Franklin BSP Realty Trust (FBRT) 10-K2023 FY Annual report

Filed: 26 Feb 24, 4:35pm

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Removed: accommodate, Addressed, AG, aging, agreeing, Aid, attack, attainment, auditing, back, brought, Chase, concession, consecutive, contradict, corroborate, corrupt, CS, curve, dilute, disrupt, employment, enacted, enforcement, entail, expectation, Fargo, forbearance, gaining, governed, impose, infeasible, JPM, JPMorgan, judgmental, lapsed, leaving, manager, nonaccrual, parallel, peer, PLC, processing, receiver, recipient, recording, redeploy, refund, renewal, reviewed, Revolver, sample, SBL, semiannually, social, steal, summarizing, tested, traditional, unenforceable, unintentional, unregistered, WF

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Exhibit 23.2

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the following Registration Statements:

1.Registration Statement (Form S-3 No. 333-186111) of Franklin BSP Realty Trust, Inc.,

2.Registration Statement (Form S-3 No. 333-261039) of Franklin BSP Realty Trust, Inc., and

3.Registration Statement (Form S-8 No. 333-261041) pertaining to the Franklin BSP Realty Trust, Inc. 2021 Equity Incentive Plan;

of our report dated March 16, 2023, with respect to the consolidated financial statements of Franklin BSP Realty Trust, Inc., included in this Annual Report (Form 10-K) of Franklin BSP Realty Trust, Inc., for the year ended December 31, 2023.

/s/ Ernst & Young LLP

New York, New York

February 26, 2024