Franklin BSP Realty Trust Inc. reported GAAP net income of $17.6 million for the third quarter ended September 30, 2025, compared to $24.4 million in the previous quarter. Diluted earnings per share to common stockholders were $0.12 for the third quarter, down from $0.19 for the second quarter. Distributable Earnings, a non-GAAP financial measure, were $26.7 million, or $0.22 per diluted common share on a fully converted basis, compared to $29.0 million, or $0.27 per diluted common share, in the prior quarter. As of October 24, 2025, $25.6 million remained available under the company's $65.0 million share repurchase program, which extends through December 31, 2026. On October 15, 2025, a consolidated subsidiary closed an approximately $1.1 billion commercial real estate mortgage securitization transaction, selling about $947.0 million of the securitization's notes in a private placement. On October 16, 2025, the company sold a commercial mortgage loan held for sale for $33.9 million, collateralized by a portfolio of retail properties.