Franklin BSP Realty Trust Inc 2026年季度报告

(Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-40923 FRANKLIN BSP REALTY TRUST, INC. (Exact name of registrant as specified in its charter) (212) 588-6770(Registrant’s Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and(2) has been subject to such filing requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company,"and "emerging growth company" in Rule 12b-2 of the Exchange Act: Accelerated filerSmaller reporting company☐Emerging growth filer☐ Large accelerated FilerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No The number of shares of the registrant's common stock, $0.01 par value, outstanding as of July 27, 2026 was 83,045,416. FRANKLIN BSP REALTY TRUST, INC. TABLE OF CONTENTS PART IPageItem 1. Consolidated Financial Statements and Notes (unaudited)1Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations59Item 3. Quantitative and Qualitative Disclosures about Market Risk91Item 4. Controls and Procedures93PART IIItem 1. Legal Proceedings94Item 1A. Risk Factors94Item 2. Unregistered Sales of Equity Securities and Use of Proceeds94Item 3. Defaults Upon Senior Securities94Item 4. Mine Safety Disclosures94Item 5. Other Information95Item 6. Exhibits96Signatures97 FRANKLIN BSP REALTY TRUST, INC.CONSOLIDATED BALANCE SHEETS(In thousands, except share and per share data)(Unaudited) Table of ContentsPART I. Item 1. Consolidated Financial Statements and Notes (unaudited) FRANKLIN BSP REALTY TRUST, INC.CONSOLIDATED BALANCE SHEETS(In thousands, except share and per share data)(Unaudited) Includes pledged assets of $23.1 million and $20.2 million as of June30, 2026 and December31, 2025, respectively.Includes pledged assets of $818.5 million and $855.2 million as of June30, 2026 and December31, 2025, respectively.Includes pledged assets of $243.4 million and $329.2 million as of June30, 2026 and December31, 2025, respectively.Includes pledged assets of $187.2 million and $151.7 million as of June30, 2026 and December31, 2025, respectively.Includes $80.2 million and $50.5 million of cash held by servicer related to the CLOs as of June30, 2026 and December31, 2025, respectively.The accompanying notes are an integral part of these unaudited consolidated financial statements.(1)(2)(3)(4)(5) FRANKLIN BSP REALTY TRUST, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except share and per share data)(Unaudited) FRANKLIN BSP REALTY TRUST, INC.CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In thousands)(Unaudited) FRANKLIN BSP REALTY TRUST, INC.CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY(In thousands, except share data)(Unaudited) FRANKLIN BSP REALTY TRUST, INC.CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY(In thousands, except share data)(Unaudited) FRANKLIN BSP REALTY TRUST, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited) FRANKLIN BSP REALTY TRUST, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited) Shares cancelled for tax withholding on vested equity rewards(2,228)(2,393)Borrowings on collateralized loan obligations778,094—Repayments of collateralized loan obligations(568,021)(589,479)Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans2,339,256413,157Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans(2,623,963)(169,875)Net borrowings/(paydowns) on repurchase agreements - real estate securities, less than 90 days maturity9,167(107,718)Secured borrowings from CMBS