0001562528-23-000033.txt : 20230731 0001562528-23-000033.hdr.sgml : 20230731 20230731161731 ACCESSION NUMBER: 0001562528-23-000033 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 117 CONFORMED PERIOD OF REPORT: 20230630 FILED AS OF DATE: 20230731 DATE AS OF CHANGE: 20230731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Franklin BSP 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: 001-40923 FILM NUMBER: 231127626 BUSINESS ADDRESS: STREET 1: 1345 AVENUE OF THE AMERICAS, SUITE 32A CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: (212) 588-6770 MAIL ADDRESS: STREET 1: 1345 AVENUE OF THE AMERICAS, SUITE 32A CITY: NEW YORK STATE: NY ZIP: 10105 FORMER COMPANY: FORMER CONFORMED NAME: Benefit Street Partners Realty Trust, Inc. DATE OF NAME CHANGE: 20170203 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-20230630.htm 10-Q bsprt-20230630
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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 June 30, 2023
 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 July 26, 2023 was 82,210,624.


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
(Unaudited, in thousands, except share and per share data)


June 30, 2023December 31, 2022
ASSETS
Cash and cash equivalents$224,696 $179,314 
Restricted cash7,444 11,173 
Commercial mortgage loans, held for investment, net of allowance for credit losses of $38,932 and $40,848 as of June 30, 2023 and December 31, 2022, respectively
5,023,579 5,228,928 
Commercial mortgage loans, held for sale, measured at fair value34,250 15,559 
Real estate securities, trading, measured at fair value (includes pledged assets of $118,455 and $227,610 as of June 30, 2023 and December 31, 2022, respectively)
125,215 235,728 
Real estate securities, available for sale, measured at fair value, amortized cost of $192,471 and $220,635 as of June 30, 2023 and December 31, 2022, respectively (includes pledged assets of $181,463 and $198,429 as of June 30, 2023 and December 31, 2022, respectively)
191,849 221,025 
Derivative instruments, measured at fair value251 415 
Receivable for loan repayment (1)
66,835 42,557 
Accrued interest receivable38,348 34,007 
Prepaid expenses and other assets15,862 15,795 
Intangible lease asset, net of amortization66,008 54,831 
Real estate owned, net of depreciation179,252 127,772 
Real estate owned, held for sale11,760 36,497 
Total assets$5,985,349 $6,203,601 
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations$3,031,984 $3,121,983 
Repurchase agreements - commercial mortgage loans695,039 680,859 
Repurchase agreements - real estate securities289,993 440,008 
Mortgage note payable23,998 23,998 
Other financing and loan participation - commercial mortgage loans82,348 76,301 
Unsecured debt81,246 98,695 
Derivative instruments, measured at fair value299 64 
Interest payable12,669 12,715 
Distributions payable36,221 36,317 
Accounts payable and accrued expenses12,460 17,668 
Due to affiliates15,929 15,429 
Intangible lease liability, net of amortization13,664 6,428 
Total liabilities$4,295,850 $4,530,465 
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 June 30, 2023 and December 31, 2022
$89,748 $89,748 
Redeemable convertible preferred stock Series I, $0.01 par value, none authorized and outstanding as of June 30, 2023, 1,000 authorized and 1,000 issued and outstanding as of December 31, 2022
 5,000 
Total redeemable convertible preferred stock$89,748 $94,748 
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 June 30, 2023 and December 31, 2022
$258,742 $258,742 
Common stock, $0.01 par value, 900,000,000 shares authorized, 83,019,881 and 82,992,784 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively
822 826 
Additional paid-in capital1,600,036 1,602,247 
Accumulated other comprehensive income (loss)(1,299)390 
Accumulated deficit(288,380)(299,225)
Total stockholders' equity$1,569,921 $1,562,980 
Non-controlling interest29,830 15,408 
Total equity$1,599,751 $1,578,388 
Total liabilities, redeemable convertible preferred stock and equity$5,985,349 $6,203,601 
_________________________________________________________
(1) Includes $66.1 million and $42.5 million of cash held by servicer related to the CLOs as of June 30, 2023 and December 31, 2022, respectively, as well as $0.8 million and $0.1 million of RMBS principal paydowns receivable as of June 30, 2023 and December 31, 2022, 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
June 30,
Six Months Ended
June 30,
2023202220232022
Income
Interest income$152,892 $70,213 $283,428 $145,471 
Less: Interest expense75,299 32,807 146,374 55,287 
Net interest income77,593 37,406 137,054 90,184 
Revenue from real estate owned 6,438 2,312 9,750 4,624 
Total income$84,031 $39,718 $146,804 $94,808 
Expenses
Asset management and subordinated performance fee$8,900 $6,601 $16,985 $13,346 
Acquisition expenses283 319 661 634 
Administrative services expenses3,398 3,048 7,427 6,401 
Professional fees2,794 8,054 7,608 14,213 
Share-based compensation1,228 682 2,250 1,182 
Depreciation and amortization2,196 1,296 4,001 2,591 
Other expenses4,301 1,663 6,467 3,425 
Total expenses$23,100 $21,663 $45,399 $41,792 
Other income/(loss)
(Provision)/benefit for credit losses$(21,624)$(32,530)$(25,984)$(31,575)
Realized gain/(loss) on extinguishment of debt270 15 5,037 15 
Realized gain/(loss) on sale of available for sale trading securities  596  
Realized gain/(loss) on sale of commercial mortgage loans, held for sale 39  39 
Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value2,094 (1,833)2,094 56 
Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value(303)(2,797)44 (3,736)
Gain/(loss) on other real estate investments(1,691) (3,030)(29)
Trading gain/(loss)(946)(22,538)2,022 (110,973)
Unrealized gain/(loss) on derivatives393 (9,427)73 (14,390)
Realized gain/(loss) on derivatives573 25,193 617 59,223 
Total other income/(loss)$(21,234)$(43,878)$(18,531)$(101,370)
Income/(loss) before taxes39,697 (25,823)82,874 (48,354)
(Provision)/benefit for income tax(53)114 609 138 
Net income/(loss)$39,644 $(25,709)$83,483 $(48,216)
Net (income)/loss attributable to non-controlling interest(41) (50) 
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.$39,603 $(25,709)$83,433 $(48,216)
Less: Preferred stock dividends6,749 6,955 13,497 27,966 
Net income/(loss) applicable to common stock$32,854 $(32,664)$69,936 $(76,182)
Basic earnings per share$0.39 $(0.43)$0.83 $(1.27)
Diluted earnings per share$0.39 $(0.43)$0.83 $(1.27)
Basic weighted average shares outstanding82,252,979 75,837,621 82,512,434 59,985,361 
Diluted weighted average shares outstanding82,252,979 75,837,621 82,512,434 59,985,361 
        
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
June 30,
Six Months Ended
June 30,
2023202220232022
Net income/(loss)$39,644 $(25,709)$83,483 $(48,216)
Amounts related to available for sale real estate securities:
Change in net unrealized gain/(loss)$636 $ $(1,012)$ 
Reclassification adjustment for amounts included in net income/(loss)  (677) 
$636 $ $(1,689)$ 
Amounts related to cash flow hedges:
Change in net unrealized gain/(loss)$ $ $ $(220)
Reclassification adjustment for amounts included in net income/(loss)   282 
$ $ $ $62 
Comprehensive (income)/loss attributed to non-controlling interest$(41)$ $(50)$ 
Comprehensive income/(loss) attributable to Franklin BSP Realty Trust, Inc.$40,239 $(25,709)$81,744 $(48,154)

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, 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 exchanged for 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 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 distribution 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 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 

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









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 EPreferred FTotal Stockholders' EquityNon-Controlling InterestTotal Equity
Number of SharesPar Value
Balance, December 31, 202143,965,928 $441 $903,264 $(62)$(167,179)$258,742 $710,431 $1,705,637 $5,764 $1,711,401 
Common stock issued through distribution reinvestment plan5,982 — 91 — — — — 91 — 91 
Share-based compensation499,217 — 500 — — — — 500 — 500 
Net income/(loss)— — — — (22,507)— — (22,507)— (22,507)
Distributions declared— — — — (36,743)— — (36,743)— (36,743)
Other comprehensive income/(loss)— — — 62 — — — 62 — 62 
Balance, March 31, 202244,471,127 $441 $903,855 $ $(226,429)$258,742 $710,431 $1,647,040 $5,764 $1,652,804 
Common stock repurchases743 — — — — — — — — — 
Share-based compensation21,459 — 721 — — — — 721 — 721 
Preferred F exchanged for common stock39,733,299 397