FBRT

Represents shares held by Sewanee Vero LLC, a family trust of which the reporting person's spouse is trustee. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

The price reported represents the weighted average purchase price of the shares acquired. The actual purchase prices ranged from $8.3918 to $8.4713. The Reporting Person has provided to the Issuer, and hereby undertakes to provide upon request by the U.S. Securities and Exchange Commission staff or a security holder of the Issuer, full information regarding the number of shares purchased at each separate price.

Represents shares held by Sewanee Vero LLC, a family trust of which the reporting person's spouse is trustee. The reporting person disclaims beneficial ownership of these securities, and the filing of this report is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2027 Annual Meeting of Stockholders and (ii) June 8, 2027.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2027 Annual Meeting of Stockholders and (ii) June 8, 2027.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2027 Annual Meeting of Stockholders and (ii) June 8, 2027.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2027 Annual Meeting of Stockholders and (ii) June 8, 2027.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2027 Annual Meeting of Stockholders and (ii) June 8, 2027.

The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $9.3989 to $9.4391, inclusive. The reporting person undertakes to provide Franklin BSP Realty Trust, Inc., any security holder of Franklin BSP Realty Trust, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this footnote.

Represents shares of common stock withheld to satisfy tax withholding obligations incident to the vesting of restricted stock units ("RSUs") awarded to the reporting person on January 27, 2023, February 1, 2024 and January 27, 2025.

Represents RSUs granted to the reporting person pursuant to the Issuer's 2021 Equity Incentive Plan. The RSUs will vest in three equal annual installments beginning on January 27, 2027, subject to the reporting person's continued qualifying service. One share of the Issuer's common stock will be issued for each RSU upon vesting.

Represents RSUs granted to the reporting person pursuant to the Issuer's 2021 Equity Incentive Plan. The RSUs will vest in three equal annual installments beginning on January 27, 2027, subject to the reporting person's continued qualifying service. One share of the Issuer's common stock will be issued for each RSU upon vesting.

Represents RSUs granted to the reporting person pursuant to the Issuer's 2021 Equity Incentive Plan. The RSUs will vest in three equal annual installments beginning on January 27, 2027, subject to the reporting person's continued qualifying service. One share of the Issuer's common stock will be issued for each RSU upon vesting.

Represents shares of common stock withheld to satisfy tax withholding obligations incident to the vesting of restricted stock units ("RSUs") awarded to the reporting person on January 27, 2023, February 1, 2024 and January 27, 2025.

Represents shares of common stock withheld to satisfy tax withholding obligations incident to the vesting of restricted stock units ("RSUs") awarded to the reporting person on January 27, 2023, February 1, 2024 and January 27, 2025.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2026 Annual Meeting of Stockholders and (ii) May 28, 2026.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2026 Annual Meeting of Stockholders and (ii) May 28, 2026.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2026 Annual Meeting of Stockholders and (ii) May 28, 2026.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2026 Annual Meeting of Stockholders and (ii) May 28, 2026.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2026 Annual Meeting of Stockholders and (ii) May 28, 2026.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2026 Annual Meeting of Stockholders and (ii) May 28, 2026.

Represents RSUs granted to the reporting person pursuant to the Issuer's 2021 Equity Incentive Plan. The RSUs will vest in three equal annual installments beginning on January 27, 2026, subject to the reporting person's continued qualifying service. One share of the Issuer's common stock will be issued for each RSU upon vesting.

Represents RSUs granted to the reporting person pursuant to the Issuer's 2021 Equity Incentive Plan. The RSUs will vest in three equal annual installments beginning on January 27, 2026, subject to the reporting person's continued qualifying service. One share of the Issuer's common stock will be issued for each RSU upon vesting.

Represents shares of common stock withheld to satisfy tax withholding obligations incident to the vesting of restricted stock units ("RSUs") awarded to the reporting person on January 27, 2022, January 27, 2023 and February 1, 2024.

Represents RSUs granted to the reporting person pursuant to the Issuer's 2021 Equity Incentive Plan. The RSUs will vest in three equal annual installments beginning on January 27, 2026, subject to the reporting person's continued qualifying service. One share of the Issuer's common stock will be issued for each RSU upon vesting.

Represents shares of common stock withheld to satisfy tax withholding obligations incident to the vesting of restricted stock units ("RSUs") awarded to the reporting person on January 27, 2022, January 27, 2023 and February 1, 2024.

Represents shares of common stock withheld to satisfy tax withholding obligations incident to the vesting of restricted stock units ("RSUs") awarded to the reporting person on January 27, 2022, January 27, 2023 and February 1, 2024.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2025 Annual Meeting of Stockholders and (ii) August 7, 2025.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2025 Annual Meeting of Stockholders and (ii) August 7, 2025.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2025 Annual Meeting of Stockholders and (ii) August 7, 2025.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2025 Annual Meeting of Stockholders and (ii) August 7, 2025.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2025 Annual Meeting of Stockholders and (ii) August 7, 2025.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2025 Annual Meeting of Stockholders and (ii) August 7, 2025.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2025 Annual Meeting of Stockholders and (ii) May 29, 2025.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2025 Annual Meeting of Stockholders and (ii) May 29, 2025.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2025 Annual Meeting of Stockholders and (ii) May 29, 2025.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2025 Annual Meeting of Stockholders and (ii) May 29, 2025

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2025 Annual Meeting of Stockholders and (ii) May 29, 2025.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2025 Annual Meeting of Stockholders and (ii) May 29, 2025.

Represents RSUs granted to the reporting person pursuant to the Issuer's 2021 Equity Incentive Plan. The RSUs will vest in three equal annual installments beginning on January 27, 2025, subject to the reporting person's continued qualifying service. One share of the Issuer's common stock will be issued for each RSU upon vesting.

Represents RSUs granted to the reporting person pursuant to the Issuer's 2021 Equity Incentive Plan. The RSUs will vest in three equal annual installments beginning on January 27, 2025, subject to the reporting person's continued qualifying service. One share of the Issuer's common stock will be issued for each RSU upon vesting.

Represents RSUs granted to the reporting person pursuant to the Issuer's 2021 Equity Incentive Plan. The RSUs will vest in three equal annual installments beginning on January 27, 2025, subject to the reporting person's continued qualifying service. One share of the Issuer's common stock will be issued for each RSU upon vesting.

Represents shares of common stock withheld to satisfy tax withholding obligations incident to the vesting of restricted stock units ("RSUs") awarded to the reporting person on January 27, 2022 and January 27, 2023.

Represents shares of common stock withheld to satisfy tax withholding obligations incident to the vesting of restricted stock units ("RSUs") awarded to the reporting person on January 27, 2022 and January 27, 2023.

Represents shares of common stock withheld to satisfy tax withholding obligations incident to the vesting of restricted stock units ("RSUs") awarded to the reporting person on January 27, 2022 and January 27, 2023.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2024 Annual Meeting of Stockholders and (ii) May 31, 2024.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2024 Annual Meeting of Stockholders and (ii) May 31, 2024.

Restricted shares of common stock issued pursuant to the issuer's 2021 Equity Incentive Plan. Restricted shares vest on the earlier of (i) the date of the issuer's 2024 Annual Meeting of Stockholders and (ii) May 31, 2024.