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
FBRT$6.36-0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income/(loss) | $144,509 | $14,215 | $25,702 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Premium amortization and (discount accretion), net | (13,072) | (12,619) | (7,035) |
| Accretion of deferred commitment fees | (7,577) | (9,450) | (10,139) |
| Amortization of deferred financing costs | 7,779 | 6,308 | 4,561 |
| Share-based compensation | 4,761 | 2,519 | 211 |
| Realized (gain)/loss from sale of available for sale trading securities | (80) | — | — |
| (Gain)/loss on other real estate investments | 7,089 | 692 | (9,790) |
| Realized (gain)/loss from extinguishment of debt | (2,201) | 5,167 | 4,642 |
| Realized (gain)/loss on swap terminations | — | (55,301) | (616) |
| Realized (gain)/loss on sale of commercial mortgage loans, held for sale | (3,873) | 354 | — |
| Trading (gain)/loss | 605 | 119,220 | 36,128 |
| Unrealized (gain)/loss on commercial mortgage loans held for sale, measured at fair value | (44) | 511 | (469) |
| Unrealized (gain)/losses on derivative instruments | 140 | 15,840 | (7,402) |
| Depreciation and amortization | 8,412 | 5,329 | 2,107 |
| Provision/(benefit) for credit losses | 33,738 | 36,115 | (5,192) |
| Origination of commercial mortgage loans, held for sale, measured at fair value | (102,500) | (366,692) | (420,673) |
| Proceeds from sale of commercial mortgage loans, held for sale, measured at fair value | 121,976 | 384,808 | 454,073 |
| Severance and deferred compensation | — | — | (22,168) |
| Changes in assets and liabilities: | |||
| Accrued interest receivable | (906) | (563) | (4,675) |
| Prepaid expenses and other assets | (3,085) | (6,879) | 94,864 |
| Accounts payable and accrued expenses | (5,081) | 5,027 | 3,640 |
| Due to affiliates | 3,887 | (2,109) | 8,013 |
| Interest payable | 2,910 | 10,023 | 715 |
| Net cash (used in)/provided by operating activities | $197,387 | $152,515 | $146,497 |
| Cash flows from investing activities: | |||
| Cash acquired through merger | $— | $— | $174,083 |
| Origination and purchase of commercial mortgage loans, held for investment | (936,271) | (2,227,723) | (2,881,852) |
| Principal repayments received on commercial mortgage loans, held for investment | 1,065,538 | 1,258,393 | 1,225,645 |
| Principal repayments received on commercial mortgage loans, held for sale, measured at fair value | — | 532 | — |
| Proceeds from sale of other real estate investments | 39,755 | 2,045 | 30,338 |
| Purchase of real estate owned and capital expenditures | (1,151) | (663) | (134,052) |
| Proceeds from sale of commercial mortgage loans, held for sale | — | 9,344 | 52,615 |
| Purchase of real estate securities | (223,768) | (220,630) | — |
| Proceeds from sale of real estate securities | 418,791 | 3,731,716 | 2,059,418 |
| Principal collateral on mortgage investments | 17,702 | 545,416 | 541,313 |
| Proceeds from sale/(purchase) of derivative instruments | 211 | (1,165) | 1,239 |
| Net cash (used in)/provided by investing activities | $380,807 | $3,097,265 | $1,068,747 |
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from financing activities: | |||
| Cash consideration paid in merger | $— | $— | $(20,485) |
| Proceeds from issuances of redeemable convertible preferred stock | — | — | 15,000 |
| Payments for common stock repurchases | (12,505) | (16,579) | (11,417) |
| Shares cancelled for tax withholding on vested equity awards | (812) | — | — |
| Payments of offering costs | (269) | — | — |
| Borrowings on collateralized loan obligations | 689,294 | 1,630,639 | 1,410,173 |
| Repayments of collateralized loan obligations | (241,223) | (662,410) | (869,887) |
| Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans | 600,164 | 1,918,631 | 1,874,694 |
| Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans | (981,317) | (2,257,372) | (1,131,434) |
| Borrowings on repurchase agreements - real estate securities | 870,014 | 18,457,406 | 13,553,886 |
| Repayments of repurchase agreements - real estate securities | (1,135,967) | (22,196,183) | (15,983,193) |
| Borrowings on other financings | 59,707 | 38,537 | 6,524 |
| Repayments on other financings | (99,474) | (139) | — |
| Borrowings on unsecured debt | — | — | 210,000 |
| Repayments of unsecured debt | (13,367) | (50,000) | (160,000) |
| Borrowing on mortgage note payable | — | — | 23,940 |
| Payments of deferred financing costs | (12,905) | (15,232) | (9,285) |
| Cash collateral received on interest rate swaps | — | 56,767 | 11,138 |
| Proceeds from interest rate swap settlements | — | 8,478 | 9,115 |
| Distributions to non-controlling interest | (1,987) | (745) | — |
| Contributions from non-controlling interest | — | 125 | — |
| Distributions paid to common and preferred stockholders | (144,347) | (139,415) | (67,955) |
| Net cash (used in)/provided by financing activities: | $(424,994) | $(3,227,492) | $(1,139,186) |
| Net change in cash, cash equivalents and restricted cash | $153,200 | $22,288 | $76,058 |
| Cash, cash equivalents and restricted cash, beginning of period | 190,487 | 168,199 | 92,141 |
| Cash, cash equivalents and restricted cash, end of period | $343,687 | $190,487 | $168,199 |
| Reconciliation of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents, beginning of period | $179,314 | $154,929 | $82,071 |
| Restricted cash, beginning of period | 11,173 | 13,270 | 10,070 |
| Cash, cash equivalents and restricted cash, beginning of period | $190,487 | $168,199 | $92,141 |
| Cash and cash equivalents, end of period | $337,595 | $179,314 | $154,929 |
| Restricted cash, end of period | 6,092 | 11,173 | 13,270 |
| Cash, cash equivalents and restricted cash, end of period | $343,687 | $190,487 | $168,199 |
| Supplemental disclosures of cash flow information: | |||
| Cash payments for income taxes | $325 | $1,199 | $140 |
| Cash payments for interest | 295,130 | 144,195 | 51,050 |
| Supplemental disclosures of non-cash flow information: | |||
| Common stock issued through distribution reinvestment plan | $769 | $1,963 | $5,110 |
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Distribution payable | 36,133 | 36,317 | 30,346 |
| Commercial mortgage loans transferred from held for sale to held for investment | — | 9,296 | 52,615 |
| Loans transferred to real estate owned | 77,305 | 115,978 | — |
| Reclassification of assets held for investment to held for sale | 114,512 | — | — |
| Reclassification of liabilities held for investment to held for sale | 13,664 | — | — |
| Conversion of preferred stock to common stock | 5,000 | 712,428 | (127,603) |
| Issuances of common stock due to merger | — | — | 579,526 |
| Issuances of Series E preferred stock due to merger | — | — | 258,742 |
| Unsecured debt assumed due to merger | — | — | 98,574 |
| Exchange of preferred stock | — | 94,748 | 710,431 |
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