We describe the non-backtracking spectrum of a stochastic block model with connection probabilities $p_{\mathrm{in}}, p_{\mathrm{out}} = ω(\log n)/n$. In this regime we answer a question posed in Dall'Amico and al. (2019) regarding the existence of a real eigenvalue `inside' the bulk, close to the location $\frac{p_{\mathrm{in}}+ p_{\mathrm{out}}}{p_{\mathrm{in}}- p_{\mathrm{out}}}$. We also introduce a variant of the Bauer-Fike theorem well suited for perturbations of quadratic eigenvalue problems, and which could be of independent interest.