Franklin BSP Realty Trust Inc
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets
(In thousands, except share and per share data)
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | $337,595 | $179,314 |
| Restricted cash | 6,092 | 11,173 |
| Commercial mortgage loans, held for investment, net of allowance for credit losses of $47,175 and $40,848 as of December 31, 2023 and 2022, respectively | 4,989,767 | 5,228,928 |
| Commercial mortgage loans, held for sale, measured at fair value | — | 15,559 |
| Real estate securities, trading, measured at fair value (includes pledged assets of $227,610 as of December 31, 2022) | — | 235,728 |
| Real estate securities, available for sale, measured at fair value, amortized cost of $243,272 and $220,635 as of December 31, 2023 and 2022, respectively (includes pledged assets of $167,948 and $198,429 as of December 31, 2023 and 2022, respectively) | 242,569 | 221,025 |
| Derivative instruments, measured at fair value | — | 415 |
| Receivable for loan repayment (1) | 55,174 | 42,557 |
| Accrued interest receivable | 42,490 | 34,007 |
| Prepaid expenses and other assets | 19,213 | 15,795 |
| Intangible lease asset, net of amortization | 42,793 | 54,831 |
| Real estate owned, net of depreciation | 115,830 | 127,772 |
| Real estate owned, held for sale | 103,657 | 36,497 |
| Total assets | $5,955,180 | $6,203,601 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Collateralized loan obligations | $3,567,166 | $3,121,983 |
| Repurchase agreements and revolving credit facilities - commercial mortgage loans | 299,707 | 680,859 |
| Repurchase agreements - real estate securities | 174,055 | 440,008 |
| Mortgage note payable | 23,998 | 23,998 |
| Other financings | 36,534 | 76,301 |
| Unsecured debt | 81,295 | 98,695 |
| Derivative instruments, measured at fair value | — | 64 |
| Interest payable | 15,383 | 12,715 |
| Distributions payable | 36,133 | 36,317 |
| Accounts payable and accrued expenses | 13,339 | 17,668 |
| Due to affiliates | 19,316 | 15,429 |
| Intangible lease liability, held for sale | 12,297 | — |
| Intangible lease liability, net of amortization | — | 6,428 |
| Total liabilities | $4,279,223 | $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 December 31, 2023 and 2022, respectively | $89,748 | $89,748 |
| Redeemable convertible preferred stock Series I, $0.01 par value, none issued and outstanding as of December 31, 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 December 31, 2023 and 2022 | $258,742 | $258,742 |
| Common stock, $0.01 par value, 900,000,000 shares authorized, 82,751,913 and 82,992,784 issued and outstanding as of December 31, 2023 and 2022, respectively | 820 | 826 |
| Additional paid-in capital | 1,599,197 | 1,602,247 |
| Accumulated other comprehensive income (loss) | (703) | 390 |
| Accumulated deficit | (298,942) | (299,225) |
| Total stockholders' equity | $1,559,114 | $1,562,980 |
| Non-controlling interest | 27,095 | 15,408 |
| Total equity | $1,586,209 | $1,578,388 |
| Total liabilities, redeemable convertible preferred stock and equity | $5,955,180 | $6,203,601 |
(1) Includes $55.1 million and $42.5 million of cash held by the servicer related to the CLOs as of December 31, 2023 and 2022, respectively. The Companyno longer holds a residential mortgage backed securities principal paydown receivable as of December 31, 2023. The Company held a residential mortgage backed securities principal paydown receivable of $0.1 million as of December 31, 2022.
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