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
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Schedule IV: Mortgage Loans on Real Estate
(Dollars in thousands)
| Type of Loan · Property Type / Location · Interest Rates(1) · Maximum Maturity Date(2) · Periodic Payments Terms(3) · Face Amount · Carrying Amount · Principal Amount of Loans Subject to Delinquent Principal or Interest(4) | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Senior loans | |||||||||
| Senior loans less than 3% of the carrying amount of total loans | |||||||||
| Senior loans | Multifamily / Diversified | + 2.00% - 8.30%Fixed 4.25% - 9.00% | 2025 - 2030 | I/O | $3,555,248 | $3,547,417 | $93,108 | ||
| Senior loans | Hospitality / Diversified | + 3.25% - 7.50% Fixed 5.99% - 8.50% | 2025 - 2029 | I/O & P/I | 719,923 | 718,445 | — | ||
| Senior loans | Industrial / Diversified | + 2.70% - 4.90%Fixed 11.99% | 2026 - 2029 | I/O | 338,015 | 336,457 | — | ||
| Senior loans | Office / Diversified | + 2.25% - 4.50%Fixed 5.15% - 5.50% | 2025 - 2026 | I/O & P/I | 185,303 | 183,378 | 66,488 | ||
| Senior loans | Mixed Use / Diversified | + 3.70% - 5.35% | 2025 - 2026 | I/O | 91,185 | 90,912 | — | ||
| Senior loans | Retail / Diversified | Fixed 5.50% - 6.00% | 2025 - 2026 | I/O | 45,613 | 45,739 | — | ||
| Senior loans | Manufactured Housing / Diversified | + 4.25%Fixed 5.50% | 2025 - 2028 | I/O & P/I | 25,175 | 25,114 | — | ||
| Total senior loans | $4,960,462 | $4,947,462 | $159,596 | ||||||
| Mezzanine loans | |||||||||
| Mezzanine loans less than 3% of the carrying amount of total loans | |||||||||
| Mezzanine loans | Multifamily / Diversified | + 3.67% - 12.75% | 2027 - 2029 | I/O | $19,018 | $18,969 | $— | ||
| Mezzanine loans | Hospitality / Diversified | + 9.25% - 10.51% | 2027 - 2028 | I/O | 10,667 | 10,657 | — | ||
| Mezzanine loans | Mixed Use / New York | Fixed 16.00% | 2025 | I/O | 7,527 | 7,491 | — | ||
| Mezzanine loans | Industrial / California | Fixed 15.00% | 2029 | I/O | 2,180 | 2,171 | — | ||
| Total mezzanine loans | $39,392 | $39,288 | $— | ||||||
| Total commercial mortgage loans, held for investment(5) | $4,999,854 | $4,986,750 | $159,596 | ||||||
| Allowance for credit losses | (78,083) | ||||||||
| Total commercial mortgage loans, held for investment, net of allowance for credit losses | $4,908,667 | ||||||||
(1)Expressed as a spread over 1M SOFR Term and Adj. 1M SOFR Term. 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, 2024, 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 referred to as "Adj. 1M SOFR Term."
(2)Maximum maturity date assumes all extension options are exercised, if applicable.
(3)I/O = interest only, P/I = principal and interest.
(4)Principal amount of loans subject to delinquent principal or interest is defined as loans in (i) maturity default or (ii) receipt of interest outstanding for more than 90 days.
(5)The estimated aggregate cost for U.S. federal income tax purposes is approximately $5.1 billion.
For the activity within the Company's loan portfolio during the years ended December 31, 2024 and 2023, refer to Note 3 - Commercial Mortgage Loans on the consolidated financial statements of Form 10-K.
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