10-Q 1 bsprt-20240331.htm 10-Q bsprt-20240331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2024
 OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-40923
FRANKLIN BSP REALTY TRUST, INC.
(Exact name of registrant as specified in its charter) 
Maryland46-1406086
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
1345 Avenue of the Americas, Suite 32A
New York, New York
10105
(Address of Principal Executive Office)(Zip Code)
(212) 588-6770
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per share
FBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large-accelerated filer x
Accelerated filer o
Non-accelerated filer o
Smaller reporting company
Emerging growth filer

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No x

The number of shares of the registrant's common stock, $0.01 par value, outstanding as of April 19, 2024 was 81,870,061.


FRANKLIN BSP REALTY TRUST, INC.

TABLE OF CONTENTS



i

PART I. Item 1. Consolidated Financial Statements and Notes (unaudited)
FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(Unaudited)


March 31, 2024December 31, 2023
ASSETS
Cash and cash equivalents$240,030 $337,595 
Restricted cash8,092 6,092 
Commercial mortgage loans, held for investment, net of allowance for credit losses of $49,215 and $47,175 as of March 31, 2024 and December 31, 2023, respectively
5,184,205 4,989,767 
Commercial mortgage loans, held for sale, measured at fair value30,457  
Real estate securities, available for sale, measured at fair value, amortized cost of $217,324 and $243,272 as of March 31, 2024 and December 31, 2023, respectively (includes pledged assets of $217,855 and $167,948 as of March 31, 2024 and December 31, 2023, respectively)
217,855 242,569 
Receivable for loan repayment(1)
26,683 55,174 
Accrued interest receivable39,628 42,490 
Prepaid expenses and other assets19,911 19,213 
Intangible lease asset, net of amortization42,037 42,793 
Real estate owned, net of depreciation115,169 115,830 
Real estate owned, held for sale103,657 103,657 
Total assets$6,027,724 $5,955,180 
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations$3,530,740 $3,567,166 
Repurchase agreements and revolving credit facilities - commercial mortgage loans412,556 299,707 
Repurchase agreements - real estate securities194,769 174,055 
Mortgage note payable23,998 23,998 
Other financings12,865 36,534 
Unsecured debt81,320 81,295 
Derivative instruments, measured at fair value524  
Interest payable15,052 15,383 
Distributions payable36,308 36,133 
Accounts payable and accrued expenses11,195 13,339 
Due to affiliates20,969 19,316 
Intangible lease liability, held for sale12,297 12,297 
Total liabilities$4,352,593 $4,279,223 
Commitments and Contingencies
Redeemable convertible preferred stock:
Redeemable convertible preferred stock Series H, $0.01 par value, 20,000 authorized and 17,950 issued and outstanding as of March 31, 2024 and December 31, 2023
$89,748 $89,748 
Total redeemable convertible preferred stock$89,748 $89,748 
Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized, 7.5% Cumulative Redeemable Preferred Stock, Series E, 10,329,039 shares issued and outstanding as of March 31, 2024 and December 31, 2023
$258,742 $258,742 
Common stock, $0.01 par value, 900,000,000 shares authorized, 83,254,483 and 82,751,913 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively
820 820 
Additional paid-in capital1,597,611 1,599,197 
Accumulated other comprehensive income (loss)530 (703)
Accumulated deficit(299,326)(298,942)
Total stockholders' equity$1,558,377 $1,559,114 
Non-controlling interest27,006 27,095 
Total equity$1,585,383 $1,586,209 
Total liabilities, redeemable convertible preferred stock and equity$6,027,724 $5,955,180 
_________________________________________________________
(1) Includes $26.6 million and $55.1 million of cash held by servicer related to the CLOs as of March 31, 2024 and December 31, 2023, respectively.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
1

FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
March 31,
20242023
Income
Interest income$130,558 $130,536 
Less: Interest expense81,318 71,075 
Net interest income49,240 59,461 
Revenue from real estate owned 4,712 3,312 
Total income$53,952 $62,773 
Expenses
Asset management and subordinated performance fee$7,865 $8,085 
Acquisition expenses238 378 
Administrative services expenses2,860 4,029 
Professional fees4,084 4,814 
Share-based compensation1,799 1,022 
Depreciation and amortization1,417 1,805 
Other expenses2,363 2,166 
Total expenses$20,626 $22,299 
Other income/(loss)
(Provision)/benefit for credit losses$(2,880)$(4,360)
Realized gain/(loss) on extinguishment of debt 4,767 
Realized gain/(loss) on real estate securities, available for sale88 596 
Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value5,513  
Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value457 347 
Gain/(loss) on other real estate investments6 (1,339)
Trading gain/(loss) 2,968 
Unrealized gain/(loss) on derivatives(138)(320)
Realized gain/(loss) on derivatives290 44 
Total other income/(loss)$3,336 $2,703 
Income/(loss) before taxes36,662 43,177 
(Provision)/benefit for income tax(835)662 
Net income/(loss)$35,827 $43,839 
Net (income)/loss attributable to non-controlling interest93 (9)
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.$35,920 $43,830 
Less: Preferred stock dividends6,748 6,748 
Net income/(loss) applicable to common stock$29,172 $37,082 
Basic earnings per share$0.35 $0.44 
Diluted earnings per share$0.35 $0.44 
Basic weighted average shares outstanding81,994,096 82,774,771 
Diluted weighted average shares outstanding81,994,096 82,774,771 
        
The accompanying notes are an integral part of these unaudited consolidated financial statements.
2

FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
Three Months Ended
March 31,
20242023
Net income/(loss)$35,827 $43,839 
Amounts related to available for sale real estate securities:
Change in net unrealized gain/(loss)$927 $(1,648)
Reclassification adjustment for amounts included in net income/(loss)306 (677)
$1,233 $(2,325)
Comprehensive (income)/loss attributed to non-controlling interest93 (9)
Comprehensive income/(loss) attributable to Franklin BSP Realty Trust, Inc.$37,153 $41,505 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
3

FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(In thousands, except share data)
(Unaudited)





Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income/(Loss)Accumulated DeficitPreferred ETotal Stockholders' EquityNon-Controlling InterestTotal Equity
Number of SharesPar Value
Balance, December 31, 202382,751,913 $820 $1,599,197 $(703)$(298,942)$258,742 $1,559,114 $27,095 $1,586,209 
Common stock repurchases(151,123)(2)(1,875)— — — (1,877)— (1,877)
Share-based compensation766,664 2 1,797 — — — 1,799 — 1,799 
Shares canceled for tax withholding on vested equity rewards(112,971)— (1,508)— — — (1,508)— (1,508)
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.— — — — 35,920 — 35,920 — 35,920 
Net income/(loss) attributable to non-controlling interest— — — — — — — (93)(93)
Distributions declared— — — — (36,304)— (36,304)— (36,304)
Other comprehensive income/(loss)— — — 1,233 — — 1,233 — 1,233 
Contributions/(distributions) in non-controlling interest, net      — 4 4 
Balance, March 31, 202483,254,483 $820 $1,597,611 $530 $(299,326)$258,742 $1,558,377 $27,006 $1,585,383 

Common StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income/(Loss)Accumulated DeficitPreferred ETotal Stockholders' EquityNon-Controlling InterestTotal Equity
Number of SharesPar Value
Balance, December 31, 202282,992,784 $826 $1,602,247 $390 $(299,225)$258,742 $1,562,980 $15,408 $1,578,388 
Common stock repurchases(313,411)(3)(3,664)— — — (3,667)— (3,667)
Share-based compensation442,419 — 1,022 — — — 1,022 — 1,022 
Shares canceled for tax withholding on vested equity rewards(57,021)— (812)— — — (812)— (812)
Series I Preferred Stock converted into common stock299,200 3 4,997 — — — 5,000 — 5,000 
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.— — — — 43,830 — 43,830 — 43,830 
Net income/(loss) attributable to non-controlling interest— — — — — — — 9 9 
Distributions declared— — — — (36,367)— (36,367)— (36,367)
Other comprehensive income/(loss)— — — (2,325)— — (2,325)— (2,325)
Contributions/(distributions) in non-controlling interest, net      — 5,851 5,851 
Balance, March 31, 202383,363,971 $826 $1,603,790 $(1,935)$(291,762)$258,742 $1,569,661 $21,268 $1,590,929 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
4

FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended March 31,
20242023
Cash flows from operating activities:
Net income/(loss)$35,827 $43,839 
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Premium amortization and (discount accretion), net$(2,453)$(4,163)
Accretion of deferred commitment fees(1,513)(2,869)
Amortization of deferred financing costs3,105 1,837 
Share-based compensation1,799 1,022 
Realized (gain)/loss on extinguishment of debt (4,767)
Realized (gain)/loss on sale of available for sale securities, measured at fair value(88)(596)
Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value(5,513) 
Unrealized (gain)/loss from commercial mortgage loans, held for sale, measured at fair value(457)(347)
Unrealized (gain)/loss from derivative instruments138 320 
(Gain)/loss from other real estate investments(6)1,339 
Trading (gain)/loss (2,968)
Depreciation and amortization1,417 1,642 
Straight lining rents(1,559)(307)
Provision/(benefit) for credit losses2,880 4,360 
Origination of commercial mortgage loans, held for sale, measured at fair value(130,700) 
Proceeds from sale or repayment of commercial mortgage loans, held for sale, measured at fair value106,213 (22)
Changes in assets and liabilities:
Accrued interest receivable4,375 539 
Prepaid expenses and other assets940 (735)
Accounts payable and accrued expenses(2,757)(3,510)
Due to affiliates1,653 (1,573)
Interest payable(331)217 
Net cash (used in)/provided by operating activities$12,970 $33,258 
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment$(488,291)$(195,617)
Principal repayments received on commercial mortgage loans, held for investment280,292 406,243 
Proceeds from sale of real estate owned, held for sale42,241  
Purchase of real estate owned and capital expenditures  
Purchase of real estate securities, available for sale(15,717)(20,267)
Proceeds from sale of real estate securities41,755 225,147 
Principal collateral on mortgage investments 7,302 
Proceeds from sale/(purchase) of derivative instruments386  
Net cash (used in)/provided by investing activities$(139,334)$422,808 
Cash flows from financing activities:
Payments for common stock repurchases(1,877)(3,666)
Shares cancelled for tax withholding on vested equity rewards(1,508)(812)
Borrowings on collateralized loan obligations27,949  
Repayments of collateralized loan obligations(66,654)(69,042)
Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans151,013 157,862 
Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans(38,164)(234,300)
Borrowings on repurchase agreements - real estate securities57,289 258,881 
Repayments of repurchase agreements - real estate securities(36,575)(469,955)
5

FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Borrowings on other financings 43,615 
Repayments on other financings(23,669)(40,795)
Repayments of unsecured debt (13,367)
Payments of deferred financing costs(880)(1,377)
Distributions paid(36,125)(36,317)
Net cash (used in)/provided by financing activities:$30,799 $(409,273)
Net change in cash, cash equivalents and restricted cash(95,565)46,793 
Cash, cash equivalents and restricted cash, beginning of period343,687 190,487 
Cash, cash equivalents and restricted cash, end of period$248,122 $237,279 
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period337,595 179,314 
Restricted cash, beginning of period6,092 11,173 
Cash, cash equivalents and restricted cash, beginning of period$343,687 $190,487 
Cash and cash equivalents, end of period240,030 230,405 
Restricted cash, end of period8,092 6,874 
Cash, cash equivalents and restricted cash, end of period$248,122 $237,279 
Supplemental disclosures of cash flow information:
Cash payments for income taxes$51 $(15)
Cash payments for interest77,589 69,263 
Pre-close loan fundings held with servicer (2,742)
Supplemental disclosures of non - cash flow information:
Distribution payable$36,308 $36,367 
Loans transferred to real estate owned42,235 57,205 
Modification accounted for as repayment and new loan(42,235) 
Conversion of preferred stock to common stock 5,000 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
6

FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)


Note 1 - Organization and Business Operations
Franklin BSP Realty Trust, Inc., (the "Company") is a real estate finance company that primarily originates, acquires and manages a diversified portfolio of commercial real estate debt investments secured by properties located within and outside the United States. The Company is a Maryland corporation and has made tax elections to be treated as a real estate investment trust (a "REIT") for U.S. federal income tax purposes since 2013.
The Company believes that it has qualified as a REIT and intends to continue to meet the requirements for qualification and taxation as a REIT. Substantially all of the Company's business is conducted through Benefit Street Partners Realty Operating Partnership, L.P. (the “OP”), a Delaware limited partnership. The Company is the sole general partner and directly or indirectly holds all of the units of limited partner interests in the OP. In addition, the Company, through one or more subsidiaries which are treated as a taxable REIT subsidiary (a “TRS”), is indirectly subject to U.S. federal, state and local income taxes.
The Company has no employees. Benefit Street Partners L.L.C. serves as the Company's advisor (the "Advisor") pursuant
to an advisory agreement, as amended on August 18, 2021 (the "Advisory Agreement"). The Advisor, an investment adviser registered with the SEC, is a credit-focused alternative asset management firm.
Established in 2008, the Advisor's credit platform manages funds for institutions and high-net-worth investors across various credit funds and complementary strategies including high yield, levered loans, private/opportunistic debt, liquid credit, structured credit and commercial real estate debt. These strategies complement each other as they all leverage the sourcing, analytical, compliance, and operational capabilities that encompass the platform. The Advisor manages the Company's affairs on a day-to-day basis. The Advisor receives compensation fees and reimbursements for services related to the investment and management of the Company's assets and the operations of the Company. The advisor is a wholly-owned subsidiary of Franklin Resources, Inc., which together with its various subsidiaries operates as "Franklin Templeton”.
The Company invests in commercial real estate debt investments, which may include first mortgage loans, subordinated mortgage loans, mezzanine loans and participations in such loans. The Company also originates conduit loans which the Company intends to sell through its TRS into commercial mortgage-backed securities ("CMBS") securitization transactions. Historically this business has focused primarily on CMBS, commercial real estate collateralized loan obligation bonds ("CRE CLO bonds"), collateralized debt obligations ("CDOs") and other securities. The Company also owns real estate that was either acquired by the Company through foreclosure or deed in lieu of foreclosure, or that was purchased for investment, primarily subject to triple net leases.
Note 2 - Summary of Significant Accounting Policies
Basis of Accounting
The Company's unaudited consolidated financial statements and related footnotes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate.
These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of, and for the year ended December 31, 2023, which are included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 26, 2024, as certain disclosures that would substantially duplicate those contained in the audited consolidated financial statements have not been included in this report.
Reclassifications
Certain prior year balances have been reclassified in order to conform to the current period presentation.
For the three months ended March 31, 2023 $0.3 million related to straight lining of rents was reclassified from Prepaid expenses and other assets to Straight lining rents in the consolidated statement of cash flows.
Use of Estimates
GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reported periods. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ materially. In the opinion of management, the interim data includes all adjustments, of a normal and recurring nature, necessary for a fair statement of the results for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the entire year or any subsequent interim periods.
7

FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)

Principles of Consolidation
The accompanying consolidated financial statements include the accounts of the Company, the OP and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members, as well as whether the entity is a variable interest entity ("VIE") for which the Company is the primary beneficiary.
The Company has determined the OP is a VIE of which the Company is the primary beneficiary. Substantially all of the Company's assets and liabilities are held by the OP.
The Company consolidates all entities that it controls through either majority ownership or voting rights. In addition, the Company consolidates all VIEs of which the Company is considered the primary beneficiary. VIEs are entities in which equity investors (i) do not have the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The entity that consolidates a VIE is its primary beneficiary and is generally the entity with (i) the power to direct the activities that most significantly affect the VIE’s economic performance and (ii) the right to receive benefits from the VIE or the obligation to absorb losses of the VIE that could be significant to the VIE. Non-controlling interest represents the equity of consolidated joint ventures that are not owned by the Company.
The accompanying consolidated financial statements include the accounts of collateralized loan obligations ("CLOs") issued and securitized by wholly owned subsidiaries of the Company. The Company has determined the CLOs are VIEs of which the Company's subsidiary is the primary beneficiary. The assets and liabilities of the CLOs are consolidated in the accompanying consolidated balance sheets in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation.
Cash and Cash Equivalents
Cash consists of amounts deposited with high quality financial institutions. These deposits are guaranteed by the Federal Deposit Insurance Company up to an insurance limit. Cash and cash equivalent balances may, at a limited number of banks and financial institutions, exceed insurable amounts. The Company believes it mitigates risk by investing in or through major financial institutions and primarily in funds that are currently U.S. federal government insured up to applicable account limits. Recoverability of investments is dependent upon the performance of the issuers. Cash equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased.
Recently Issued Accounting Pronouncements
In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” or ASU 2023-07. ASU 2023-07 enhances the disclosures required for reportable segments on an annual and interim basis. ASU 2023-07 is effective on a retrospective basis for annual periods beginning after December 15, 2023, for interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company is still assessing the impact, if any, to the adoption of ASU 2023-07 on our consolidated financial statements.
In December 2023, the FASB issued Accounting Standards Update, or ASU, 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on the entity’s effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. We do not expect the adoption of ASU 2023-09 to have a material impact on our consolidated financial statements.
In March 2024, the FASB issued Accounting Standards Update, or ASU, 2024-01 “Compensation — Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards,” or ASU 2024-01. ASU 2024-01 improves clarity and operability without changing the guidance. ASU 2024-01 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. We do not expect the adoption of ASU 2023-09 to have a material impact on our consolidated financial statements.
In March 2024, the FASB issued Accounting Standards Update, or ASU, 2024-02 “Codification Improvements — Amendments to Remove References to the Concepts Statements,” or ASU 2024-02. ASU 2024-02 amended certain definitions in the guidance. ASU 2024-02 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. We do not expect the adoption of ASU 2023-09 to have a material impact on our consolidated financial statements.
8

FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)



Note 3 - Commercial Mortgage Loans
Commercial Mortgage Loans, Held for Investment
The following table is a summary of the Company's commercial mortgage loans, held for investment, carrying values by class (dollars in thousands):
March 31, 2024December 31, 2023
Senior loans$5,206,011 $5,017,569 
Mezzanine loans27,409 19,373 
Total gross carrying value of loans5,233,420 5,036,942 
General allowance for credit losses48,477 47,175 
Specific allowance for credit losses738  
Less: Allowance for credit losses49,215 47,175 
Total commercial mortgage loans, held for investment, net$5,184,205 $4,989,767 
For the three months ended March 31, 2024 and year ended December 31, 2023, the activity in the Company's commercial mortgage loans, held for investment carrying values, was as follows (dollars in thousands):
Three months ended March 31, 2024Year Ended
December 31, 2023
Amortized cost, beginning of period$5,036,942 $5,269,776 
Acquisitions and originations492,800 941,513 
Principal repayments(251,801)(1,076,532)
Net fees capitalized into carrying value of loans(4,736)(5,242)
Discount accretion/premium amortization2,450 13,016 
Transfer to real estate owned(1)
(42,235)(103,863)
Cost recovery (1,726)
Amortized cost, end of period$5,233,420 $5,036,942 
Allowance for credit losses, beginning of period$(47,175)$(40,848)
General (provision)/benefit for credit losses(1,302)(20,551)
Specific (provision)/benefit for credit losses(738)(12,334)
Write offs from specific allowance for credit losses 26,558 
Allowance for credit losses, end of period$(49,215)$(47,175)
Total commercial mortgage loans, held for investment, net $5,184,205 $4,989,767 
________________________
(1) In February 2024, the Company, through deed-in-lieu of foreclosure, acquired a multifamily property located in San Antonio, TX, and assumed the senior mortgage note which the Company originated in November 2021. At the time of the deed-in-lieu of foreclosure, the amortized cost of the loan was $42.2 million and contractual interest was satisfied. Subsequently thereafter, the property was sold to a third party. In connection with the sale, the senior mortgage note which the Company originated in November 2021 was assumed by the buyer and immediately modified, resulting in a $5.9 million principal paydown. As a result, the modification was accounted for as a new loan for GAAP purposes and the sale of the real estate owned transaction resulted in a net gain of $6.0 thousand recorded in Gain/(loss) on other real estate investments in the consolidated statement of operations.
As of March 31, 2024 and December 31, 2023, the Company's total commercial mortgage loan, held for investment portfolio, was comprised of 145 and 144 loans, respectively.
9

FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)

Loan Portfolio by Collateral Type and Geographic Region
The following tables represent the composition by loan collateral type and region of the Company's commercial mortgage loans, held for investment portfolio (dollars in thousands):
March 31, 2024December 31, 2023
Loan Collateral Type Par Value Percentage Par ValuePercentage
Multifamily$3,931,501 74.9 %$3,876,108 76.8 %
Hospitality721,075 13.8 %670,274 13.3 %
Office312,894 6.0 %269,924 5.4 %
Industrial150,346 2.9 %73,724 1.5 %
Retail34,000 0.6 %34,000 0.7 %
Other93,984 1.8 %121,006 2.3 %
Total $5,243,800 100.0 %$5,045,036 100.0 %
March 31, 2024December 31, 2023
Loan RegionPar Value Percentage Par Value Percentage
Southeast$2,116,439 40.4 %$1,989,175 39.4 %
Southwest2,033,484 38.8 %1,920,491 38.1 %
Mideast385,710 7.4 %455,739 9.0 %
Great Lakes156,627 3.0 %161,059 3.2 %
Rocky Mountain134,535 2.6 %74,934 1.5 %
Far West104,321 2.0 %113,554 2.3 %
New England62,691 1.2 %63,274 1.3 %
Various(1)
249,993 4.6 %266,810 5.2 %
Total$5,243,800 100.0 %$5,045,036 100.0 %
________________________
(1) Represents loans secured by a portfolio of properties located in various parts of the United States.
Allowance for Credit Losses
The following table presents the quarterly changes in the Company's allowance for credit losses for the three months ended March 31, 2024 (dollars in thousands):
General Allowance for Credit Losses
Specific Allowance for Credit LossesFundedUnfundedTotalTotal Allowance for Credit Losses
December 31, 2023$ $47,175 $1,133 $48,308 $48,308 
Changes:
Provision/(Benefit)$738 $1,302 $841 $2,143 $2,881 
Write offs     
March 31, 2024$738 $48,477 $1,974 $50,451 $51,189 
Specific Allowance for Credit Losses
In June 2022, the Company originated a first mortgage loan with a fully committed principal balance of $58.0 million secured by two multifamily properties in North Carolina. In March 2024, the loan was identified by management as non-performing and placed on non-accrual status. The Company elected to apply a practical expedient for collateral dependent assets in which the allowance for credit losses is calculated as the difference between the estimated fair value of the underlying collateral, less estimated cost to sell, and the amortized cost basis of the loan. The Company estimated the fair value less estimated cost to sell utilizing the market approach with an unobservable input based on a negotiated price noted in a letter of intent from an anticipated buyer. As a result, the Company recorded a specific allowance for credit losses of $0.7 million on this loan.
10

FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)

General Allowance for Credit Losses
The Company recorded a total increase in its general allowance for credit losses during the three months ended March 31, 2024 of $2.1 million. The primary driver for the higher reserve balance is due to the Company utilizing a pessimistic and conservative macro-economic outlook since the end of the prior quarter along with an increase in size of the overall portfolio of commercial mortgage loans, held for investment as of March 31, 2024. Changes in the provision for credit losses for the Company’s financial instruments are recorded in (Provision)/benefit for income tax in the consolidated statements of operations with a corresponding offset to the financial instrument’s amortized cost recorded in the consolidated balance sheets, or as a component of Accounts payable and accrued expenses for unfunded loan commitments
Past Due Status
The following table presents a summary of the loans amortized cost basis as of March 31, 2024 (dollars in thousands):
CurrentLess than 90 days past due
90 or more days past due(1)
Total
As of March 31, 2024$4,925,874 $141,806 $165,740 $5,233,420 
________________________
(1) Comprised of two mortgage loans collateralized by multifamily properties, both of which are designated as non-performing and placed on non-accrual status. For the three months ended March 31, 2024, the Company has received and recognized $3.4 million in interest proceeds included in Interest income in the consolidated statements of operations.
Non-performing Status
The following table presents the amortized cost basis of our non-performing loans as of March 31, 2024 and December 31, 2023 (dollars in thousands):
March 31, 2024December 31, 2023
Non-performing loan amortized cost at beginning of year, January 1$78,185 $117,379 
Addition of non-performing loan amortized cost292,596 118,647 
Less: Removal of non-performing loan amortized cost63,235 157,841 
Non-performing loan amortized cost end of period(1)
$307,546 $78,185 
________________________
(1) As of March 31, 2024, and December 31, 2023, the Company had four and two loans, respectively, designated as non-performing. As of March 31, 2024, three of the four non-performing loans were placed on non-accrual status and one was placed on cost recovery status. For the loans designated as non-performing and placed on non-accrual status, the Company recognized $3.4 million of interest proceeds included in Interest income in the consolidated statements of operations for the three months ended March 31, 2024. As of March 31, 2024, the one loan designated as non-performing and placed on cost recovery was determined to have a $0.7 million specific allowance for credit losses. As of March 31, 2024, the four designated non-performing loans were all collateralized by multifamily properties.
Loan Credit Characteristics, Quality and Vintage
As part of the Company's process for monitoring the credit quality of its commercial mortgage loans, excluding those held for sale, measured at fair value, it performs a quarterly loan portfolio assessment and assigns risk ratings to each of its loans. The loans are scored on a scale of 1 to 5 as follows:
Investment Rating
Summary Description
1
Very Low Risk - Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable.
2
Low Risk - Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable.
3
Average Risk - Performing investments requiring closer monitoring. Trends and risk factors show some deterioration.
4
High Risk/Delinquent/Defaulted/Potential For Loss - Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative.
5
Impaired/Defaulted/Loss Likely - Underperforming investment with expected loss of interest and some principal.
11

FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)

All commercial mortgage loans, excluding loans classified as commercial mortgage loans, held for sale, measured at fair value within the consolidated balance sheets, are assigned an initial risk rating of 2. As of March 31, 2024 and December 31, 2023, the weighted average risk rating of loans was 2.3 and 2.3, respectively.
The following tables present the par value and amortized cost of our commercial mortgage loans, held for investment as of March 31, 2024 and December 31, 2023, by the Company’s internal risk rating and year of origination (dollars in thousands):
March 31, 2024
Amortized Cost by Year of Origination
Risk RatingNumber of LoansTotal Par Value20242023202220212020PriorTotal Amortized Cost% of Portfolio
1$ $ $ $ $ $ $ $  %
21113,858,347435,557 659,601 1,072,104 1,499,359 73,004 109,128 3,848,753 73.5 %
3281,121,569 57,981 459,627 539,579 47,189 16,518 1,120,894 21.5 %
46263,884  141,806 44,913  77,054 263,773 5.0 %
5         %
Total145$5,243,800 $435,557 $717,582 $1,673,537 $2,083,851 $120,193 $202,700 $5,233,420 100.0 %
Allowance for credit losses(49,215)
Total carrying value, net$5,184,205 
December 31, 2023
Amortized Cost by Year of Origination
Risk RatingNumber of LoansTotal Par Value20232022202120202019PriorTotal Amortized Cost% of Portfolio
1$ $ $ $ $ $ $ $  %
21113,897,680694,228 1,256,509 1,724,734 105,477 73,743 35,734 3,890,42477.2 %
327875,4492,379 273,097 468,244 74,729  56,362 874,81117.4 %
46271,907 141,740 87,126  42,840  271,7075.4 %
5         %
Total144$5,045,036 $696,607 $1,671,346 $2,280,104 $180,206 $116,583 $92,096 $5,036,942 100.0 %
Allowance for credit losses(47,175)
Total carrying value, net$4,989,767 
Commercial Mortgage Loans, Held for Sale, Measured at Fair Value
As of March 31, 2024 the contractual principal balance outstanding of commercial mortgage loans, held for sale, measured at fair value was $30.0 million, comprised of one loan. As of March 31, 2024, none of the Company's commercial mortgage loans, held for sale, measured at fair value were in default or greater than ninety days past due. As of December 31, 2023, the Company did not hold any commercial mortgage loans, held for sale.
The following tables represent the composition by loan collateral type and region of the Company's commercial mortgage loans, held for sale, measured at fair value as of March 31, 2024 (dollars in thousands):
Loan Collateral TypePar ValuePercentage
Office$30,000 100.0 %
Loan RegionPar ValuePercentage
Southeast$30,000 100.0 %
12

FRANKLIN BSP REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024
(Unaudited)

Note 4 - Real Estate Securities

Real Estate Securities Classified As Available For Sale
The following is a summary of the Company's real estate securities, available for sale, measured at fair value, as of March 31, 2024 and December 31, 2023 (dollars in thousands):