Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

December 31, 2025

(Dollars in thousands)


Type of Loan	Property Type / Location	Interest Rates(1)	Maximum Maturity Date(2)	Periodic Payments Terms(3)	Face Amount		Carrying Amount		Principal Amount of Loans Subject to Delinquent Principal or Interest(4)
Senior loans
Senior loans less than 3% of the carrying amount of total loans
Senior loans	Multifamily / Diversified	+ 2.00% - 8.30% Fixed 4.25% - 9.00%	2026 - 2031	I/O & P/I	$	3,397,052	$	3,387,269	$	21,716
Senior loans	Hospitality / Diversified	+ 3.25% - 5.30% Fixed 8.50%	2027 - 2031	I/O & P/I	507,525		506,944		—
Senior loans	Industrial / Diversified	+ 2.70% - 4.90% Fixed 11.99%	2026 - 2031	I/O & P/I	309,522		308,633		—
Senior loans	Office / Diversified	+ 2.25% - 4.50% Fixed 7.13%	2026 - 2027	I/O & P/I	58,259		56,411		21,095
Senior loans	Mixed Use / Diversified	+ 3.25% - 3.70%	2026 - 2029	I/O	42,163		42,117		—
Senior loans	Healthcare / Diversified	+ 3.75% - 4.70%	2029	I/O	30,354		30,204		—
Senior loans	Manufactured Housing / Florida	Fixed 4.25%	2028	I/O	24,784		24,784		—
Senior loans	Senior Housing / New York	+ 3.50% - 4.25%	2029	I/O	18,628		18,523		—
Senior loans	Retail / Wisconsin	Fixed 5.50%	2026	I/O	1,986		1,988		—
Total senior loans					$	4,390,273	$	4,376,873	$	42,811

Mezzanine loans
Mezzanine loans less than 3% of the carrying amount of total loans
Mezzanine loans	Multifamily / Diversified	+ 3.67% - 15.25%	2026 - 2030	I/O	$	37,619	$	36,949	$	—
Mezzanine loans	Hospitality / Diversified	+ 10.51% - 11.00%	2028 - 2029	I/O	7,619		7,614		—
Total mezzanine loans					$	45,238	$	44,563	$	—

Total commercial mortgage loans, held for investment(5)					$	4,435,511	$	4,421,436	$	42,811
Allowance for credit losses							(38,302)
Total commercial mortgage loans, held for investment, net of allowance for credit losses							$	4,383,134

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(1) Expressed as a spread over 1M SOFR Term and Adj. 1M SOFR Term. On March 5, 2021, the Financial Conduct Authority of the U.K. (the “FCA”) announced that LIBOR tenors would cease to be published or no longer be representative. The Alternative Reference Rates Committee (the “ARRC”) interpreted this announcement to constitute a benchmark transition event. The benchmark index of LIBOR interest rate will convert from LIBOR to compounded SOFR, plus a benchmark adjustment of 11.448 basis points. As of December 31, 2025, all of our commercial mortgage loans, held for investment which had been indexed at LIBOR were converted to SOFR utilizing the 11.448 basis points adjustment and the applicable spreads remain unchanged. The loans which have the SOFR adjustment are referred to as "Adj. 1M SOFR Term."

(2) Maximum maturity date assumes all extension options are exercised, if applicable.

(3) I/O = interest only, P/I = principal and interest.

(4) Principal amount of loans subject to delinquent principal or interest is defined as loans in (i) maturity default or (ii) receipt of interest outstanding for more than 90 days.

(5) The estimated aggregate cost for U.S. federal income tax purposes is approximately $4.6 billion.

For the activity within the Company's loan portfolio during the years ended December 31, 2025 and 2024, refer to Note 4 - Commercial Mortgage Loans, Held for Investment on the consolidated financial statements of Form 10-K.

- Definition

The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage.

+ References + Details

Franklin BSP Realty Trust, Inc. 10-K