Capstead Mortgage : and BSPRT Investor Presentation

Franklin BSP Realty Trust formed through merger of Benefit Street Partners Realty Trust, Inc. and Capstead Mortgage Corporation

July 26, 2021

Important Information

ADDITIONAL INFORMATION ABOUT THE MERGER: In connection with the proposed merger, Benefit Street Partners Realty Trust ("BSPRT") intends to file a registration statement on Form S-4 with the SEC that will include a proxy statement of Capstead Mortgage Corporation ("CMO") and will also constitute a prospectus of BSPRT. This communication is not a substitute for the registration statement, the proxy statement/prospectus or any other documents that will be made available to the stockholders of CMO. In connection with the proposed merger, BSPRT and CMO also plan to file relevant materials with the SEC. STOCKHOLDERS OF CMO ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE RELEVANT PROXY STATEMENT/PROSPECTUS, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL

CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. A definitive proxy statement/prospectus will be sent to CMO's stockholders. Investors may obtain a copy of the proxy statement/prospectus (if and when it becomes available) and other relevant documents filed by BSPRT and CMO free of charge at the SEC's website, www.sec.gov. Copies of the documents filed by BSPRT with the SEC will be available free of charge on BSPRT's website at http://www.bsprealtytrust.com or by contacting BSPRT's Investor Services at [phone], as they become available. Copies of the documents filed by CMO with the SEC will be available free of charge on CMO's website at http://www.capstead.com or by contacting CMO's Investor Relations at [phone].

PARTICIPANTS IN SOLICITATION RELATING TO THE MERGER: BSPRT and CMO and their respective directors and executive officers and other members of management and employees, may be deemed to be participants in the solicitation of proxies from CMO stockholders in respect of the proposed merger among BSPRT, CMO and their respective subsidiaries. Information about the directors and executive officers of CMO is available in the proxy statement for its 2021 annual meeting of stockholders, which was filed with the SEC on April 1, 2021. Information about directors and executive officers of BSPRT is available in the proxy statement for its 2021 annual meeting of stockholders, which was filed with the SEC on April 8, 2021. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed with the SEC regarding the proposed merger when they become available. Stockholders of CMO should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions. Investors may obtain free copies of these documents from BSPRT or CMO using the sources indicated above.

NO OFFER OR SOLICITATION: This communication and the information contained herein does not constitute an offer to sell or the solicitation of an offer to buy or sell any securities or a solicitation of a proxy or of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. This communication may be deemed to be solicitation material in respect of the proposed merger.

Disclaimer on Forward-LookingStatements: This communication contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements can generally be identified as forward-looking because they include words such as "believes," "anticipates," "expects," "would," "could," or words of similar meaning. These statements are based on the companies' current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; neither BSPRT or Capstead can give any assurance that their expectations will be attained. Factors that could cause actual results to differ materially from BSPRT's or CMO's expectations include those set forth in the section entitled "Risk Factors" in BSPRT's and CMO's most recent Annual Reports on Form 10-K, as amended, and Quarterly Reports on Form 10-Q filed with the SEC, and other reports filed by BSPRT and CMO with the SEC, copies of which are available on the SEC's website, www.sec.gov. Forward-looking statements are not guarantees of performance or results and speak only as of the date such statements are made. Except as required by law, neither BSPRT nor CMO undertakes any obligation to update or revise any forward-looking statement in this communication, whether to reflect new information, future events, changes in assumptions or circumstances or otherwise.

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Transaction Highlights

The combination of Benefit Street Partners Realty Trust, Inc. ("BSPRT") and Capstead Mortgage Corporation ("CMO") would create one of the largest publicly traded commercial mortgage real estate investment trusts ("REIT") and is anticipated to generate significant long-term value for all stockholders

1 Premium Valuation

• $7.30 per share estimated total consideration, representing 115.75% of CMO's diluted book value per share as of June 30, 2021 and a 20.0% premium to CMO's market price as of July 23, 2021
• • Includes cash consideration of $0.99 per CMO diluted common share calculated as of June 30, 2021

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Compelling Business Combination

• Would create the 4th largest publicly-traded commercial mortgage REIT with nearly $2 billion in pro forma equity; new capital is additive to an existing and seasoned book of commercial mortgages focused on multifamily
• At closing, BSPRT shares will be listed and publicly-traded on the NYSE under the ticker "FBRT"

Improved Balance Sheet and Earnings Profile

• Reduces estimated leverage, with BSPRT current leverage of 2.4x (v. CMO leverage of 6.8x)
• Strong distributable earnings in excess of a 10% ROE
• Expected to pay substantially all earnings in the form of dividends

Structural Features to Support Stock Price

• $100 million post-closing share repurchase commitment, including $35 million funded by Franklin
• BSPRT stockholders subject to 6-month lock up period after closing (1)

Similarly Performing Commercial Mortgage REITs Trade Above Book Value

World Class Sponsorship with Leading Global Asset Management Platforms, Benefit Street Partners and Franklin Templeton

B e n e f i t	S t r e e t
P A R T	N E R S

Note: Financial data estimated as of June 30, 2021	3
(1) Stockholder lock up period applies to all but 6% of shares

Compelling Valuation for CMO Stockholders
Combination of stock from BSPRT and cash consideration
$ per share				1.1575x
			0.1575x
	$7.30
	1.0000x
			$0.99		Premiums of 20% and 15% of CMO's July 23, 2021
				closing price and June 30 book value
	$6.30				$6.35
					$6.08

BSPRT Common	BSP & BSPRT	Total		CMO's Closing	CMO's Book
Stock (1)	Cash	Consideration to	Price as of July	Value as of June
		CMO	(2)	23, 2021	30, 2021
		Stockholders

Note: represents multiple of CMO diluted book value per share as of June 30, 2021. Value of consideration subject to final exchange ratio determined at closing based on BSPRT and CMO book values at that time.

Note: Implied merger consideration based on estimated June 30, 2021 diluted book value per share; Final merger consideration based on each company's respective diluted book value per share as calculated immediately prior to closing

(1) BSPRT shares issued at 1.00x estimated diluted book value per share estimated as of June 30, 2021, adjusted for the cash premium paid by BSPRT. $6.35 represents basic book value per share as of June 30,

2021; diluted book value per share of $6.30 as of June 30, 20214

(2) $0.22 per share estimated cash paid by BSPRT to CMO stockholders and $0.77 per share estimated cash paid by BSP to CMO stockholders

World Class Sponsorship with Leading

Global Managers

BSPRT is a public, non-traded commercial mortgage REIT with over $3 billion in commercial real estate assets (99% senior loans) externally managed by Benefit Street Partners, a leading $32 billion credit focused alternative

asset management and subsidiary of Franklin Templeton

• Benefit Street Partners ("BSP")* is a leading alternative investment manager with a credit focus

B e n e f i t	S t r e e t
P A R T	N E R S

$32 billion	198	6	100
Total Assets	Employees (2)	Offices	Investment
Under			Professionals (2)
Management (1)

• BSP is a Franklin Templeton ("FT") company; FT is the sixth largest independent asset manager in the world

$1.5 trillion	11,000+	34	1,250+
Total Assets	Employees	Countries	Investment
Under		with Offices	Professionals (3)
Management (2)

* BSP's credit business began in 2008 with the launch of Providence Equity Capital Markets L.L.C. ("PECM"), BSP's former affiliate.

(1) AUM refers to the assets under management for all credit funds and separately managed accounts managed by BSP. AUM amounts are approximations as of June 30, 2021, and are unaudited. Certain amounts are preliminary and remain subject to change

(2) As of June 30, 2021

(3) As of June 30, 2021. Investment professionals include portfolio managers, research analysts, research associates, investment support and executives of Franklin Templeton, Legg Mason and subsidiary investment

management groups

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