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
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | |||
| Net income/(loss) | $92,403 | $144,509 | $14,215 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Premium amortization and (discount accretion), net | $(9,622) | $(13,072) | $(12,619) |
| Accretion of deferred commitment fees | (6,584) | (7,577) | (9,450) |
| Amortization of deferred financing costs | 13,035 | 7,779 | 6,308 |
| Share-based compensation | 8,173 | 4,761 | 2,519 |
| Realized (gain)/loss on extinguishment of debt | — | (2,201) | 5,167 |
| Realized (gain)/loss on swap terminations | — | — | (55,301) |
| Realized (gain)/loss on sale of available for sale securities, measured at fair value | (143) | (80) | — |
| Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value | (13,125) | (3,873) | 354 |
| Realized (gain)/loss on sale of commercial mortgage loans, held for investment | (138) | — | — |
| Unrealized (gain)/loss on commercial mortgage loans, held for sale, measured at fair value | — | (44) | 511 |
| Unrealized (gain)/losses on derivative instruments | (1,050) | 140 | 15,840 |
| (Gain)/loss on other real estate investments | 7,983 | 7,089 | 692 |
| Trading (gain)/loss | — | 605 | 119,220 |
| Depreciation and amortization | 5,630 | 8,412 | 5,329 |
| Straight line rental income | (3,518) | (3,785) | (1,359) |
| Provision/(benefit) for credit losses | 35,699 | 33,738 | 36,115 |
| Origination of commercial mortgage loans, held for sale, measured at fair value | (358,445) | (102,500) | (366,692) |
| Proceeds from sale or repayment of commercial mortgage loans, held for sale, measured at fair value | 284,300 | 121,976 | 384,808 |
| Changes in assets and liabilities: | |||
| Accrued interest receivable | 6,756 | (906) | (563) |
| Prepaid expenses and other assets | (2,857) | 700 | (5,520) |
| Accounts payable and accrued expenses | 6,485 | (5,081) | 5,027 |
| Due to affiliates | (5,210) | 3,887 | (2,109) |
| Interest payable | (2,539) | 2,910 | 10,023 |
| Net cash provided by operating activities | $57,233 | $197,387 | $152,515 |
| Cash flows from investing activities: | |||
| Origination and purchase of commercial mortgage loans, held for investment | $(1,759,291) | $(936,271) | $(2,227,723) |
| Principal repayments received on commercial mortgage loans, held for investment | 1,507,438 | 1,065,538 | 1,258,393 |
| Principal repayments received on commercial mortgage loans, held for sale, measured at fair value | — | — | 532 |
| Purchase of equity method investments | (13,395) | — | — |
| Proceeds from sale of real estate owned, held for sale | 34,375 | 39,755 | 2,045 |
| Purchase of real estate owned and capital expenditures | (324) | (1,151) | (663) |
| Proceeds from sale of commercial mortgage loans, held for sale | — | — | 9,344 |
| Proceeds from sale of commercial mortgage loans, held for investment | 33,420 | — | — |
| Purchase of real estate securities | (79,503) | (223,768) | (220,630) |
| Proceeds from sale or paydown of real estate securities | 120,042 | 418,791 | 3,731,716 |
| Principal collateral on mortgage investments | — | 17,702 | 545,416 |
| Proceeds from sale/(purchase) of derivative instruments | 1,763 | 211 | (1,165) |
| Net cash (used in)/provided by investing activities | $(155,475) | $380,807 | $3,097,265 |
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from financing activities: | |||
| Payments for common stock repurchases | $(4,867) | $(12,505) | $(16,579) |
| Shares canceled for tax withholding on vested equity awards | (1,508) | (812) | — |
| Payments of offering costs | — | (269) | — |
| Borrowings on collateralized loan obligations | 914,125 | 689,294 | 1,630,639 |
| Repayments of collateralized loan obligations | (854,979) | (241,223) | (662,410) |
| Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans | 892,675 | 600,164 | 1,918,631 |
| Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans | (862,571) | (981,317) | (2,257,372) |
| Borrowings on repurchase agreements - real estate securities | 222,845 | 870,014 | 18,457,406 |
| Repayments of repurchase agreements - real estate securities | (160,292) | (1,135,967) | (22,196,183) |
| Borrowings on other financings | — | 59,707 | 38,537 |
| Repayments on other financings | (23,669) | (99,474) | (139) |
| Repayments of unsecured debt | — | (13,367) | (50,000) |
| Payments of deferred financing costs | (9,309) | (12,905) | (15,232) |
| Cash collateral received on interest rate swaps | — | — | 56,767 |
| Proceeds from interest rate swap settlements | — | — | 8,478 |
| Distributions to non-controlling interest | (16,189) | (1,987) | (745) |
| Contributions from non-controlling interest | 64 | — | 125 |
| Distributions paid to common and preferred shareholders | (144,906) | (144,347) | (139,415) |
| Net cash used in financing activities: | $(48,581) | $(424,994) | $(3,227,492) |
| Net change in cash, cash equivalents and restricted cash | (146,823) | 153,200 | 22,288 |
| Cash, cash equivalents and restricted cash, beginning of period | 343,687 | 190,487 | 168,199 |
| Cash, cash equivalents and restricted cash, end of period | $196,864 | $343,687 | $190,487 |
| Reconciliation of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents, beginning of period | 337,595 | 179,314 | 154,929 |
| Restricted cash, beginning of period | 6,092 | 11,173 | 13,270 |
| Cash, cash equivalents and restricted cash, beginning of period | $343,687 | $190,487 | $168,199 |
| Cash and cash equivalents, end of period | 184,443 | 337,595 | 179,314 |
| Restricted cash, end of period | 12,421 | 6,092 | 11,173 |
| Cash, cash equivalents and restricted cash, end of period | $196,864 | $343,687 | $190,487 |
| Supplemental disclosures of cash flow information: | |||
| Cash payments for income taxes | $1,035 | $325 | $1,199 |
| Cash payments for interest | 324,568 | 295,130 | 144,195 |
| Supplemental disclosures of non-cash flow information: | |||
| Common stock issued through distribution reinvestment plan | $— | $769 | $1,963 |
| Distribution payable | 36,237 | 36,133 | 36,317 |
| Commercial mortgage loans transferred from held for sale to held for investment | — | — | 9,296 |
| Loans transferred to real estate owned | 307,546 | 77,305 | 115,978 |
| Modification accounted for as repayment and new loan | 42,235 | — | — |
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Seller-based financing on sales of real estate owned, held for sale | 94,917 | — | — |
| 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 |
| Exchange of preferred stock | — | — | 94,748 |
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