Franklin BSP Realty Trust, Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Cash and cash equivalents | $167,292 | $184,443 |
| Restricted cash | 17,889 | 12,421 |
| Investment securities, held to maturity(1) | 20,483 | — |
| Commercial mortgage loans, held for investment, net of allowance for credit losses of $38,302 and $78,083 as of December 31, 2025 and 2024, respectively(2) | 4,383,134 | 4,908,667 |
| Commercial mortgage loans, held for sale, measured at fair value(3) | 360,718 | 87,270 |
| Real estate securities, available for sale, measured at fair value, amortized cost of $151,946 and $202,894 as of December 31, 2025 and 2024, respectively(4) | 151,662 | 202,973 |
| Mortgage servicing rights, net | 212,216 | — |
| Accrued interest receivable | 41,468 | 42,225 |
| Receivable for loan repayment(5) | 50,619 | 157,582 |
| Prepaid expenses and other assets | 45,112 | 17,526 |
| Real estate owned, net of depreciation | 99,265 | 113,160 |
| Real estate owned, held for sale | 198,883 | 222,890 |
| Equity method investments | 71,682 | 13,395 |
| Intangible assets, net of amortization | 115,553 | 39,834 |
| Goodwill | 92,048 | — |
| Derivative instruments, measured at fair value | 11,315 | — |
| Loans eligible for repurchase | 17,911 | — |
| Total assets | $6,057,250 | $6,002,386 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Collateralized loan obligations | $2,735,582 | $3,628,270 |
| Repurchase agreements and revolving credit facilities - commercial mortgage loans | 1,087,087 | 329,811 |
| Repurchase agreements - real estate securities | 187,371 | 236,608 |
| Other financings | 12,865 | 12,865 |
| Unsecured debt | 185,466 | 81,395 |
| Mortgage note payable | 23,998 | 23,998 |
| Allowance for loss sharing | 19,484 | — |
| Accrued compensation | 43,662 | — |
| Liability for loans eligible for repurchase | 17,911 | — |
| Interest payable | 16,110 | 12,844 |
| Distributions payable | 38,935 | 36,237 |
| Accounts payable and accrued expenses | 18,892 | 4,081 |
| Due to affiliates | 12,054 | 14,106 |
| Derivative instruments, measured at fair value | 6,951 | 713 |
| Other liabilities | 29,657 | 11,653 |
| Total liabilities | $4,436,025 | $4,392,581 |
| 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, 2025 and 2024, 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, 2025 and 2024, respectively | $258,742 | $258,742 |
| Common stock, $0.01 par value, 900,000,000 shares authorized, 81,553,982 and 83,066,789 issued and outstanding as of December 31, 2025 and 2024, respectively | 808 | 818 |
| Additional paid-in capital | 1,593,365 | 1,600,997 |
| Accumulated other comprehensive income (loss) | (284) | 79 |
| Accumulated deficit | (411,101) | (348,074) |
| Total stockholders' equity | $1,441,530 | $1,512,562 |
| Non-controlling interest | 89,947 | 7,495 |
| Total equity | $1,531,477 | $1,520,057 |
| Total liabilities, redeemable convertible preferred stock and equity | $6,057,250 | $6,002,386 |
(1) Includes pledged assets of $20.2 million as of December 31, 2025.
(2) Includes pledged assets of $855.2 million and $268.7 million as of December 31, 2025 and 2024, respectively.
(3) Includes pledged assets of $329.2 million and $61.1 million as of December 31, 2025 and 2024, respectively.
(4) Includes pledged assets of $151.7 million and $180.7 million as of December 31, 2025 and 2024, respectively.
(5) Includes $50.5 million and $157.0 million of cash held by the servicer related to the CLOs as of December 31, 2025 and 2024, respectively.
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