporation (ACRE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributes the unsettled commercial real estate market to geopolitical concerns and oil-driven inflation, which have sustained a 'sticky' higher-for-longer interest rate environment. The multifamily sector is experiencing slowed transaction volume due to a wide bid-ask spread between buyers and sellers in the current rate climate. Strategic focus has shifted toward newer-vintage investments, with approximately 77% of the loan book originated after the interest rate hiking cycle began. The company is intentionally underearning on its watchlist and REO positions to prioritize the timely and efficient resolution of legacy assets. Management views share repurchases at a meaningful discount to book value as one of the most attractive uses of capital currently available. Portfolio discipline is maintained through a high concentration in multifamily (80%) and minimal office exposure (1%), while avoiding data centers and life sciences. The dividend was repositioned to provide a sustainable earnings level while the company works through the remaining 23% of legacy loans. Management expects the agency origination environment to remain an 'uphill battle' as borrowers opt for floating-rate debt over fixed-rate options in the current rate environment. Future earnings power is expected to trend toward historical levels as underperforming assets are converted back into performing loans. The company maintains nearly $800 million in available liquidity to provide flexibility for emerging opportunities and continued share buybacks. Guidance for NewPoint origination volumes is likely to be missed due to the 10-year Treasury rate exceeding initial expectations and impacting borrower behavior. Resolution of approximately $250 million in equity tied up in underperforming assets remains a primary strategic priority for the second half of the year. A $5.2 million CECL provision was recorded, primarily driven by a general reserve increase reflecting the changing economic environment. The company realized a $9.7 million write-up in carrying value for 'The Point at Caldwell' following a third-party appraisal above the company's basis. Book value accretion was driven by the repurchase of over $16 million in common stock at an average price of $8.70 per share. The servicing portfolio grew to nearly $60 billion, providing a recurring earnings stream that mitigates volatility in origination volumes. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management acknowledged that the $4.5 billion to $5.5 billion origination target for 2026 is unlikely to be met due to higher-than-expected interest rates. A significant pipeline of $1.7 billion exists, but borrowers are acting as 'bond traders,' waiting for a potential 50-basis-point drop before locking in fixed rates. The second-quarter earnings bump was aided by an outsized contribution from the conduit business, which management noted is difficult to predict and may include one-time benefits. Management believes the current dividend level is well-covered even as they work through legacy asset issues. A 2025 vintage loan added to the watchlist was clarified as a legacy asset that had been foreclosed, sold for profit, and subsequently returned to REO after the new sponsor failed. The asset is currently under a letter of intent to be sold again, illustrating the active management of the REO portfolio. Management is balancing the high accretion of buybacks with the need to keep CLO reinvestment structures full to maintain financing effectiveness. While asset spreads are tightening, management clarified that liability costs are also declining, maintaining positive spreads on new originations.

NEW YORK, July 29, 2026--(BUSINESS WIRE)--Franklin BSP Realty Trust, Inc. (NYSE: FBRT) ("FBRT" or the "Company") today announced financial results for the quarter ended June 30, 2026. During the second quarter, FBRT increased GAAP book value per share, generated distributable earnings that exceeded its quarterly dividend, continued repurchasing common stock and made further progress resolving legacy assets. Second Quarter 2026 Summary GAAP net income of $16.3 million or $0.12 per diluted common share Distributable Earnings (a non-GAAP financial measure) of $28.3 million, or $0.25 per diluted common share on a fully converted basis(1) Distributable Earnings before realized losses (a non-GAAP financial measure) of $30.2 million, or $0.28 per diluted common share on a fully converted basis(1) Repurchased 1,838,855 shares of common stock at an average price of $8.70 per share for an aggregate of $16.0 million, which provided an $0.11 increase in book value per diluted common share on a fully converted basis(1) Book value of $14.24 per diluted common share on a fully converted basis(1), an increase of $0.06 from the prior quarter Adjusted(2) fully converted(1) book value per share of $14.74, an increase of $0.16 from the prior quarter Core portfolio: Agency Business segment: Declared a second quarter common stock cash dividend of $0.20, representing an annualized 5.6% yield on book value, or 10.2% yield on current trading price(4) Total liquidity of $796.7 million, which includes $136.3 million in cash and cash equivalents Closed BSPRT 2026-FL13 ("FL13 CRE CLO"), an $880.4 million managed Commercial Real Estate Collateralized Loan Obligation ("CLO"), resulting in financing of $778.1 million, with a 30 month re-investment period, an advance rate of 88.4% and a weighted average interest rate of 1M Term SOFR+176 before accounting for discount and transaction costs On July 28, 2026, the Board of Directors reauthorized the Company’s share repurchase program, making $50.0 million available for repurchases through December 31, 2026 Portfolio and Investment Activity Core portfolio: For the quarter ended June 30, 2026, the Company closed $166.7 million of new loan commitments, funded $248.4 million of principal balance on new and existing loans, and received loan repayments of $457.7 million. FBRT's average portfolio risk rating improved to 2.4 from 2.5 in the prior quarter. At quarter end, the Company had 12 loans on its watch list, seven of which are risk rated a four and five of which are risk rated a five. Conduit: For the quarter ended June 30, 2026, the Company originated $78.3 million of fixed rate conduit loans and sold $249.5 million of conduit loans for a gain of $6.0 million, gross of related derivatives. Agency Business segment: For the quarter ended June 30, 2026, the Company originated $398.8 million of new commitments under programs with Fannie Mae, Freddie Mac, and HUD and managed a servicing portfolio of $59.8 billion. Real estate owned and equity method investments: For the quarter ended June 30, 2026, the Company had six foreclosure real estate owned positions totaling $198.7 million, one investment real estate owned position of $115.2 million, and five equity method investment positions of $89.2 million. Allowance for credit losses: During the quarter, the Company recognized a net provision for credit losses of $7.2 million. Provision for our core portfolio was $5.2 million, comprised of a specific allowance provision of $1.5 million and a general provision of $3.7 million. Provision for our Agency Business was $2.0 million, comprised of a general provision of $2.1 million, partially offset by a benefit in the specific allowance of $0.1 million. Book Value As of June 30, 2026, book value was $14.24 per diluted common share on a fully converted basis(1). Share Repurchase Program During the quarter ended June 30, 2026, the Company repurchased 1,838,855 shares of common stock at an average price of $8.70 per share for an aggregate of $16.0 million, which represents an $0.11 per share increase to book value. Subsequent to quarter end, the Board of Directors reauthorized the Company's share repurchase program, again providing $50.0 million available for future share repurchases through December 31, 2026. Subsequent Events Subsequent to quarter end, holders of OP Units in our operating partnership redeemed 7,918,314 OP Units for an equal number of shares of the Company’s common stock. 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, (vii) non-cash income from mortgage servicing rights, and (viii) certain other non-cash items. Distributable Earnings before realized losses, a non-GAAP measure, presents Distributable Earnings gross of realized gain (loss) on debt extinguishment and realized gain (loss) on loans and real estate owned. 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, Distributable Earnings before realized losses and Distributable Earnings to Common provide meaningful information to consider in addition to the disclosed GAAP results. The Company believes Distributable Earnings, Distributable Earnings before realized losses 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, Distributable Earnings before realized losses 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, Distributable Earnings before realized losses 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. Please refer to the financial statements and reconciliation of GAAP Net Income to Distributable Earnings, Distributable Earnings before Realized Losses and Distributable Earnings to Common included at the end of this release for further information. Supplemental Information The Company published a supplemental earnings presentation for the quarter ended June 30, 2026 on its website to provide additional disclosure and financial information. These materials can be found on the Company’s website at https://www.fbrtreit.com under the Presentations tab. Conference Call and Webcast The Company will host a conference call and live audio webcast to discuss its financial results on Thursday, July 30, 2026 at 9:00 a.m. ET. Participants are encouraged to pre-register for the call and webcast at https://dpregister.com/sreg/10210247/10460f4a8af. If you are unable to pre-register, the conference call may be accessed by dialing (844) 701-1166 (Domestic) or (412) 317-5795 (International). Ask to join the Franklin BSP Realty Trust conference call. Participants should call in at least five minutes prior to the start of the call. The call will also be accessible via live webcast at https://ccmediaframe.com/?id=QqEK5fFK. Please allow extra time prior to the call to download and install audio software, if needed. A slide presentation containing supplemental information may also be accessed through the Company’s website in advance of the call. An audio replay of the live broadcast will be available approximately one hour after the end of the conference call on FBRT’s website. The replay will be available for 90 days on the Company’s website. About Franklin BSP Realty Trust, Inc. Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate investment trust that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in the United States. As of June 30, 2026, FBRT had approximately $6.4 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc. For further information, please visit www.fbrtreit.com. About Benefit Street Partners Benefit Street Partners is an alternative credit pioneer with $93 billion in assets under management as of March 31, 2026 (including Apera). It seeks to deliver attractive, risk-adjusted returns through its deep specialism, long-term relationships and global reach. A wholly owned subsidiary of Franklin Templeton, BSP is focused on credit. Through its disciplined, solutions-oriented approach, BSP unlocks opportunities across market cycles and geographies. The firm manages strategies spanning private debt, real estate debt, structured credit, and liquid loans. For more information, visit bspcredit.com. About Franklin Templeton Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity. With more than $1.79 trillion in assets under management as of June 30, 2026, Franklin Templeton operates globally in more than 35 countries. To learn more, visit franklintempleton.com and follow us on LinkedIn. Forward-Looking Statements Certain statements included in this press release are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team, as well as 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. 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, unless required by law. The Company's forward-looking statements are subject to various risks and uncertainties. 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, the financial stability of our borrowers and the other, risks and important factors contained and identified in the Company’s filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and its subsequent filings with the SEC, any of which could cause actual results to differ materially from the forward-looking statements. The forward-looking statements included in this communication are made only as of the date hereof. The accompanying notes are an integral part of these unaudited consolidated financial statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260729823627/en/ Contacts Investor Relations contact Lindsey [email protected] Media contact Sam [email protected]

Armour Residential REIT (ARR) came out with quarterly earnings of $0.72 per share, beating the Zacks Consensus Estimate of $0.69 per share. This compares to earnings of $0.77 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +4.35%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.73 per share when it actually produced earnings of $0.76, delivering a surprise of +4.11%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Armour Residential REIT, which belongs to the Zacks REIT and Equity Trust industry, posted revenues of $76.82 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 29.76%. This compares to year-ago revenues of $33.1 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Armour Residential REIT shares have lost about 7.1% since the beginning of the year versus the S&P 500's gain of 9.7%. While Armour Residential REIT has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Armour Residential REIT was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.70 on $62.6 million in revenues for the coming quarter and $2.82 on $258.2 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust is currently in the bottom 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Franklin BSP (FBRT), has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29. This real estate investment trust is expected to post quarterly earnings of $0.23 per share in its upcoming report, which represents a year-over-year change of -14.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Franklin BSP's revenues are expected to be $73.4 million, up 48.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ARMOUR Residential REIT, Inc. (ARR) : Free Stock Analysis Report Franklin BSP Realty Trust, Inc. (FBRT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

NEW YORK, July 15, 2026--(BUSINESS WIRE)--Franklin BSP Realty Trust, Inc. (NYSE: FBRT) ("FBRT" or the "Company") today announced that it will release its second quarter 2026 results on Wednesday, July 29, 2026, after the close of trading on the New York Stock Exchange. The Company will host a conference call and live audio webcast to discuss its financial results on Thursday, July 30, 2026, at 9:00 a.m. ET. All conference call and webcast information can be found on the Company’s website at https://www.fbrtreit.com. Participants are encouraged to pre-register for the call and webcast at https://dpregister.com/sreg/10210247/10460f4a8af. If you are unable to pre-register, the conference call may be accessed by dialing (844) 701-1166 (Domestic) or (412) 317-5795 (International). Ask to join the Franklin BSP Realty Trust conference call. Participants should call in at least five minutes prior to the start of the call. The call will also be accessible via live webcast at https://ccmediaframe.com/?id=QqEK5fFK. Please allow extra time prior to the call to download and install audio software, if needed. A slide presentation containing supplemental information may also be accessed through the Company’s website in advance of the call. An audio replay of the live broadcast will be available approximately one hour after the end of the conference call on FBRT’s website. The replay will be available for 90 days. About Franklin BSP Realty Trust, Inc. Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate investment trust that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in the United States. As of March 31, 2026, FBRT had approximately $6.3 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc. For further information, please visit www.fbrtreit.com. About Benefit Street Partners Benefit Street Partners (BSP) is an alternative credit pioneer with $93 billion in assets under management (including Apera) as of March 31, 2026. It seeks to deliver attractive, risk-adjusted returns through its deep specialism, long-term relationships and global reach. A wholly owned subsidiary of Franklin Templeton, BSP is focused exclusively on credit. Through its disciplined, solutions-oriented approach, BSP unlocks opportunities across market cycles and geographies. The firm manages strategies spanning private debt, real estate debt, structured credit, and liquid loans. For more information, visit bspcredit.com. About Franklin Templeton Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity. With more than $1.79 trillion in assets under management as of June 30, 2026, Franklin Templeton operates globally in more than 35 countries. To learn more, visit franklintempleton.com and follow us on LinkedIn. Forward-Looking Statements Certain statements included in this press release are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team, as well as 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. 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, unless required by law. The Company's forward-looking statements are subject to various risks and uncertainties. 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, the financial stability of our borrowers and the other, risks and important factors contained and identified in the Company’s filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and its subsequent filings with the SEC, any of which could cause actual results to differ materially from the forward-looking statements. The forward-looking statements included in this communication are made only as of the date hereof. View source version on businesswire.com: https://www.businesswire.com/news/home/20260715407218/en/ Contacts Investor Relations Contact: Lindsey CrabbeExecutive Director, [email protected] 214-874-2339 Media Contact:Sam TurveyGlobal Head of Communications, [email protected] +44 (0) 782 783 6246