10-Q 1 bsprt-20240930.htm 10-Q bsprt-20240930
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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 September 30, 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 October 30, 2024 was 81,841,137.

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)


September 30, 2024December 31, 2023
ASSETS
Cash and cash equivalents$346,153 $337,595 
Restricted cash7,720 6,092 
Commercial mortgage loans, held for investment, net of allowance for credit losses of $76,640 and $47,175 as of September 30, 2024 and December 31, 2023, respectively
5,077,476 4,989,767 
Real estate securities, available for sale, measured at fair value, amortized cost of $210,256 and $243,272 as of September 30, 2024 and December 31, 2023, respectively (includes pledged assets of $210,656 and $167,948 as of September 30, 2024 and December 31, 2023, respectively)
210,656 242,569 
Receivable for loan repayment(1)
196,314 55,174 
Accrued interest receivable37,517 42,490 
Prepaid expenses and other assets20,315 19,213 
Intangible lease asset, net of amortization40,554 42,793 
Real estate owned, net of depreciation113,848 115,830 
Real estate owned, held for sale284,423 103,657 
Total assets$6,334,976 $5,955,180 
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations$4,097,668 $3,567,166 
Repurchase agreements and revolving credit facilities - commercial mortgage loans183,761 299,707 
Repurchase agreements - real estate securities241,266 174,055 
Mortgage note payable23,998 23,998 
Other financings12,865 36,534 
Unsecured debt81,370 81,295 
Interest payable12,378 15,383 
Distributions payable36,240 36,133 
Accounts payable and accrued expenses14,013 13,339 
Due to affiliates15,630 19,316 
Intangible lease liability, held for sale1,805 12,297 
Total liabilities$4,720,994 $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 September 30, 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 September 30, 2024 and December 31, 2023
$258,742 $258,742 
Common stock, $0.01 par value, 900,000,000 shares authorized, 83,066,789 and 82,751,913 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
818 820 
Additional paid-in capital1,598,844 1,599,197 
Accumulated other comprehensive income/(loss)400 (703)
Accumulated deficit(342,355)(298,942)
Total stockholders' equity$1,516,449 $1,559,114 
Non-controlling interest7,785 27,095 
Total equity$1,524,234 $1,586,209 
Total liabilities, redeemable convertible preferred stock and equity$6,334,976 $5,955,180 
_________________________________________________________
(1) Includes $196.1 million and $55.1 million of cash held by servicer related to the CLOs as of September 30, 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 September 30,Nine Months Ended September 30,
2024202320242023
Income
Interest income$134,142 $137,042 $398,253 $420,470 
Less: Interest expense89,884 77,973 257,942 224,347 
Net interest income44,258 59,069 140,311 196,123 
Revenue from real estate owned 5,412 3,317 14,196 13,067 
Total income$49,670 $62,386 $154,507 $209,190 
Expenses
Asset management and subordinated performance fee$4,906 $7,908 $19,023 $24,893 
Acquisition expenses255 316 688 977 
Administrative services expenses3,801 3,566 7,365 10,993 
Professional fees3,588 4,153 11,536 11,761 
Share-based compensation2,134 1,255 6,020 3,505 
Depreciation and amortization1,387 1,513 4,221 5,514 
Other expenses5,709 2,856 11,274 9,323 
Total expenses$21,780 $21,567 $60,127 $66,966 
Other income/(loss)
(Provision)/benefit for credit losses$268 $(2,379)$(34,790)$(28,363)
Realized gain/(loss) on extinguishment of debt— (2,836)— 2,201 
Realized gain/(loss) on real estate securities, available for sale55 (486)143 110 
Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value6,228 933 13,125 3,027 
Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value(615)— — 44 
Gain/(loss) on other real estate investments(2,193)(4,112)(8,436)(7,142)
Trading gain/(loss)— (2,627)— (605)
Unrealized gain/(loss) on derivatives322 (183)1 (110)
Realized gain/(loss) on derivatives(1,573)67 (1,261)684 
Total other income/(loss)$2,492 $(11,623)$(31,218)$(30,154)
Income/(loss) before taxes30,382 29,196 63,162 112,070 
(Provision)/benefit for income tax(209)1,799 (927)2,408 
Net income/(loss)$30,173 $30,995 $62,235 $114,478 
Net (income)/loss attributable to non-controlling interest1,441 772 3,124 722 
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.$31,614 $31,767 $65,359 $115,200 
Less: Preferred stock dividends6,749 6,748 20,245 20,245 
Net income/(loss) applicable to common stock$24,865 $25,019 $45,114 $94,955 
Basic earnings per share$0.30 $0.30 $0.53 $1.14 
Diluted earnings per share$0.30 $0.30 $0.53 $1.14 
Basic weighted average shares outstanding81,788,091 82,210,624 81,865,672 82,410,725 
Diluted weighted average shares outstanding81,788,091 82,210,624 81,865,672 82,410,725 
        
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 September 30,Nine Months Ended September 30,
2024202320242023
Net income/(loss)$30,173 $30,995 $62,235 $114,478 
Amounts related to available for sale real estate securities:
Change in net unrealized gain/(loss)$(204)$448 $768 $(564)
Reclassification adjustment for amounts included in net income/(loss)29 (248)335 (925)
$(175)$200 $1,103 $(1,489)
Comprehensive (income)/loss attributed to non-controlling interest1,441 772 3,124 722 
Comprehensive income/(loss) attributable to Franklin BSP Realty Trust, Inc.$31,439 $31,967 $66,462 $113,711 

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 stock repurchases(240,740)(2)(2,989)— — — (2,991)— (2,991)
Share-based compensation40,896 — 2,087 — — — 2,087 — 2,087 
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.— — — — (2,175)— (2,175)— (2,175)
Net income/(loss) attributable to non-controlling interest— — — — — — — (1,590)(1,590)
Distributions declared— — — — (36,233)— (36,233)— (36,233)
Other comprehensive income/(loss)— — — 45 — — 45 — 45 
Contributions/(distributions) in non-controlling interest, net— — — — — — — (641)(641)
Balance, June 30, 202483,054,639 $818 $1,596,709 $575 $(337,734)$258,742 $1,519,110 $24,775 $1,543,885 
Common stock repurchases— — — — — — — — — 
Share-based compensation12,150 — 2,135 — — — 2,135 — 2,135 
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.— — — — 31,614 — 31,614 — 31,614 
Net income/(loss) attributable to non-controlling interest— — — — — — — (1,441)(1,441)
Distributions declared— — — — (36,235)— (36,235)— (36,235)
Other comprehensive income/(loss)— — — (175)— — (175)— (175)
Contributions/(distributions) in non-controlling interest, net— — — — — — — (15,549)(15,549)
Balance, September 30, 202483,066,789 $818 $1,598,844 $400 $(342,355)$258,742 $1,516,449 $7,785 $1,524,234 







4
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, 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 
Common stock repurchases(444,726)(5)(5,490)— — — (5,495)— (5,495)
Common stock issued through dividend reinvestment plan61,866 1 768 — — — 769 — 769 
Share-based compensation38,770 — 1,227 — — — 1,227 — 1,227 
Offering costs— — (259)— — — (259)— (259)
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.— — — — 39,603 — 39,603 — 39,603 
Net income/(loss) attributable to non-controlling interest— — — — — — — 41 41 
Distributions declared— — — — (36,221)— (36,221)— (36,221)
Other comprehensive income/(loss)— — — 636 — — 636 — 636 
Contributions/(distributions) in non-controlling interest, net— — — — — — — 8,521 8,521 
Balance, June 30, 202383,019,881 $822 $1,600,036 $(1,299)$(288,380)$258,742 $1,569,921 $29,830 $1,599,751 
Share-based compensation— — 1,256 — — — 1,256 — 1,256 
Offering costs— — (10)— — — (10)— (10)
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.— — — — 31,767 — 31,767 — 31,767 
Net income/(loss) attributable to non-controlling interest— — — — — — — (772)(772)
Distributions declared— — — — (36,220)— (36,220)— (36,220)
Other comprehensive income/(loss)— — — 200— — 200 — 200 
Contributions/(distributions) in non-controlling interest, net— — — — — — — (4)(4)
Balance, September 30, 202383,019,881 $822 $1,601,282 $(1,099)$(292,833)$258,742 $1,566,914 $29,054 $1,595,968 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
5
FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Nine Months Ended September 30,
20242023
Cash flows from operating activities:
Net income/(loss)$62,235 $114,478 
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:
Premium amortization and (discount accretion), net$(6,980)$(10,102)
Accretion of deferred commitment fees(4,941)(6,836)
Amortization of deferred financing costs9,789 5,968 
Share-based compensation6,020 3,505 
Realized (gain)/loss on extinguishment of debt— (2,201)
Realized (gain)/loss on sale of available for sale securities, measured at fair value(143)(110)
Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value(13,125)(3,027)
Unrealized (gain)/loss from commercial mortgage loans, held for sale, measured at fair value— (44)
Unrealized (gain)/loss from derivative instruments(1)110 
(Gain)/loss from other real estate investments8,436 7,142 
Trading (gain)/loss— 605 
Depreciation and amortization4,221 6,454 
Straight line rental income(3,168)(2,212)
Provision/(benefit) for credit losses34,790 28,363 
Origination of commercial mortgage loans, held for sale, measured at fair value(271,175)(93,250)
Proceeds from sale or repayment of commercial mortgage loans, held for sale, measured at fair value284,300 94,880 
Changes in assets and liabilities:
Accrued interest receivable9,815 2,546 
Prepaid expenses and other assets(4,444)604 
Accounts payable and accrued expenses3,384 (5,849)
Due to affiliates(3,686)1,407 
Interest payable(3,005)(969)
Net cash (used in)/provided by operating activities$112,322 $141,462 
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment$(1,424,445)$(668,017)
Principal repayments received on commercial mortgage loans, held for investment834,729 921,517 
Proceeds from sale of real estate owned, held for sale110,146 39,755 
Purchase of real estate owned and capital expenditures(45)(912)
Purchase of real estate securities, available for sale(57,137)(160,267)
Proceeds from sale or paydown of real estate securities90,310 187,042 
Proceeds from sale of real estate securities, trading, at fair value— 217,524 
Proceeds from sale of commercial mortgage loans, held for investment25,999 — 
Principal collateral on mortgage investments— 17,703 
Proceeds from sale/(purchase) of derivative instruments5 464 
Net cash (used in)/provided by investing activities$(420,438)$554,809 
Cash flows from financing activities:
Payments for common stock repurchases$(4,867)$(9,162)
Shares cancelled for tax withholding on vested equity rewards(1,508)(812)
Borrowings on collateralized loan obligations914,125 573,794 
Repayments of collateralized loan obligations(383,133)(216,185)
Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans699,691 532,751 
Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans(815,637)(964,265)
6
FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Borrowings on repurchase agreements - real estate securities118,669 829,682 
Repayments of repurchase agreements - real estate securities(51,458)(1,029,679)
Borrowings on other financings— 46,842 
Repayments on other financings(23,669)(99,474)
Repayments of unsecured debt— (13,367)
Payments of deferred financing costs(9,061)(10,388)
Payments of offering costs— (269)
Distributions to noncontrolling interest(16,185)— 
Distributions paid(108,665)(108,134)
Net cash (used in)/provided by financing activities:$318,302 $(468,666)
Net change in cash, cash equivalents and restricted cash10,186 227,605 
Cash, cash equivalents and restricted cash, beginning of period343,687 190,487 
Cash, cash equivalents and restricted cash, end of period$353,873 $418,092 
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 period346,153 411,437 
Restricted cash, end of period7,720 6,655 
Cash, cash equivalents and restricted cash, end of period$353,873 $418,092 
Supplemental disclosures of cash flow information:
Cash payments for income taxes$469 $323 
Cash payments for interest248,234 219,590