0001562528-21-000012.txt : 20210511 0001562528-21-000012.hdr.sgml : 20210511 20210511162810 ACCESSION NUMBER: 0001562528-21-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 104 CONFORMED PERIOD OF REPORT: 20210331 FILED AS OF DATE: 20210511 DATE AS OF CHANGE: 20210511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Benefit Street Partners Realty Trust, Inc. CENTRAL INDEX KEY: 0001562528 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55188 FILM NUMBER: 21911692 BUSINESS ADDRESS: STREET 1: 9 WEST 57TH STREET, SUITE 4920 CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: (212) 588-6770 MAIL ADDRESS: STREET 1: 9 WEST 57TH STREET, SUITE 4920 CITY: NEW YORK STATE: NY ZIP: 10019 FORMER COMPANY: FORMER CONFORMED NAME: Realty Finance Trust, Inc. DATE OF NAME CHANGE: 20150217 FORMER COMPANY: FORMER CONFORMED NAME: ARC Realty Finance Trust, Inc. DATE OF NAME CHANGE: 20121119 10-Q 1 bsprt-20210331.htm 10-Q bsprt-20210331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 2021
 OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 000-55188
BENEFIT STREET PARTNERS 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.)
9 West 57th Street, Suite #4920
New York, New York
10019
(Address of Principal Executive Office)(Zip Code)
(212) 588-6770
(Registrant’s Telephone Number, Including Area Code)

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
None
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 o
Accelerated filer o
Non-accelerated filer x
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

The number of shares of the registrant's common stock, $0.01 par value, outstanding as of April 30, 2021 was 44,261,878.


BENEFIT STREET PARTNERS REALTY TRUST, INC.

TABLE OF CONTENTS



i

PART I
Item 1. Consolidated Financial Statements and Notes (unaudited)
1

BENEFIT STREET PARTNERS REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
March 31, 2021December 31, 2020
ASSETS(Unaudited)
Cash and cash equivalents$99,099 $82,071 
Restricted cash11,808 10,070 
Commercial mortgage loans, held for investment, net of allowance of $18,600 and $20,886 as of March 31, 2021 and December 31, 2020, respectively
3,010,098 2,693,848 
Commercial mortgage loans, held for sale, measured at fair value93,117 67,649 
Real estate securities, available for sale, measured at fair value, amortized cost of $19,079 and $179,392 as of March 31, 2021 and December 31, 2020, respectively
18,865 171,136 
Derivative instruments, measured at fair value1,863 25 
Other real estate investments, measured at fair value2,528 2,522 
Receivable for loan repayment (1)
215,991 98,551 
Accrued interest receivable16,475 15,295 
Prepaid expenses and other assets5,676 8,538 
Intangible lease asset, net of amortization13,340 13,546 
Real estate owned, net of depreciation26,310 26,510 
Real estate owned, held for sale37,523  
Total assets$3,552,693 $3,189,761 
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations$2,075,611 $1,625,498 
Repurchase agreements - commercial mortgage loans152,925 276,340 
Repurchase agreements - real estate securities88,272 186,828 
Mortgage note payable29,167 29,167 
Other financing and loan participation - commercial mortgage loans34,017 31,379 
Unsecured debt100,000  
Derivative instruments, measured at fair value1,105 403 
Interest payable1,446 2,110 
Distributions payable14,585 15,688 
Accounts payable and accrued expenses6,361 5,125 
Due to affiliates10,477 9,525 
Total liabilities$2,513,966 $2,182,063 
Commitment and contingencies (See Note 10)
Redeemable convertible preferred stock Series A, $0.01 par value, 60,000 authorized and 25,566 and 40,515 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
$127,581 $202,292 
Redeemable convertible preferred stock Series C, $0.01 par value, 20,000 authorized and 1,400 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
6,964 6,962 
Redeemable convertible preferred stock Series D, $0.01 par value, 20,000 authorized and 17,950 issued and outstanding as of March 31, 2021 and none issued or outstanding as of December 31, 2020, respectively
89,722  
Equity:
Preferred stock, $0.01 par value, 50,000,000 authorized and none issued or outstanding as of March 31, 2021 and December 31, 2020, respectively
  
Common stock, $0.01 par value, 949,999,000 shares authorized, 44,135,659 and 44,510,051 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
443 446 
Additional paid-in capital906,200 912,725 
Accumulated other comprehensive income (loss)(214)(8,256)
Accumulated deficit(91,969)(106,471)
Total stockholders' equity$814,460 $798,444 
Total liabilities, redeemable convertible preferred stock and stockholders' equity$3,552,693 $3,189,761 
__________________________________
(1) Includes $216.0 million and $98.6 million of cash held by servicer related to the CLOs as of March 31, 2021 and December 31, 2020, respectively.

The accompanying notes are an integral part of these unaudited consolidated financial statements.
2

BENEFIT STREET PARTNERS REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended March 31,
20212020
Income:
Interest income$42,237 $47,854 
Less: Interest expense11,369 24,492 
Net interest income30,868 23,362 
Revenue from real estate owned 716 1,629 
Total Income$31,584 $24,991 
Expenses:
Asset management and subordinated performance fee5,416 3,912 
Acquisition expenses153 142 
Administrative services expenses3,474 4,112 
Professional fees1,997 2,784 
Real estate owned operating expenses 1,645 
Depreciation and amortization406 588 
Other expenses495 1,587 
Total expenses$11,941 $14,770 
Other (income)/loss:
Provision/(benefit) for credit losses(2,331)14,597 
Impairment losses on real estate owned assets 398 
Realized (gain)/loss on sale of real estate securities1,060 438 
Realized (gain)/loss on sale of commercial mortgage loan, held for sale, measured at fair value(6,630)(9,404)
Unrealized (gain)/loss on commercial mortgage loans, held for sale, measured at fair value(479)1,934 
Unrealized (gain)/loss on other real estate investments, measured at fair value(6)61 
Unrealized (gain)/loss on derivatives(2,109)4,836 
Realized (gain)/loss on derivatives(1,978)6,669 
Total other (income)/loss$(12,473)$19,529 
Income/(loss) before taxes32,116 (9,308)
Provision/(benefit) for income tax1,970 (1,908)
Net income/(loss)$30,146 $(7,400)
Net income/(loss) applicable to common stock$23,408 $(11,915)
Basic earnings per share$0.53 $(0.27)
Diluted earnings per share$0.53 $(0.27)
Basic weighted average shares outstanding44,290,177 44,263,334 
Diluted weighted average shares outstanding44,306,065 44,274,852 

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


BENEFIT STREET PARTNERS REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
Three Months Ended March 31,
20212020
Net income/(loss)$30,146 $(7,400)
Unrealized gain/(loss) on available for sale securities8,042 (67,607)
Comprehensive income/(loss) attributable to Benefit Street Partners Realty Trust, Inc.$38,188 $(75,007)

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

BENEFIT STREET PARTNERS REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(In thousands, except share data)
(Unaudited)
Common Stock
Number of SharesPar ValueAdditional Paid-In CapitalAccumulated Other Comprehensive LossAccumulated DeficitTotal Stockholders' Equity
Balance, December 31, 202044,510,051$446 $912,725 $(8,256)$(106,471)$798,444 
Issuance of common stock      
Common stock repurchases(521,796)(5)(9,142)— — (9,147)
Common stock issued through distribution reinvestment plan147,404 2 2,583 — — 2,585 
Share-based compensation— — 55 — — 55 
Offering costs— — (21)— — (21)
Net income— — — — 30,146 30,146 
Distributions declared— — — — (15,644)(15,644)
Other comprehensive income— — — 8,042 — 8,042 
Balance, March 31, 202144,135,659 $443 $906,200 $(214)$(91,969)$814,460 
Balance, December 31, 201943,916,815 $441 $903,310 $(978)$(85,968)$816,805 
Issuance of common stock650,034 7 10,855 — — 10,862 
Common stock repurchases(361,829)(4)(6,711)— — (6,715)
Common stock issued through distribution reinvestment plan191,326 1 3,548 — — 3,549 
Share-based compensation— — 39 — — 39 
Offering costs— — (136)— — (136)
Net income/(loss)— — — — (7,400)(7,400)
Distributions declared— — — — (20,371)(20,371)
Cumulative-effect adjustment upon adoption of ASU 2016-13 (Note 2)— — — — (7,761)(7,761)
Other comprehensive income— — — (67,607)— (67,607)
Balance, March 31, 202044,396,346 $445 $910,905 $(68,585)$(121,500)$721,265 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
5


BENEFIT STREET PARTNERS REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended March 31,
20212020
Cash flows from operating activities:
Net income/(loss)$30,146 $(7,400)
Adjustments to reconcile net income/(loss) to net cash (used in)/provided by operating activities:
Premium amortization and (discount accretion), net$(1,169)$(1,710)
Accretion of deferred commitment fees(1,488)(1,233)
Amortization of deferred financing costs1,335 5,684 
Share-based compensation55 39 
Realized (gain)/loss from sale of real estate securities1,060 438 
Unrealized (gain)/loss from commercial mortgage loans held for sale(479)1,934 
Unrealized (gain)/loss from derivative instruments(2,109)4,836 
Unrealized losses from other real estate investments(6)61 
Depreciation and amortization406 588 
Recognition of deferred rent revenue (89)
Provision/(benefit) for credit losses(2,331)14,597 
Impairment losses on real estate owned assets 398 
Origination of commercial mortgage loans, held for sale(166,360)(119,349)
Proceeds from sale of commercial mortgage loans, held for sale141,372 138,164 
Changes in assets and liabilities:
Accrued interest receivable308 1,664 
Prepaid expenses and other assets1,850 (6,300)
Accounts payable and accrued expenses1,570 (2,068)
Due to affiliates952 9,249 
Interest payable(664)(2,072)
Net cash (used in)/provided by operating activities$4,448 $37,431 
Cash flows from investing activities:
Origination and purchase of commercial mortgage loans, held for investment$(520,849)$(287,644)
Principal repayments received on commercial mortgage loans, held for investment52,800 426,742 
Purchase of other real estate investments  (624)
Purchase of real estate securities (134,818)
Principal repayments received on real estate securities 643 
Proceeds from sale/repayment of real estate securities159,254  
Purchase of derivative instruments973 (689)
Net cash (used in)/provided by investing activities$(307,822)$3,610 
Cash flows from financing activities:
Proceeds from issuances of common stock$ $10,726 
Proceeds from issuances of redeemable convertible preferred stock15,000 70 
Common stock repurchases(9,147)(6,716)
Borrowings under collateralized loan obligation573,125  
Repayments of collateralized loan obligation(119,425)(68,894)
Borrowings on repurchase agreements - commercial mortgage loans168,655 65,413 
Repayments of repurchase agreements - commercial mortgage loans(292,070)(83,432)
Borrowings on repurchase agreements - real estate securities168,550 340,116 
6


BENEFIT STREET PARTNERS REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Repayments of repurchase agreements - real estate securities(267,106)(237,596)
Proceeds from other financing and loan participation - commercial mortgage loans2,638 15,190 
Proceeds from unsecured debt100,000  
Borrowing on mortgage note payable 11,000 
Payments of deferred financing costs(3,944)(75)
Distributions paid(14,136)(16,776)
Net cash (used in)/provided by financing activities:$322,140 $29,026 
Net change in cash, cash equivalents and restricted cash18,766 70,067 
Cash, cash equivalents and restricted cash, beginning of period92,141 109,122 
Cash, cash equivalents and restricted cash, end of period$110,907 $179,189 
Supplemental disclosures of cash flow information:
Taxes paid$ $ 
Interest paid10,698 20,880 
Supplemental disclosures of non - cash flow information:
Distribution payable$14,585 $6,956 
Common stock issued through distribution reinvestment plan2,585 3,548 
Commercial mortgage loans transferred from held for sale to held for investment  9,619 
Real estate owned received in foreclosure37,523 14,000 
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents$99,099 $88,960 
Restricted cash11,808 90,229 
Cash, cash equivalents and restricted cash, end of period$110,907 $179,189 

The accompanying notes are an integral part of these unaudited consolidated financial statements.
7

BENEFIT STREET PARTNERS REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(Unaudited)

Note 1 - Organization and Business Operations
Benefit Street Partners 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 was incorporated in Maryland on November 15, 2012 and commenced operations on May 14, 2013.
The Company made a tax election to be treated as a real estate investment trust (a "REIT") for U.S. federal income tax purposes commencing with its taxable year ended December 31, 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. In addition, the Company, through a subsidiary which is treated as a taxable REIT subsidiary (a "TRS") is indirectly subject to U.S federal, state and local income taxes. The majority 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.
The Company has no direct employees. Benefit Street Partners L.L.C. serves as the Company's advisor (the "Advisor") pursuant to an Amended and Restated Advisory Agreement, dated January 19, 2018 (the "Advisory Agreement"). The Advisor is a wholly owned subsidiary of Franklin Resources, Inc. which, together with its various subsidiaries, operates as Franklin Templeton. The Advisor, an investment adviser registered with the U.S. Securities and Exchange Commission (“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 and fees for services related to the investment and management of the Company's assets and the operations of the Company.
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") at a profit. The Company also invests in commercial real estate securities. Real estate securities may include CMBS, senior unsecured debt of publicly traded REITs, debt or equity securities of other publicly traded real estate companies and collateralized debt obligations ("CDOs"). The Company also owns real estate acquired by the Company through foreclosure and deed in lieu of foreclosure, and purchased for investment, typically 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. Accordingly, the consolidated financial statements may not include all of the information and notes required by GAAP for annual consolidated financial statements.
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, 2020, which are included in the Company's Annual Report on Form 10-K filed with the SEC on March 11, 2021.
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.
8

BENEFIT STREET PARTNERS REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(Unaudited)
In response to the global coronavirus (COVID-19) pandemic, numerous countries, including the U.S., have declared national emergencies with respect to COVID-19 and certain jurisdictions, including those where our corporate headquarters and/or properties that secure our investments, or properties that the Company owns, are located, have at times imposed “stay-at-home” guidelines or orders or other restrictions to help prevent its spread. The effects of COVID-19 may negatively and materially impact significant estimates and assumptions used by the Company including, but not limited to estimates of expected credit losses, valuation of our equity investments and the fair value estimates of the Company's assets and liabilities. Actual results could differ from those estimates.
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.
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.
Acquisition Expenses
The Company capitalizes certain direct costs relating to loan origination activities. The cost is amortized over the life of the loan and recognized in interest income in the Company's consolidated statements of operations. Acquisition expenses paid on future funding amounts are expensed within the acquisition expenses line in the Company's consolidated statements of operations.
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 equivalents include short-term, liquid investments in money market funds with original maturities of 90 days or less when purchased.
Restricted Cash
Restricted cash primarily consists of cash pledged as margin on repurchase agreements and derivative transactions. The duration of this restricted cash generally matches the duration of the related repurchase agreements or derivative transaction.
Commercial Mortgage Loans
Held for Investment - Commercial mortgage loans that are held for investment purposes and are anticipated to be held until maturity, are carried at cost, net of unamortized acquisition expenses, discounts or premiums and unfunded commitments. Commercial mortgage loans, held for investment purposes, are carried at amortized cost less a specific allowance for credit losses. Interest income is recorded on the accrual basis and related discounts, premiums and acquisition expenses on investments are amortized over the life of the investment using the effective interest method. Amortization is reflected as an adjustment to interest income in the Company’s consolidated statements of operations. Guaranteed loan commitment fees payable by the borrower upon maturity are accreted over the life of the investment using the effective interest method. The accretion of guaranteed loan commitment fees is recognized in interest income in the Company's consolidated statements of operations.
9

BENEFIT STREET PARTNERS REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(Unaudited)
Held for Sale - Commercial mortgage loans that are intended to be sold in the foreseeable future are reported as held for sale and are transferred at fair value and recorded at the lower of cost or fair value with changes recorded through the statements of operations. Unamortized loan origination costs for commercial mortgage loans held for sale that are carried at the lower of cost or fair value are capitalized as part of the carrying value of the loans and recognized upon the sale of such loans. Amortization of origination costs ceases upon transfer of commercial mortgage loans to held for sale.
Held for Sale, Accounted for Under the Fair Value Option - The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, and written loan commitments. The Company has elected to measure commercial mortgage loans held for sale in the Company's TRS under the fair value option. These commercial mortgage loans are included in the Commercial mortgage loans, held for sale, measured at fair value in the consolidated balance sheets. Interest income received on commercial mortgage loans, held for sale, measured at fair value is recorded on the accrual basis of accounting and is included in interest income in the consolidated statements of operations. Costs to originate these investments are expensed when incurred.
Real estate owned
Real estate owned (“REO”) assets represent real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase. REO assets are carried at their estimated fair value at acquisition and are presented net of accumulated depreciation and impairment charges. The Company allocates the purchase price of acquired real estate assets based on the fair value of the acquired assets such as land, building, furniture, fixtures and equipment. Asset acquisitions in which monetary consideration is given generally include the transaction costs of the asset acquisition. Acquiring assets in groups requires not only ascertaining the cost of the asset (or net asset) group but also allocating that cost to the individual assets (or individual assets and liabilities) that make up the group. The cost of a group of assets acquired in an asset acquisition shall be allocated to the individual assets acquired or liabilities assumed based on their relative fair values and shall not give rise to goodwill.
Real estate owned assets are depreciated using the straight-line method over estimated useful lives of up to 40 years for buildings and improvements and up to 15 years for furniture, fixtures and equipment. Renovations and/or replacements that improve or extend the life of the real estate owned assets are capitalized and depreciated over their estimated useful lives. Real estate owned revenue is recognized when the Company satisfies a performance obligation by transferring a promised good or service to a customer. The Company is considered to have satisfied all performance obligations at a point in time.
Real estate owned assets that are probable to be sold within one year are reported as held for sale. Real estate owned assets classified as held for sale shall be measured at the lower of its carrying amount or fair value less cost to sell. Real estate owned assets shall not be depreciated or amortized while it is classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale shall continue to be accrued. Upon the disposition of a real estate owned asset, the Company calculates realized gains and losses as net proceeds received less the carrying value of the real estate owned asset. Net proceeds received are net of direct selling costs associated with the disposition of the real estate owned asset.
Leases
Operating right of use assets "ROU" represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of fixed lease payments over the lease term. Leases will be classified as either a finance or operating lease, with such classification affecting the pattern and classification of expense recognition in the consolidated statements of operations. For leases greater than 12 months, the Company determines, at the inception of the contract, if the arrangement meets the classification criteria for an operating or finance lease. For leases that have extension options, which can be exercised at the Company's discretion, management uses judgment to determine if it is reasonably certain that such extension options will be elected. If the extension options are reasonably certain to occur, the Company includes the extended term's lease payments in the calculation of the respective lease liability. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The incremental borrowing rate used to discount the lease liability is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company's incremental borrowing rate considers information at both the corporate and property level and analysis of current market conditions for obtaining new financings. All leases as of March 31, 2021 were operating leases.
Separately, on October 15, 2019, the Company acquired certain real estate assets which had an existing in-place lease asset. This in-place lease asset is recorded as an Intangible lease asset on the consolidated balance sheets and amortized using the straight-line method over the contractual life of the lease.

10

BENEFIT STREET PARTNERS REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(Unaudited)
Credit Losses
In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses, which amends the credit impairment model for financial instruments. The Company adopted ASU 2016-13 on January 1, 2020.
Following our adoption of ASU 2016-13, our previous incurred loss model was replaced with a lifetime current expected credit loss (“CECL”) model for financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans, loan commitments, held-to-maturity (“HTM”) debt securities, financial guarantees, net investments in leases, reinsurance and trade receivables, which will generally result in earlier recognition of allowance for losses. For available for sale (“AFS”) debt securities, unrealized credit losses are recognized as allowances rather than reductions in amortized cost basis and elimination of the other than temporary impairment concept will result in more frequent estimation of credit losses. The accounting model for purchased credit impaired loans and debt securities has been simplified, including elimination of some of the asymmetrical treatment between credit losses and credit recoveries, to be consistent with the CECL model for originated and purchased non-credit impaired assets. The adopted model for ASC 326 as it applies to HTM and AFS securities, encompassing the beneficial interest model for securities that are not of high credit quality, has been clarified to include the effective interest method as a basis for the projection of cash collections method in connection with the newly adopted impairment models for HTM and AFS debt securities under ASC 326 when securities are not of high credit quality. 
The allowance for credit losses required under ASU 2016-13 is deducted from the respective loans’ amortized cost basis on the Company’s consolidated balance sheets. The allowance for credit losses attributed to unfunded loan commitments is included in Accounts payable and accrued expenses on the consolidated balance sheets. The guidance also required a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption.
The following discussion highlights changes to the Company’s accounting policies as a result of this adoption.
Allowance for credit losses
The allowance for credit losses for the Company’s financial instruments carried at amortized cost and off-balance sheet credit exposures, such as loans held for investment and unfunded loan commitments represents a lifetime estimate of expected credit losses. Factors considered by the Company when determining the allowance for credit losses reserve include loan-specific characteristics such as loan-to-value (“LTV”) ratio, vintage year, loan term, property type, occupancy and geographic location, financial performance of the borrower, expected payments of principal and interest, as well as internal or external information relating to past events, current conditions and reasonable and supportable forecasts.
The allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist for multiple financial instruments. If similar risk characteristics do not exist, the Company measures the allowance for credit losses on an individual instrument basis. The determination of whether a particular financial instrument should be included in a pool can change over time. If a financial asset’s risk characteristics change, the Company evaluates whether it is appropriate to continue to keep the financial instrument in its existing pool or evaluate it individually.
In measuring the allowance for credit losses for financial instruments including our unfunded loan commitments that share similar risk characteristics, the Company primarily applies a probability of default (“PD”)/loss given default (“LGD”) model for instruments that are collectively assessed, whereby the allowance for credit losses is calculated as the product of PD, LGD and exposure at default (“EAD”). The Company’s model principally utilizes historical loss rates derived from a commercial mortgage backed securities database with historical losses from 1998 to 2020 provided by a reputable third party, forecasting the loss parameters using a scenario-based statistical approach over a reasonable and supportable forecast period of twelve months, followed by an immediate reversion to average historical losses. For financial instruments assessed on an individual basis, including when it is probable that the Company will be unable to collect the full payment of principal and interest on the instrument, the Company applies a discounted cash flow (“DCF”) methodology.
For financial instruments where the borrower is experiencing financial difficulty based on the Company’s assessment at the reporting date and the repayment is expected to be provided substantially through the operation or sale of the collateral, the Company may elect to use as a practical expedient the fair value of the collateral at the reporting date when determining the allowance for credit losses.
11

BENEFIT STREET PARTNERS REALTY TRUST, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2021
(Unaudited)
In developing the allowance for credit losses for its loans held for investment, the Company performs a comprehensive analysis of its loan portfolio and assigns risk ratings to loans that incorporate management's current judgments about their credit quality based on all known and relevant internal and external factors that may affect collectability, using similar factors as those in developing the allowance for credit losses. This methodology results in loans being segmented by risk classification into risk rating categories that are associated with estimated probabilities of default and principal loss. Risk rating categories range from "1" to "5" with "1" representing the lowest risk of loss and "5" representing the highest risk of loss with the ratings updated quarterly. At the time of origination or purchase, loans held for investment are ranked as a “2” and will move accordingly going forward based on the ratings which are defined as follows:
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/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.
The Company also considers qualitative and environmental factors, including, but not limited to, economic and business conditions, nature and volume of the loan portfolio, lending terms, volume and severity of past due loans, concentration of credit and changes in the level of such concentrations in its determination of the allowance for credit losses.
Changes in the allowance for credit losses for the Company’s financial instruments are recorded in Provision/(benefit) for credit losses on the consolidated statements of operations with a corresponding offset to the financial instrument’s amortized cost recorded on the consolidated balance sheets, or as a component of Accounts payable and accrued expenses for unfunded loan commitments.
The Company has elected to not measure an allowance for credit losses for accrued interest receivable as it is timely, following three months time, reversed against interest income when a loan, real estate security or preferred equity investment is placed on nonaccrual status. The Company did not record reversals of accrued interest receivable during the three months ended March 31, 2021. Loans are charged off against the Provision/(benefit) for credit losses when all or a portion of the principal amount is determined to be uncollectible.
Past due and nonaccrual status
Loans are placed on nonaccrual status and considered non-performing when full payment of principal and interest is unpaid for 90 days or more or where reasonable doubt exists as to timely collection, unless the loan is both well secured and in the process of collection. Interest received on nonaccrual status loans are accounted for under the cost-recovery method, until qualifying for return to accrual. Upon restructuring the nonaccrual loan, the Company may return a loan to accrual status when repayment of principal and interest is reasonably assured.
Troubled Debt Restructuring (“TDR”)
The Company classifies an individual financial instrument as a TDR when it has a reasonable expectation that the financial instrument’s contractual terms will be modified in a manner that grants concession to the borrower who is experiencing financial difficulty. Concessions could include term extensions, payment deferrals, interest rate reductions, principal forgiveness, forbearance, or other actions designed to maximize the Company’s collection on the financial instrument. The Company determines the allowance for credit losses for financial instruments that are TDRs individually.
Real Estate Securities
On the acquisition date, all of the Company’s commercial real estate securities were classified as available for sale and carried at fair value, and subsequently any unrealized gains or losses are recognized as a component of accumulated other comprehensive income or loss. The Company may elect the fair value option for its real estate securities, and as a result, any unrealized gains or losses on such real estate securities will be recorded in the Company’s consolidated statements of operations. No such election has been made to date. Related discounts, premiums and acquisition expenses on investments are amortized over the life of the investme