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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Schedule IV: Mortgage Loans on Real Estate
(Dollars in thousands)
| Description | Property Type | Face Value | Amortized Cost | Principal amount subject to delinquent principal or interest (1) | Index (2) | Spread | Payment Terms | Maturity Date |
|---|---|---|---|---|---|---|---|---|
| Senior Debt 1 | Hospitality | $4,586 | $4,586 | $— | Adj. 1 month SOFR Term | 4.00% | Amortizing Balloon | 3/9/2024 |
| Senior Debt 2 | Multifamily | 35,212 | 35,212 | — | 1 month SOFR Term | 4.50% | Interest Only | 9/9/2024 |
| Senior Debt 3 | Hospitality | 21,796 | 21,796 | — | 1 month SOFR Term | 4.25% | Amortizing Balloon | 3/9/2024 |
| Senior Debt 4 | Office | 13,937 | 13,937 | — | 1 month SOFR Term | 5.50% | Amortizing Balloon | 9/9/2024 |
| Senior Debt 5 | Office | 41,185 | 41,185 | — | 1 month SOFR Term | 3.56% | Amortizing Balloon | 5/9/2024 |
| Senior Debt 6 | Hospitality | 18,398 | 18,398 | — | 1 month SOFR Term | 3.84% | Amortizing Balloon | 1/9/2024 |
| Senior Debt 7 | Hospitality | 12,900 | 12,900 | — | 1 month SOFR Term | 4.41% | Amortizing Balloon | 10/9/2025 |
| Senior Debt 8 | Hospitality | 4,805 | 4,805 | — | 1 month SOFR Term | 5.25% | Amortizing Balloon | 5/9/2024 |
| Senior Debt 9 | Office | 14,852 | 14,852 | — | 1 month SOFR Term | 4.00% | Amortizing Balloon | 12/9/2024 |
| Senior Debt 10 | Office | 24,444 | 24,442 | — | Adj. 1 month SOFR Term | 4.35% | Interest Only | 1/9/2024 |
| Senior Debt 11 | Manufactured Housing | 1,301 | 1,301 | — | 5.50% | Amortizing Balloon | 5/9/2025 | |
| Senior Debt 12 | Self Storage | 27,440 | 27,440 | 27,440 | Adj. 1 month SOFR Term | 5.00% | Interest Only | 1/9/2024 |
| Senior Debt 13 | Office | 17,103 | 17,103 | — | Adj. 1 month SOFR Term | 4.50% | Amortizing Balloon | 10/9/2024 |
| Senior Debt 14 | Office | 63,274 | 63,146 | — | 5.15% | Amortizing Balloon | 10/9/2025 | |
| Senior Debt 15 | Office | 30,186 | 30,186 | — | 1 month SOFR Term | 2.81% | Interest Only | 10/9/2024 |
| Senior Debt 16 | Office | 9,175 | 9,175 | — | Adj. 1 month SOFR Term | 5.00% | Interest Only | 11/9/2024 |
| Senior Debt 17 | Multifamily | 12,550 | 12,547 | — | Adj. 1 month SOFR Term | 4.55% | Interest Only | 2/9/2024 |
| Senior Debt 18 | Multifamily | 21,000 | 21,000 | — | Adj. 1 month SOFR Term | 4.60% | Interest Only | 1/9/2024 |
| Senior Debt 19 | Office | 10,855 | 10,855 | — | 1 month SOFR Term | 5.56% | Amortizing Balloon | 1/9/2024 |
| Senior Debt 20 | Office | 44,913 | 44,892 | — | Adj. 1 month SOFR Term | 3.97% | Interest Only | 3/9/2024 |
| Senior Debt 21 | Multifamily | 34,476 | 34,457 | — | 1 month SOFR Term | 8.00% | Interest Only | 2/9/2024 |
| Senior Debt 22 | Hospitality | 23,000 | 22,992 | — | Adj. 1 month SOFR Term | 5.79% | Interest Only | 3/9/2024 |
| Senior Debt 23 | Multifamily | 34,750 | 34,750 | — | 1 month SOFR Term | 4.10% | Interest Only | 3/9/2024 |
| Senior Debt 24 | Multifamily | 55,000 | 55,000 | — | 1 month SOFR Term | 4.00% | Interest Only | 5/9/2024 |
| Senior Debt 25 | Multifamily | 14,700 | 14,696 | — | Adj. 1 month SOFR Term | 3.39% | Interest Only | 4/9/2024 |
| Senior Debt 26 | Multifamily | 8,898 | 8,893 | — | Adj. 1 month SOFR Term | 3.80% | Interest Only | 4/9/2024 |
| Senior Debt 27 | Multifamily | 19,804 | 19,798 | — | Adj. 1 month SOFR Term | 3.60% | Interest Only | 4/9/2024 |
| Senior Debt 28 | Multifamily | 43,246 | 43,237 | — | Adj. 1 month SOFR Term | 2.95% | Interest Only | 4/9/2026 |
| Senior Debt 29 | Hospitality | 25,700 | 25,700 | — | Adj. 1 month SOFR Term | 5.60% | Interest Only | 5/9/2024 |
| Senior Debt 30 | Mixed Use | 32,500 | 32,500 | — | Adj. 1 month SOFR Term | 3.70% | Interest Only | 7/9/2024 |
| Senior Debt 31 | Multifamily | 75,927 | 75,901 | — | Adj. 1 month SOFR Term | 2.95% | Interest Only | 4/9/2026 |
| Senior Debt 32 | Multifamily | 20,450 | 20,426 | — | Adj. 1 month SOFR Term | 3.60% | Interest Only | 5/9/2024 |
| Senior Debt 33 | Multifamily | 30,320 | 30,310 | — | Adj. 1 month SOFR Term | 2.95% | Interest Only | 4/9/2026 |
| Senior Debt 34 | Multifamily | 35,466 | 35,459 | — | Adj. 1 month SOFR Term | 2.95% | Interest Only | 4/9/2026 |
| Senior Debt 35 | Multifamily | 33,588 | 33,582 | — | Adj. 1 month SOFR Term | 2.95% | Interest Only | 4/9/2026 |
| Senior Debt 36 | Multifamily | 152,112 | 151,644 | — | 1 month SOFR Term | 4.55% | Interest Only | 6/9/2024 |
| Description | Property Type | Face Value | Amortized Cost | Principal amount subject to delinquent principal or interest (1) | Index (2) | Spread | Payment Terms | Maturity Date |
|---|---|---|---|---|---|---|---|---|
| Senior Debt 37 | Hospitality | 36,750 | 36,713 | — | Adj. 1 month SOFR Term | 6.25% | Interest Only | 6/9/2024 |
| Senior Debt 38 | Multifamily | 35,116 | 34,990 | — | Adj. 1 month SOFR Term | 8.00% | Interest Only | 3/9/2025 |
| Senior Debt 39 | Multifamily | 16,453 | 16,453 | — | Adj. 1 month SOFR Term | 3.75% | Interest Only | 10/9/2024 |
| Senior Debt 40 | Multifamily | 47,984 | 47,901 | — | Adj. 1 month SOFR Term | 3.15% | Interest Only | 10/9/2024 |
| Senior Debt 41 | Multifamily | 41,650 | 41,650 | — | Adj. 1 month SOFR Term | 3.40% | Interest Only | 9/9/2024 |
| Senior Debt 42 | Multifamily | 34,760 | 34,713 | — | Adj. 1 month SOFR Term | 3.64% | Interest Only | 10/9/2024 |
| Senior Debt 43 | Multifamily | 8,500 | 8,489 | — | Adj. 1 month SOFR Term | 3.75% | Interest Only | 9/9/2024 |
| Senior Debt 44 | Multifamily | 14,890 | 14,890 | — | Adj. 1 month SOFR Term | 3.15% | Interest Only | 9/9/2024 |
| Senior Debt 45 | Multifamily | 69,500 | 69,312 | — | Adj. 1 month SOFR Term | 3.25% | Interest Only | 10/9/2024 |
| Senior Debt 46 | Multifamily | 11,325 | 11,306 | — | Adj. 1 month SOFR Term | 3.75% | Interest Only | 10/9/2024 |
| Senior Debt 47 | Multifamily | 27,199 | 27,160 | — | Adj. 1 month SOFR Term | 3.20% | Interest Only | 10/9/2024 |
| Senior Debt 48 | Hospitality | 17,122 | 17,122 | — | Adj. 1 month SOFR Term | 5.25% | Interest Only | 10/9/2024 |
| Senior Debt 49 | Multifamily | 56,150 | 56,071 | — | Adj. 1 month SOFR Term | 3.10% | Interest Only | 10/9/2024 |
| Senior Debt 50 | Multifamily | 38,242 | 38,116 | — | Adj. 1 month SOFR Term | 2.90% | Interest Only | 11/9/2026 |
| Senior Debt 51 | Multifamily | 55,394 | 55,394 | — | Adj. 1 month SOFR Term | 3.10% | Interest Only | 1/9/2024 |
| Senior Debt 52 | Multifamily | 38,153 | 38,101 | — | Adj. 1 month SOFR Term | 2.90% | Interest Only | 12/9/2024 |
| Senior Debt 53 | Multifamily | 68,165 | 68,165 | — | Adj. 1 month SOFR Term | 2.85% | Interest Only | 11/9/2024 |
| Senior Debt 54 | Multifamily | 32,567 | 32,510 | — | Adj. 1 month SOFR Term | 3.25% | Interest Only | 12/9/2024 |
| Senior Debt 55 | Multifamily | 61,600 | 61,600 | — | Adj. 1 month SOFR Term | 3.35% | Interest Only | 11/9/2024 |
| Senior Debt 56 | Multifamily | 44,987 | 44,987 | — | Adj. 1 month SOFR Term | 3.00% | Interest Only | 12/9/2024 |
| Senior Debt 57 | Multifamily | 47,147 | 47,019 | — | Adj. 1 month SOFR Term | 2.75% | Interest Only | 11/9/2025 |
| Senior Debt 58 | Multifamily | 86,000 | 85,959 | — | 1 month SOFR Term | 3.24% | Interest Only | 3/9/2024 |
| Senior Debt 59 | Manufactured Housing | 6,700 | 6,688 | — | Adj. 1 month SOFR Term | 4.50% | Interest Only | 12/9/2024 |
| Senior Debt 60 | Multifamily | 58,680 | 58,677 | — | Adj. 1 month SOFR Term | 3.45% | Interest Only | 1/9/2024 |
| Senior Debt 61 | Multifamily | 26,068 | 26,068 | — | Adj. 1 month SOFR Term | 2.90% | Interest Only | 3/9/2024 |
| Senior Debt 62 | Multifamily | 14,933 | 14,905 | — | Adj. 1 month SOFR Term | 3.20% | Interest Only | 12/9/2024 |
| Senior Debt 63 | Multifamily | 38,283 | 38,219 | — | Adj. 1 month SOFR Term | 3.00% | Interest Only | 12/9/2024 |
| Senior Debt 64 | Multifamily | 42,235 | 42,234 | — | Adj. 1 month SOFR Term | 2.90% | Interest Only | 1/9/2024 |
| Senior Debt 65 | Multifamily | 69,415 | 69,415 | — | Adj. 1 month SOFR Term | 2.88% | Interest Only | 12/9/2024 |
| Senior Debt 66 | Multifamily | 66,742 | 66,742 | — | Adj. 1 month SOFR Term | 2.88% | Interest Only | 12/9/2024 |
| Senior Debt 67 | Multifamily | 17,145 | 17,144 | — | 1 month SOFR Term | 3.50% | Interest Only | 1/9/2025 |
| Senior Debt 68 | Multifamily | 59,232 | 59,175 | — | Adj. 1 month SOFR Term | 2.75% | Interest Only | 12/9/2024 |
| Senior Debt 69 | Multifamily | 22,240 | 22,239 | — | 1 month SOFR Term | 2.96% | Interest Only | 7/9/2024 |
| Senior Debt 70 | Multifamily | 25,241 | 25,195 | — | 1 month SOFR Term | 2.96% | Interest Only | 1/9/2025 |
| Senior Debt 71 | Multifamily | 32,428 | 32,425 | — | 1 month SOFR Term | 3.20% | Interest Only | 1/9/2024 |
| Senior Debt 72 | Multifamily | 78,416 | 78,167 | — | 1 month SOFR Term | 3.45% | Interest Only | 1/9/2027 |
| Senior Debt 73 | Multifamily | 81,247 | 81,164 | — | 1 month SOFR Term | 3.21% | Interest Only | 1/9/2025 |
| Senior Debt 74 | Multifamily | 24,000 | 23,999 | — | 1 month SOFR Term | 3.10% | Interest Only | 1/9/2024 |
| Senior Debt 75 | Retail | 31,000 | 30,946 | — | 1 month SOFR Term | 3.29% | Interest Only | 1/9/2025 |
| Senior Debt 76 | Multifamily | 38,511 | 38,511 | — | 1 month SOFR Term | 3.55% | Interest Only | 2/9/2024 |
| Senior Debt 77 | Multifamily | 23,855 | 23,848 | — | 1 month SOFR Term | 2.95% | Interest Only | 2/9/2024 |
| Description | Property Type | Face Value | Amortized Cost | Principal amount subject to delinquent principal or interest (1) | Index (2) | Spread | Payment Terms | Maturity Date |
|---|---|---|---|---|---|---|---|---|
| Senior Debt 78 | Multifamily | 11,100 | 11,097 | — | 1 month SOFR Term | 3.30% | Interest Only | 2/9/2024 |
| Senior Debt 79 | Multifamily | 47,444 | 47,442 | — | 1 month SOFR Term | 2.86% | Interest Only | 1/9/2024 |
| Senior Debt 80 | Multifamily | 36,824 | 36,821 | — | 1 month SOFR Term | 2.86% | Interest Only | 1/9/2024 |
| Senior Debt 81 | Hospitality | 10,504 | 10,481 | — | 1 month SOFR Term | 5.30% | Interest Only | 2/9/2025 |
| Senior Debt 82 | Multifamily | 82,000 | 81,989 | — | 1 month SOFR Term | 3.20% | Interest Only | 2/9/2024 |
| Senior Debt 83 | Industrial | 55,000 | 54,973 | — | 1 month SOFR Term | 3.50% | Interest Only | 3/9/2024 |
| Senior Debt 84 | Multifamily | 39,864 | 39,843 | — | 1 month SOFR Term | 3.10% | Interest Only | 3/9/2024 |
| Senior Debt 85 | Multifamily | 35,220 | 35,202 | — | 1 month SOFR Term | 2.95% | Interest Only | 3/9/2024 |
| Senior Debt 86 | Mixed Use | 19,000 | 18,991 | — | 1 month SOFR Term | 3.42% | Interest Only | 3/9/2024 |
| Senior Debt 87 | Multifamily | 85,500 | 85,480 | — | 1 month SOFR Term | 3.15% | Interest Only | 3/9/2024 |
| Senior Debt 88 | Multifamily | 31,900 | 31,888 | — | 1 month SOFR Term | 3.30% | Interest Only | 4/9/2024 |
| Senior Debt 89 | Hospitality | 30,021 | 29,741 | — | 1 month SOFR Term | 7.05% | Interest Only | 6/9/2025 |
| Senior Debt 90 | Multifamily | 13,558 | 12,691 | — | 1 month SOFR Term | 6.75% | Interest Only | 4/9/2025 |
| Senior Debt 91 | Hospitality | 43,457 | 43,457 | — | 1 month SOFR Term | 4.90% | Interest Only | 4/9/2024 |
| Senior Debt 92 | Hospitality | 15,634 | 15,568 | — | 1 month SOFR Term | 5.34% | Interest Only | 11/9/2025 |
| Senior Debt 93 | Multifamily | 35,949 | 35,949 | 35,949 | 1 month SOFR Term | 6.05% | Interest Only | 6/9/2024 |
| Senior Debt 94 | Multifamily | 56,616 | 56,479 | — | 1 month SOFR Term | 3.95% | Interest Only | 5/9/2025 |
| Senior Debt 95 | Multifamily | 29,905 | 29,816 | — | 1 month SOFR Term | 4.00% | Interest Only | 11/9/2024 |
| Senior Debt 96 | Multifamily | 56,859 | 56,806 | — | 1 month SOFR Term | 6.70% | Interest Only | 3/9/2024 |
| Senior Debt 97 | Multifamily | 12,536 | 12,523 | — | 1 month SOFR Term | 3.55% | Interest Only | 5/9/2024 |
| Senior Debt 98 | Industrial | 18,724 | 18,673 | — | 1 month SOFR Term | 4.90% | Interest Only | 9/9/2024 |
| Senior Debt 99 | Multifamily | 19,899 | 19,875 | — | 1 month SOFR Term | 3.50% | Interest Only | 6/9/2024 |
| Senior Debt 100 | Multifamily | 28,979 | 28,936 | — | 1 month SOFR Term | 3.65% | Interest Only | 6/9/2024 |
| Senior Debt 101 | Multifamily | 17,330 | 17,303 | — | 1 month SOFR Term | 3.65% | Interest Only | 6/9/2024 |
| Senior Debt 102 | Multifamily | 70,750 | 70,673 | — | 1 month SOFR Term | 3.80% | Interest Only | 6/9/2024 |
| Senior Debt 103 | Multifamily | 83,914 | 83,810 | — | 1 month SOFR Term | 3.95% | Interest Only | 6/9/2024 |
| Senior Debt 104 | Multifamily | 45,469 | 45,414 | — | 1 month SOFR Term | 3.95% | Interest Only | 6/9/2024 |
| Senior Debt 105 | Multifamily | 58,003 | 57,930 | — | 1 month SOFR Term | 3.95% | Interest Only | 6/9/2024 |
| Senior Debt 106 | Multifamily | 20,716 | 20,688 | — | 1 month SOFR Term | 3.95% | Interest Only | 6/9/2024 |
| Senior Debt 107 | Multifamily | 146,810 | 146,608 | — | 1 month SOFR Term | 3.95% | Interest Only | 6/9/2024 |
| Senior Debt 108 | Multifamily | 56,000 | 55,938 | — | 1 month SOFR Term | 3.80% | Interest Only | 6/9/2024 |
| Senior Debt 109 | Multifamily | 11,675 | 11,661 | — | 1 month SOFR Term | 4.45% | Interest Only | 11/9/2024 |
| Senior Debt 110 | Multifamily | 70,750 | 70,569 | — | 1 month SOFR Term | 3.45% | Interest Only | 6/9/2024 |
| Senior Debt 111 | Hospitality | 39,525 | 39,346 | — | 1 month SOFR Term | 6.94% | Interest Only | 8/9/2025 |
| Senior Debt 112 | Multifamily | — | — | — | 1 month SOFR Term | 6.31% | Interest Only | 9/9/2025 |
| Senior Debt 113 | Hospitality | 16,270 | 16,249 | — | 1 month SOFR Term | 5.75% | Interest Only | 4/9/2024 |
| Senior Debt 114 | Manufactured Housing | 11,617 | 11,587 | — | 1 month SOFR Term | 4.75% | Interest Only | 9/9/2024 |
| Senior Debt 115 | Hospitality | — | — | — | 1 month SOFR Term | 7.50% | Interest Only | 11/9/2024 |
| Senior Debt 116 | Multifamily | 48,764 | 48,684 | — | 1 month SOFR Term | 4.20% | Interest Only | 1/9/2025 |
| Senior Debt 117 | Multifamily | 51,000 | 50,875 | — | 1 month SOFR Term | 3.75% | Interest Only | 12/9/2024 |
| Senior Debt 118 | Multifamily | 14,635 | 14,594 | — | 1 month SOFR Term | 4.25% | Interest Only | 1/9/2025 |
| Description · Property Type · Face Value · Amortized Cost · Principal amount subject to delinquent principal or interest (1) · Index (2) · Spread · Payment Terms · Maturity Date | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Senior Debt 119 | Hospitality | 28,300 | 28,297 | — | 1 month SOFR Term | 5.25% | Interest Only | 1/9/2024 | ||
| Senior Debt 120 | Multifamily | 55,500 | 55,353 | — | 1 month SOFR Term | 3.85% | Interest Only | 4/9/2025 | ||
| Senior Debt 121 | Hospitality | 10,500 | 10,465 | — | 1 month SOFR Term | 5.50% | Interest Only | 4/9/2025 | ||
| Senior Debt 122 | Hospitality | 120,000 | 119,559 | — | 1 month SOFR Term | 4.90% | Interest Only | 2/9/2026 | ||
| Senior Debt 123 | Multifamily | 64,500 | 64,388 | — | 1 month SOFR Term | 5.00% | Interest Only | 5/9/2024 | ||
| Senior Debt 124 | Hospitality | 39,549 | 39,661 | — | 1 month SOFR Term | 3.75% | Interest Only | 12/27/2024 | ||
| Senior Debt 125 | Multifamily | 21,700 | 21,616 | — | 1 month SOFR Term | 3.95% | Interest Only | 7/9/2025 | ||
| Senior Debt 126 | Manufactured Housing | 21,449 | 21,296 | — | 1 month SOFR Term | 4.25% | Interest Only | 8/9/2025 | ||
| Senior Debt 127 | Multifamily | 19,793 | 19,881 | — | 4.75% | Interest Only | 7/9/2028 | |||
| Senior Debt 128 | Multifamily | 78,996 | 78,664 | — | 1 month SOFR Term | 3.20% | Interest Only | 8/9/2025 | ||
| Senior Debt 129 | Hospitality | 23,000 | 22,861 | — | 1 month SOFR Term | 5.45% | Interest Only | 8/9/2026 | ||
| Senior Debt 130 | Hospitality | 12,420 | 12,322 | — | 1 month SOFR Term | 4.85% | Interest Only | 9/9/2026 | ||
| Senior Debt 131 | Multifamily | 38,750 | 38,572 | — | 1 month SOFR Term | 4.50% | Interest Only | 11/9/2025 | ||
| Senior Debt 132 | Hospitality | 31,300 | 31,078 | — | 1 month SOFR Term | 4.25% | Interest Only | 11/9/2026 | ||
| Senior Debt 133 | Multifamily | 42,750 | 42,555 | — | 1 month SOFR Term | 3.85% | Interest Only | 11/9/2025 | ||
| Senior Debt 134 | Multifamily | 17,119 | 16,966 | — | 1 month SOFR Term | 3.20% | Interest Only | 10/9/2026 | ||
| Senior Debt 135 | Multifamily | 21,000 | 20,887 | — | 1 month SOFR Term | 3.75% | Interest Only | 12/9/2024 | ||
| Senior Debt 136 | Hospitality | 41,071 | 40,855 | — | 1 month SOFR Term | 3.65% | Interest Only | 12/9/2026 | ||
| Senior Debt 137 | Hospitality | 25,750 | 25,595 | — | 1 month SOFR Term | 3.95% | Interest Only | 1/9/2026 | ||
| Senior Debt 138 | Hospitality | 16,566 | 16,563 | — | 5.99% | Amortizing Balloon | 10/6/2024 | |||
| Mezzanine Loan 1 | Retail | 3,000 | 2,994 | — | 1 month SOFR Term | 12.00% | Interest Only | 1/9/2025 | ||
| Mezzanine Loan 2 | Mixed Use | 1,000 | 1,000 | — | 1 month SOFR Term | 11.00% | Interest Only | 3/9/2024 | ||
| Mezzanine Loan 3 | Hospitality | 1,350 | 1,346 | — | 1 month SOFR Term | 9.25% | Interest Only | 11/9/2025 | ||
| Mezzanine Loan 4 | Hospitality | — | — | — | 1 month SOFR Term | 10.00% | Interest Only | 11/9/2024 | ||
| Mezzanine Loan 5 | Multifamily | 2,378 | 2,378 | — | 1 month SOFR Term | 4.50% | Interest Only | 9/9/2024 | ||
| Mezzanine Loan 6 | Multifamily | 11,700 | 11,655 | — | 1 month SOFR Term | 3.95% | Interest Only | 7/9/2025 | ||
| Commercial mortgage loans, held for investment (3) | $5,045,036 | $5,036,942 | $63,389 | |||||||
| Allowance for credit losses | $(47,175) | |||||||||
| Commercial mortgage loans, held for investment, net of allowance for credit losses | $4,989,767 | |||||||||
(1) Principal amount of loans subject to delinquent principal or interest is defined as loans in (a) maturity default or (b) receipt of interest outstanding for more than 90 days.
(2)On March 5, 2021, the Financial Conduct Authority of the U.K. (the “FCA”) announced that LIBOR tenors would cease to be published or no longer be representative. The Alternative Reference Rates Committee (the “ARRC”) interpreted this announcement to constitute a benchmark transition event. The benchmark index of LIBOR interest rate will convert from LIBOR to compounded SOFR, plus a benchmark adjustment of 11.448 basis points. As of December 31, 2023, all of our commercial mortgage loans, held for investment which had been indexed at LIBOR were converted to SOFR utilizing the 11.448 basis points adjustment and the applicable spreads remain unchanged. The loans which have the SOFR adjustment are indicated with "Adj. 1M SOFR Term." Effective yield is calculated as the spread of the loan plus the higher of any applicable index or index floor.
(3) The estimated aggregate cost for U.S. federal income tax purposes is approximately $5.0 billion.
For the activity within the Company's loan portfolio during the years ended December 31, 2023 and 2022, refer to Note 3 - Commercial Mortgage Loans on the consolidated financials of Form 10-K.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.