The present work proposes the extension of an exact distributional model for cracked beams to include the local influence on axial deformation on shear deformable beams. Axial, shear and flexural concentrated flexibilities are taken into account to model the damaged sections. Shear deformability is accounted for by adopting the Timoshenko–Ehrenfest model and exact closed-form solution of the mode shapes for multiple cracked beams are derived. On this ground, the final achievement of the work consists in the original formulation of the Dynamic Stiffness Matrix (DSM) with multiple cracked sections in exact closed form. The closed-form expression of the DSM allows the assemblage of the global DSM of a structure to conduct the free vibration analysis of damaged framed structures as well as for the study of frames with semi-rigid joints. This approach has the advantage to avoid any numerical procedure for the construction of the DSM as well as the introduction of further degrees of freedom (dofs) in correspondence of the damaged sections, keeping the size of the problem the same as in the intact configuration. Natural frequencies of the frames are determined by means of the Wittrick–Williams algorithm (W–W), then the mode shapes and modal forces are subsequently obtained in closed form. The proposed approach is validated with results available in literature for two portal frames characterized by the presence of cracks and semi-rigid joints, respectively. Finally, the potentiality of the approach, also in view of practical applications, is demonstrated analysing a multi-storey frame with semi-rigid connections.