Franklin BSP Realty Trust Inc
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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FY2024 · Filed Feb 26, 2025
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, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | $184,443 | $337,595 |
| Restricted cash | 12,421 | 6,092 |
| Commercial mortgage loans, held for investment, net of allowance for credit losses of $78,083 and $47,175 as of December 31, 2024 and 2023, respectively(1) | 4,908,667 | 4,989,767 |
| Commercial mortgage loans, held for sale, measured at fair value(2) | 87,270 | — |
| Real estate securities, available for sale, measured at fair value, amortized cost of $202,894 and $243,272 as of December 31, 2024 and 2023, respectively(3) | 202,973 | 242,569 |
| Receivable for loan repayment(4) | 157,582 | 55,174 |
| Accrued interest receivable | 42,225 | 42,490 |
| Prepaid expenses and other assets | 17,526 | 19,213 |
| Intangible lease asset, net of amortization | 39,834 | 42,793 |
| Real estate owned, net of depreciation | 113,160 | 115,830 |
| Real estate owned, held for sale | 222,890 | 103,657 |
| Equity method investment | 13,395 | — |
| Total assets | $6,002,386 | $5,955,180 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Collateralized loan obligations | $3,628,270 | $3,567,166 |
| Repurchase agreements and revolving credit facilities - commercial mortgage loans | 329,811 | 299,707 |
| Repurchase agreements - real estate securities | 236,608 | 174,055 |
| Mortgage note payable | 23,998 | 23,998 |
| Other financings | 12,865 | 36,534 |
| Unsecured debt | 81,395 | 81,295 |
| Derivative instruments, measured at fair value | 713 | — |
| Interest payable | 12,844 | 15,383 |
| Distributions payable | 36,237 | 36,133 |
| Accounts payable and accrued expenses | 14,443 | 13,339 |
| Due to affiliates | 14,106 | 19,316 |
| Intangible lease liability, held for sale | 1,291 | 12,297 |
| Total liabilities | $4,392,581 | $4,279,223 |
| 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, 2024 and 2023, respectively | $89,748 | $89,748 |
| Total redeemable convertible preferred stock | $89,748 | $89,748 |
| 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, 2024 and 2023, respectively | $258,742 | $258,742 |
| Common stock, $0.01 par value, 900,000,000 shares authorized, 83,066,789 and 82,751,913 issued and outstanding as of December 31, 2024 and 2023, respectively | 818 | 820 |
| Additional paid-in capital | 1,600,997 | 1,599,197 |
| Accumulated other comprehensive income (loss) | 79 | (703) |
| Accumulated deficit | (348,074) | (298,942) |
| Total stockholders' equity | $1,512,562 | $1,559,114 |
| Non-controlling interest | 7,495 | 27,095 |
| Total equity | $1,520,057 | $1,586,209 |
| Total liabilities, redeemable convertible preferred stock and equity | $6,002,386 | $5,955,180 |
(1) Includes pledged assets of $268.7 million and $299.7 million as of December 31, 2024 and 2023, respectively.
(2) Includes pledged assets of $61.1 million andzero as of December 31, 2024 and 2023, respectively.
(3) Includes pledged assets of $180.7 million and $167.9 million as of December 31, 2024 and 2023, respectively.
(4) Includes $157.0 million and $55.1 million of cash held by the servicer related to the CLOs as of December 31, 2024 and 2023, respectively.
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