FBRT Franklin BSP Realty Trust, Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 2/4 quarters. Q1 2026: $0M, Q3 2025: $0M, Q2 2025: $3M, Q1 2025: $2M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $2M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Buyback $5M / FCF $37M = 13% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 2,002,601 shares = 3.3% of 81,553,982 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

3 open-market purchases by 2 insiders

• Buffone Brian (President) bought 27,000 shares at $9.41 on 2026-03-03
• ORTALE BUFORD H () bought 2,000 shares at $8.77 on 2026-02-18
• ORTALE BUFORD H () bought 2,000 shares at $8.88 on 2026-02-17

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Company buybacks in 2 quarters and 3 insider purchases by 2 insiders (no calendar overlap, but both independently active)

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $0M in the last 90 days (net buying)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected