Overthrow Rule

[NSABlue]

I don't do a lot of slow pitch so correct me if I'm wrong. Since the throw from F1 was the initial throw by an infielder, isn't the award two bases from the time of the pitch? It certainly doesn't seem possible that any runner could have reached a base before F1 threw the ball. It seems to me that R1 gets home, R2 gets third and BR gets 2nd base here.