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
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, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net income/(loss) | $84,085 | $92,403 | $144,509 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Premium amortization and (discount accretion), net | $(9,716) | $(9,622) | $(13,072) |
| Accretion of deferred commitment fees | (4,503) | (6,584) | (7,577) |
| Amortization of deferred financing costs | 12,959 | 13,035 | 7,779 |
| Share-based compensation | 9,118 | 8,173 | 4,761 |
| Realized (gain)/loss on extinguishment of debt | 7,660 | — | (2,201) |
| Realized (gain)/loss on sale of available for sale securities, measured at fair value | (113) | (143) | (80) |
| Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value | (18,109) | (13,125) | (3,873) |
| Realized (gain)/loss on sale of commercial mortgage loans, held for sale | 246 | — | — |
| 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) |
| (Income)/loss from equity method investments | (3,583) | — | — |
| Unrealized (gain)/losses on derivative instruments | 200 | (1,050) | 140 |
| (Gain)/loss on other real estate investments | 3,371 | 7,983 | 7,089 |
| Trading (gain)/loss | — | — | 605 |
| Depreciation and amortization | 9,593 | 5,630 | 8,412 |
| Straight line rental income | 946 | (3,518) | (3,785) |
| Provision/(benefit) for credit losses | (11,850) | 35,699 | 33,738 |
| Origination of commercial mortgage loans, held for sale, measured at fair value | (3,637,236) | (358,445) | (102,500) |
| Proceeds from sale or repayment of commercial mortgage loans, held for sale, measured at fair value | 3,803,908 | 284,300 | 121,976 |
| Origination and purchase of commercial mortgage loans, held for sale | (7,000) | — | — |
| Proceeds from sale of commercial mortgage loans, held for sale | 40,710 | — | — |
| Distributions from equity method investments | 1,876 | — | — |
| MSR impairment and amortization | 22,035 | — | — |
| Mortgage banking activities | (23,544) | — | — |
| Changes in assets and liabilities: | |||
| Accrued interest receivable | 9,147 | 6,756 | (906) |
| Prepaid expenses and other assets | (893) | (2,857) | 700 |
| Accounts payable and accrued expenses | 2,845 | 6,485 | (5,081) |
| Due to affiliates | (2,052) | (5,210) | 3,887 |
| Interest payable | 2,112 | (2,539) | 2,910 |
| Accrued compensation | 9,012 | — | — |
| Other liabilities | (9,284) | — | — |
| Net cash provided by operating activities | $291,940 | $57,233 | $197,387 |
| Cash flows from investing activities: | |||
| Origination and purchase of commercial mortgage loans, held for investment | $(924,400) | $(1,759,291) | $(936,271) |
| Principal repayments received on commercial mortgage loans, held for investment | 1,468,430 | 1,507,438 | 1,065,538 |
| Purchase of equity method investments | (9,800) | (13,395) | — |
| Distributions from equity method investments | 834 | — | — |
| Proceeds from sale of real estate owned, held for sale | 60,931 | 34,375 | 39,755 |
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Purchase of real estate owned and capital expenditures | (1,587) | (324) | (1,151) |
| Proceeds from sale of commercial mortgage loans, held for investment | 35,184 | 33,420 | — |
| Purchase of NewPoint Holdings JV LLC | (297,308) | — | — |
| Payment of software development costs | (360) | — | — |
| Purchase of real estate securities, available for sale | (132,313) | (79,503) | (223,768) |
| Proceeds from sale or paydown of real estate securities, available for sale | 183,966 | 120,042 | 418,791 |
| Purchases of investment securities, held to maturity | (11,400) | — | — |
| Proceeds from sale of investment securities, held to maturity | 8,800 | — | — |
| Principal collateral on mortgage investments | — | — | 17,702 |
| Proceeds from sale/(purchase) of derivative instruments | (171) | 1,763 | 211 |
| Net cash (used in)/provided by investing activities | $380,806 | $(155,475) | $380,807 |
| Cash flows from financing activities: | |||
| Payments for common stock repurchases | $(14,367) | $(4,867) | $(12,505) |
| Shares canceled for tax withholding on vested equity awards | (2,393) | (1,508) | (812) |
| Payments of offering costs | — | — | (269) |
| Borrowings on collateralized loan obligations | 947,189 | 914,125 | 689,294 |
| Repayments of collateralized loan obligations | (1,847,379) | (854,979) | (241,223) |
| Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans | 5,015,177 | 892,675 | 600,164 |
| Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans | (4,671,698) | (862,571) | (981,317) |
| Net borrowings (paydowns) on repurchase agreements - real estate securities, less than 90 days maturity | (49,237) | 62,553 | (265,953) |
| Borrowings on other financings | — | — | 59,707 |
| Repayments on other financings | — | (23,669) | (99,474) |
| Borrowings on unsecured debt | 107,000 | — | — |
| Repayments of unsecured debt | — | — | (13,367) |
| Payments of deferred financing costs | (15,855) | (9,309) | (12,905) |
| Distributions to non-controlling interest | (7,417) | (16,189) | (1,987) |
| Contributions from non-controlling interest | 128 | 64 | — |
| Distributions paid to common and preferred shareholders | (145,577) | (144,906) | (144,347) |
| Net cash used in financing activities: | $(684,429) | $(48,581) | $(424,994) |
| Net change in cash, cash equivalents and restricted cash | (11,683) | (146,823) | 153,200 |
| Cash, cash equivalents and restricted cash, beginning of period | 196,864 | 343,687 | 190,487 |
| Cash, cash equivalents and restricted cash, end of period | $185,181 | $196,864 | $343,687 |
| Reconciliation of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents, beginning of period | 184,443 | 337,595 | 179,314 |
| Restricted cash, beginning of period | 12,421 | 6,092 | 11,173 |
| Cash, cash equivalents and restricted cash, beginning of period | $196,864 | $343,687 | $190,487 |
| Cash and cash equivalents, end of period | 167,292 | 184,443 | 337,595 |
| Restricted cash, end of period | 17,889 | 12,421 | 6,092 |
| Cash, cash equivalents and restricted cash, end of period | $185,181 | $196,864 | $343,687 |
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental disclosures of cash flow information: | |||
| Cash payments for income taxes | $1,098 | $1,035 | $325 |
| Cash payments for interest | 275,816 | 324,568 | 295,130 |
| Supplemental disclosures of non-cash flow information: | |||
| Common stock issued through distribution reinvestment plan | $— | $— | $769 |
| Distribution payable | 38,935 | 36,237 | 36,133 |
| Loans transferred from commercial mortgage loans, held for investment to commercial mortgage loans, held for sale | 33,909 | — | — |
| Loans transferred from commercial mortgage loans, held for investment to real estate owned, held for sale | 197,397 | 307,546 | 77,305 |
| Modification accounted for as repayment and new loan | 60,000 | 42,235 | — |
| Seller-based financing on sales of real estate owned, held for sale | 168,899 | 94,917 | — |
| Reclassification of real estate owned assets held for investment to held for sale | 11,494 | — | 114,512 |
| Reclassification of real estate owned liabilities held for investment to held for sale | — | — | 13,664 |
| Conversion of preferred stock to common stock | — | — | 5,000 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.