Machine learning predictions based on historical earnings data and price patterns
1-Day Prediction
+2.14%
$7.69
100% positive prob.
5-Day Prediction
+4.19%
$7.85
100% positive prob.
20-Day Prediction
+4.00%
$7.83
95% positive prob.
SEC 8-K filings with transcript text
Jul 29, 2026 · 100% conf.
1D
+2.14%
$7.69
Act: +2.79%
5D
+4.19%
$7.85
Act: +0.27%
20D
+4.00%
$7.83
fbrt-20260729
0001562528FALSE00015625282026-04-292026-04-290001562528us-gaap:CommonStockMember2026-04-292026-04-290001562528us-gaap:SeriesEPreferredStockMember2026-04-292026-04-2900015625282026-02-112026-02-11
Washington, D.C. 20549
Date of Report (Date of earliest event reported): July 29, 2026
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland001-4092346-1406086
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation) Identification No.)
1 Madison Ave,
New York, New York 10010
(Address of principal executive offices, including zip code)
(Former name, former address and former fiscal year, if changed since last report)
Registrant’s telephone number, including area code: (212) 588-6770
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On July 29, 2026, Franklin BSP Realty Trust, Inc. (the “Company”) issued a press release and supplemental slide presentation reporting the Company’s financial results for the quarter ended June 30, 2026. Copies of the press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information in this Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1
Press Release dated July 29, 2026 announcing the Company’s financial results for the quarter ended June 30, 2026
99.2
Supplemental Presentation for the quarter ended June 30, 2026
104.1Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:/s/ Jerome S. Baglien
Name:Jerome S. Baglien
Title:Chief Financial Officer and Chief Operating Officer
Date: July 29, 2026
3
Apr 29, 2026
fbrt-20260429
0001562528FALSE00015625282026-04-292026-04-290001562528us-gaap:CommonStockMember2026-04-292026-04-290001562528us-gaap:SeriesEPreferredStockMember2026-04-292026-04-2900015625282026-02-112026-02-11
Washington, D.C. 20549
Date of Report (Date of earliest event reported): April 29, 2026
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland001-4092346-1406086
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation) Identification No.)
1 Madison Ave,
New York, New York 10010
(Address of principal executive offices, including zip code)
(Former name, former address and former fiscal year, if changed since last report)
Registrant’s telephone number, including area code: (212) 588-6770
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On April 29, 2026, Franklin BSP Realty Trust, Inc. (the “Company”) issued a press release and supplemental slide presentation reporting the Company’s financial results for the quarter ended March 31, 2026. Copies of the press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information in this Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1
Press Release dated April 29, 2026 announcing the Company’s financial results for the quarter ended March 31, 2026
99.2
Supplemental Presentation for the quarter ended March 31, 2026
104.1Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:/s/ Jerome S. Baglien
Name:Jerome S. Baglien
Title:Chief Financial Officer and Chief Operating Officer
Date: April 29, 2026
3
Feb 11, 2026
fbrt-20260211
0001562528FALSE00015625282026-02-112026-02-110001562528us-gaap:CommonStockMember2026-02-112026-02-110001562528us-gaap:SeriesEPreferredStockMember2026-02-112026-02-11
Washington, D.C. 20549
Date of Report (Date of earliest event reported): February 11, 2026
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland001-4092346-1406086
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation) Identification No.)
1 Madison Ave,
New York, New York 10010
(Address of principal executive offices, including zip code)
(Former name, former address and former fiscal year, if changed since last report)
Registrant’s telephone number, including area code: (212) 588-6770
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On February 11, 2026, Franklin BSP Realty Trust, Inc. (the “Company”) issued a press release and supplemental slide presentation reporting the Company’s financial results for the quarter and year ended December 31, 2025. Copies of the press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information in this Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1
Press Release dated February 11, 2026 announcing the Company’s financial results for the quarter and year ended December 31, 2025
99.2
Supplemental Presentation for the quarter ended December 31, 2025
104.1Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:/s/ Jerome S. Baglien
Name:Jerome S. Baglien
Title:Chief Financial Officer and Chief Operating Officer
Date: February 11, 2026
3
Oct 29, 2025
fbrt-20251029
0001562528FALSE00015625282025-10-292025-10-290001562528us-gaap:CommonStockMember2025-10-292025-10-290001562528us-gaap:SeriesEPreferredStockMember2025-10-292025-10-29
Washington, D.C. 20549
Date of Report (Date of earliest event reported): October 29, 2025
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland001-4092346-1406086
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation) Identification No.)
1 Madison Ave, Suite 1600
New York, New York 10010
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (212) 588-6770
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On October 29, 2025, Franklin BSP Realty Trust, Inc. (the “Company”) issued a press release and supplemental slide presentation reporting the Company’s financial results for the quarter ended September 30, 2025. Copies of the press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information in this Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1
Press Release dated October 29, 2025 announcing the Company’s financial results for the quarter ended September 30, 2025
99.2
Supplemental Presentation for the quarter ended September 30, 2025
104.1Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:/s/ Jerome S. Baglien
Name:Jerome S. Baglien
Title:Chief Financial Officer and Chief Operating Officer
Date: October 29, 2025
3
Jul 30, 2025
fbrt-20250730
0001562528FALSE00015625282025-07-302025-07-300001562528us-gaap:CommonStockMember2025-07-302025-07-300001562528us-gaap:SeriesEPreferredStockMember2025-07-302025-07-30
Washington, D.C. 20549
Date of Report (Date of earliest event reported): July 30, 2025
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland001-4092346-1406086
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation) Identification No.)
1 Madison Ave, Suite 1600
New York, New York 10010
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (212) 588-6770
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On July 30, 2025, Franklin BSP Realty Trust, Inc. (the “Company”) issued a press release and supplemental slide presentation reporting the Company’s financial results for the quarter ended June 30, 2025. Copies of the press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information in this Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1
Press Release dated July 30, 2025 announcing the Company’s financial results for the quarter ended June 30, 2025
99.2
Supplemental Presentation for the quarter ended June 30, 2025
104.1Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:/s/ Jerome S. Baglien
Name:Jerome S. Baglien
Title:Chief Financial Officer and Chief Operating Officer
Date: July 30, 2025
3
Apr 28, 2025
fbrt-20250428
0001562528FALSE00015625282025-04-282025-04-280001562528us-gaap:CommonStockMember2025-04-282025-04-280001562528us-gaap:SeriesEPreferredStockMember2025-04-282025-04-28
Washington, D.C. 20549
Date of Report (Date of earliest event reported): April 28, 2025
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland001-4092346-1406086
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation) Identification No.)
1 Madison Ave, Suite 1600
New York, New York 10010
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (212) 588-6770
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On April 28, 2025, Franklin BSP Realty Trust, Inc. (the “Company”) issued a press release and supplemental slide presentation reporting the Company’s financial results for the quarter ended March 31, 2025. Copies of the press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information in this Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1
Press Release dated April 28, 2025 announcing the Company’s financial results for the quarter ended March 31, 2025
99.2
Supplemental Presentation for the quarter ended March 31, 2025
104.1Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:/s/ Jerome S. Baglien
Name:Jerome S. Baglien
Title:Chief Financial Officer and Chief Operating Officer
Date: April 28, 2025
3
Feb 13, 2025
fbrt-20250213
0001562528FALSE00015625282025-02-132025-02-130001562528us-gaap:CommonStockMember2025-02-132025-02-130001562528us-gaap:SeriesEPreferredStockMember2025-02-132025-02-13
Washington, D.C. 20549
Date of Report (Date of earliest event reported): February 13, 2025
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland001-4092346-1406086
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation) Identification No.)
1 Madison Ave,
New York, New York 10010
(Address of principal executive offices, including zip code)
1345 Avenue of the Americas, Suite 32A
New York, New York 10105
(Former name, former address and former fiscal year, if changed since last report)
Registrant’s telephone number, including area code: (212) 588-6770
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On February 13, 2025, Franklin BSP Realty Trust, Inc. (the “Company”) issued a press release and supplemental slide presentation reporting the Company’s financial results for the quarter and year ended December 31, 2024. Copies of the press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information in this Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1
Press Release dated February 13, 2025 announcing the Company’s financial results for the quarter and year ended December 31, 2024
99.2
Supplemental Presentation for the quarter ended December 31, 2024
104.1Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:/s/ Jerome S. Baglien
Name:Jerome S. Baglien
Title:Chief Financial Officer and Chief Operating Officer
Date: February 13, 2025
3
Nov 4, 2024
fbrt-20241104
0001562528FALSE00015625282024-11-042024-11-040001562528us-gaap:CommonStockMember2024-11-042024-11-040001562528us-gaap:SeriesEPreferredStockMember2024-11-042024-11-04
Washington, D.C. 20549
Date of Report (Date of earliest event reported): November 4, 2024
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland001-4092346-1406086
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation) Identification No.)
1345 Avenue of the Americas, Suite 32A
New York, New York 10105
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (212) 588-6770
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On November 4, 2024, Franklin BSP Realty Trust, Inc. (the “Company”) issued a press release and supplemental slide presentation reporting the Company’s financial results for the quarter ended September 30, 2024. Copies of the press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information in this Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1
Press Release dated November 4, 2024 announcing the Company’s financial results for the quarter ended September 30, 2024
99.2
Supplemental Presentation for the quarter ended September 30, 2024
104.1Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:/s/ Jerome S. Baglien
Name:Jerome S. Baglien
Title:Chief Financial Officer and Chief Operating Officer
Date: November 4, 2024
3
Jul 31, 2024
fbrt-20240731
0001562528FALSE00015625282024-07-312024-07-310001562528us-gaap:CommonStockMember2024-07-312024-07-310001562528us-gaap:SeriesEPreferredStockMember2024-07-312024-07-31
Washington, D.C. 20549
Date of Report (Date of earliest event reported): July 31, 2024
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland001-4092346-1406086
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation) Identification No.)
1345 Avenue of the Americas, Suite 32A
New York, New York 10105
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (212) 588-6770
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On July 31, 2024, Franklin BSP Realty Trust, Inc. (the “Company”) issued a press release and supplemental slide presentation reporting the Company’s financial results for the quarter ended June 30, 2024. Copies of the press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information in this Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1
Press Release dated July 31, 2024 announcing the Company’s financial results for the quarter ended June 30, 2024
99.2
Supplemental Presentation for the quarter ended June 30, 2024
104.1Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:/s/ Jerome S. Baglien
Name:Jerome S. Baglien
Title:Chief Financial Officer and Chief Operating Officer
Date: July 31, 2024
3
Apr 29, 2024
fbrt-20240429
0001562528FALSE00015625282024-04-292024-04-290001562528us-gaap:CommonStockMember2024-04-292024-04-290001562528us-gaap:SeriesEPreferredStockMember2024-04-292024-04-29
Washington, D.C. 20549
Date of Report (Date of earliest event reported): April 29, 2024
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland001-4092346-1406086
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation) Identification No.)
1345 Avenue of the Americas, Suite 32A
New York, New York 10105
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (212) 588-6770
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On April 29, 2024, Franklin BSP Realty Trust, Inc. (the “Company”) issued a press release and supplemental slide presentation reporting the Company’s financial results for the quarter ended March 31, 2024. Copies of the press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information in this Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1
Press Release dated April 29, 2024 announcing the Company’s financial results for the quarter ended March 31, 2024
99.2
Supplemental Presentation for the quarter ended March 31, 2024
104.1Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:/s/ Jerome S. Baglien
Name:Jerome S. Baglien
Title:Chief Financial Officer, Chief Operating Officer and Treasurer
Date: April 29, 2024
3
Feb 14, 2024
fbrt-20240214
0001562528FALSE00015625282024-02-142024-02-140001562528us-gaap:CommonStockMember2024-02-142024-02-140001562528us-gaap:SeriesEPreferredStockMember2024-02-142024-02-14
Washington, D.C. 20549
Date of Report (Date of earliest event reported): February 14, 2024
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland001-4092346-1406086
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation) Identification No.)
1345 Avenue of the Americas, Suite 32A
New York, New York 10105
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (212) 588-6770
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On February 14, 2024, Franklin BSP Realty Trust, Inc. (the “Company”) issued a press release and supplemental slide presentation reporting the Company’s financial results for the quarter and year ended December 31, 2023. Copies of the press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information in this Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1
Press Release dated February 14, 2024 announcing the Company’s financial results for the quarter and year ended December 31, 2023
99.2
Supplemental Presentation for the quarter ended December 31, 2023
104.1Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:/s/ Jerome S. Baglien
Name:Jerome S. Baglien
Title:Chief Financial Officer, Chief Operating Officer and Treasurer
Date: February 14, 2024
3
Oct 30, 2023
fbrt-20231030
0001562528FALSE00015625282023-10-302023-10-300001562528us-gaap:CommonStockMember2023-10-302023-10-300001562528us-gaap:SeriesEPreferredStockMember2023-10-302023-10-30
Washington, D.C. 20549
Date of Report (Date of earliest event reported): October 30, 2023
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland001-4092346-1406086
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation) Identification No.)
1345 Avenue of the Americas, Suite 32A
New York, New York 10105
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (212) 588-6770
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On October 30, 2023, Franklin BSP Realty Trust, Inc. (the “Company”) issued a press release and supplemental slide presentation reporting the Company’s financial results for the quarter ended September 30, 2023. Copies of the press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information in this Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1
Press Release dated October 30, 2023 announcing the Company’s financial results for the quarter ended September 30, 2023
99.2
Supplemental Presentation for the quarter ended September 30, 2023
104.1Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:/s/ Jerome S. Baglien
Name:Jerome S. Baglien
Title:Chief Financial Officer, Chief Operating Officer and Treasurer
Date: October 30, 2023
3
Jul 31, 2023
3 ex9922q23investorsupplem.htm
ex9922q23investorsupplem
Franklin BSP Realty Trust Supplemental Information Second Quarter 2023
Important Information 2 The information herein relates to the Company’s business and financial information as of June 30, 2023 and does not reflect subsequent developments. Risk Factors Investing in and owning our common stock involves a high degree of risk. See the section entitled “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on March 16, 2023, and the risk disclosure in our subsequent SEC-filed periodic reports, for a discussion of these risks. Forward-Looking Statements Certain statements included in this presentation are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of Franklin BSP Realty Trust, Inc. (“FBRT” or the “Company”) and may include the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause actual outcomes to differ materially from our forward-looking statements include, macroeconomic factors in the United States including inflation, changing interest rates and economic contraction, the extent of any recoveries on delinquent loans, and the financial stability of our borrowers, and the other factors set forth in the risk factors section of our most recent Form 10-K and Form 10-Q. The extent to which these factors impact us and our borrowers will depend on future developments, which are highly uncertain and cannot be predicted with confidence. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law. Additional Important Information The summary information provided in this presentation does not purport to be complete and no obligation to update or otherwise revise such information is being assumed. Nothing shall be relied upon as a promise or representation as to the future performance of the Company. This summary is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted. This summary is not advice, a recommendation or an offer to enter into any transaction with us or any of our affiliated funds. There is no guarantee that any of the goals, targets or objectives described in this summary will be achieved. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal, ERISA or tax advice or investment recommendations. Investors should also seek advice from their own independent tax, accounting, financial, ERISA, investment and legal advisors to properly assess the merits and risks associated with their investment in light of their own financial condition and other circumstances. The information contained herein is qualified in its entirety by reference to our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. You may obtain a copy of the most recent Annual Report or Quarterly Report by calling (844) 785-4393 and/or visiting www.fbrtreit.com. This presentation contains information regarding FBRT’s financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States (“GAAP”), including Distributable Earnings and Run-Rate Distributable Earnings. Please refer to the appendix for the reconciliation of the applicable GAAP financial measures to non-GAAP financial measures. PAST PERFORMANCE IS NOT A GUARANTEE OR INDICATIVE OF FUTURE RESULTS. INVESTMENTS INVOLVE SIGNIFICANT RISKS, INCLUDING LOSS OF THE ENTIRE INVESTMENT. There is no guarantee that any of the estimates, targets or projections illustrated in this summary will be achieved. Any references herein to any of the Company’s past or present investments, portfolio characteristics, or performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or will be profitable or that any future investments will be profitable or will equal the performance of these investments. There can be no guarantee that the investment objective of the Company will be achieved. Any investment entails a risk of loss. An investor could lose all or substantially all of his or her investment. Please refer to our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q for a more complete list of risk factors. The following slides contain summaries
May 3, 2023
3 exhibit9921q23investorsu.htm
exhibit9921q23investorsu
Franklin BSP Realty Trust Supplemental Information First Quarter 2023
Important Information 2 The information herein relates to the Company’s business and financial information as of March 31, 2023 and does not reflect subsequent developments. Risk Factors Investing in and owning our common stock involves a high degree of risk. See the section entitled “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on March 16, 2023, and the risk disclosure in our subsequent SEC-filed periodic reports, for a discussion of these risks. Forward-Looking Statements Certain statements included in this presentation are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of Franklin BSP Realty Trust, Inc. (“FBRT” or the “Company”) and may include the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause actual outcomes to differ materially from our forward-looking statements include, macroeconomic factors in the United States including inflation, changing interest rates and economic contraction, the extent of any recoveries on delinquent loans, and the financial stability of our borrowers, and the other factors set forth in the risk factors section of our most recent Form 10-K and Form 10-Q. The extent to which these factors impact us and our borrowers will depend on future developments, which are highly uncertain and cannot be predicted with confidence. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law. Additional Important Information The summary information provided in this presentation does not purport to be complete and no obligation to update or otherwise revise such information is being assumed. Nothing shall be relied upon as a promise or representation as to the future performance of the Company. This summary is not an offer to sell securities and is not soliciting an offer to buy securities in any jurisdiction where the offer or sale is not permitted. This summary is not advice, a recommendation or an offer to enter into any transaction with us or any of our affiliated funds. There is no guarantee that any of the goals, targets or objectives described in this summary will be achieved. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal, ERISA or tax advice or investment recommendations. Investors should also seek advice from their own independent tax, accounting, financial, ERISA, investment and legal advisors to properly assess the merits and risks associated with their investment in light of their own financial condition and other circumstances. The information contained herein is qualified in its entirety by reference to our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. You may obtain a copy of the most recent Annual Report or Quarterly Report by calling (844) 785-4393 and/or visiting www.fbrtreit.com. This presentation contains information regarding FBRT’s financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States (“GAAP”), including Distributable Earnings and Run-Rate Distributable Earnings. Please refer to the appendix for the reconciliation of the applicable GAAP financial measures to non-GAAP financial measures. PAST PERFORMANCE IS NOT A GUARANTEE OR INDICATIVE OF FUTURE RESULTS. INVESTMENTS INVOLVE SIGNIFICANT RISKS, INCLUDING LOSS OF THE ENTIRE INVESTMENT. There is no guarantee that any of the estimates, targets or projections illustrated in this summary will be achieved. Any references herein to any of the Company’s past or present investments, portfolio characteristics, or performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or will be profitable or that any future investments will be profitable or will equal the performance of these investments. There can be no guarantee that the investment objective of the Company will be achieved. Any investment entails a risk of loss. An investor could lose all or substantially all of his or her investment. Please refer to our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q for a more complete list of risk factors. The following slides contain summaries of certain financial informatio
Feb 22, 2023
fbrt-20230222
0001562528FALSE00015625282023-02-222023-02-220001562528us-gaap:CommonStockMember2023-02-222023-02-220001562528us-gaap:SeriesEPreferredStockMember2023-02-222023-02-22
Washington, D.C. 20549
Date of Report (Date of earliest event reported): February 22, 2023
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland001-4092346-1406086
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation) Identification No.)
1345 Avenue of the Americas, Suite 32A
New York, New York 10105
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (212) 588-6770
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On February 22, 2023, Franklin BSP Realty Trust, Inc. (the “Company”) issued a press release and supplemental slide presentation reporting the Company’s financial results for the quarter and year ended December 31, 2022. Copies of the press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information in this Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1
Press Release dated February 22, 2023 announcing the Company’s financial results for the quarter and year ended December 31, 2022
99.2
Supplemental Presentation for the quarter ended December 31, 2022
104.1Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:/s/ Jerome S. Baglien
Name:Jerome S. Baglien
Title:Chief Financial Officer, Chief Operating Officer and Treasurer
Date: February 22, 2023
3
Nov 9, 2022
fbrt-20221109
0001562528FALSE00015625282022-11-092022-11-090001562528us-gaap:CommonStockMember2022-11-092022-11-090001562528us-gaap:SeriesEPreferredStockMember2022-11-092022-11-09
Washington, D.C. 20549
Date of Report (Date of earliest event reported): November 9, 2022
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland001-4092346-1406086
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation) Identification No.)
1345 Avenue of the Americas, Suite 32A
New York, New York 10105
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (212) 588-6770
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On November 9, 2022, Franklin BSP Realty Trust, Inc. (the “Company”) issued a press release and supplemental slide presentation reporting the Company’s financial results for the quarter ended September 30, 2022. Copies of the press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information in this Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1
Press Release dated November 9, 2022 announcing the Company’s financial results for the quarter ended September 30, 2022
99.2
Supplemental Presentation for the quarter ended September 30, 2022
104.1Cover Page Interactive Data File (embedded within the Inline XBRL document)
2
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By:/s/ Jerome S. Baglien
Name:Jerome S. Baglien
Title:Chief Financial Officer, Chief Operating Officer and Treasurer
Date: November 9, 2022
3
Jul 29, 2022
fbrt-20220729
0001562528FALSE00015625282022-07-292022-07-290001562528us-gaap:CommonStockMember2022-07-292022-07-290001562528us-gaap:SeriesEPreferredStockMember2022-07-292022-07-29
Washington, D.C. 20549
Date of Report (Date of earliest event reported): July 29, 2022
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland001-4092346-1406086
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation) Identification No.)
1345 Avenue of the Americas, Suite 32A
New York, New York 10105
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (212) 588-6770
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On July 29, 2022, Franklin BSP Realty Trust, Inc. (the “Company”) issued a press release and supplemental slide presentation reporting the Company’s financial results for the quarter ended June 30, 2022. Copies of the press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information in this Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01. Regulation FD Disclosure.
On July 26, 2022, the Company (through a subsidiary) filed a lawsuit in the District Court of Dallas County, Texas that is described in more detail in Item 8.01 below. The complaint can be accessed https://courtsportal.dallascounty.org/DALLASPROD/DocumentViewer/Embedded/4dIKwaLUYdacs9Aq_PlQ-Jlovzpms7DlZWMIp5hItNq7HygPXg664cmib_MyxlPKaoO26tNyKFWMGeHHZPcVGg2. The information included in the complaint is furnished hereby for informational purposes only and is not incorporated by reference into this Current Report on Form 8-K.
Item 8.01. Other Events.
On July 26, 2022, the Company (through a subsidiary) filed a lawsuit in the District Court of Dallas County, Texas, against, among others, the borrower, the individual sponsor of the borrower, and the guarantors under a first priority mortgage loan that the Company, along with a separate fund affiliated with the Company's external manager, originated in April 2022. On July 27, 2022, the court issued a temporary restraining order freezing the assets of the borrower, the borrower’s sponsor and his parents, and any proceeds from our loan, pending the next scheduled legal proceeding in August 2022. The original principal balance of the Company’s loan is $113.2 million. The loan is secured by a portfolio of twenty-four properties that are net leased to Walgreens (the “Collateral Properties”).
As described in more detail in the complaint, in July 2022, the Company determined that the borrower had provided the Company with approximately 100 falsified and forged documents in connection with the underwriting of the loan, including bank statements, leases, purchase and sale agreements, closing statements, pay
May 5, 2022
2 tm2214386d1_ex99-1.htm
Exhibit 99.1
Investor Relations Contact:
Lindsey Crabbe
l.crabbe@benefitstreetpartners.com
(214) 874-2339
Franklin BSP Realty Trust, Inc. Announces First Quarter 2022 Results
New York City, NY – May 4, 2022 – Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced financial results for the quarter ended March 31, 2022.
Reported GAAP net income (loss) of $(22.5) million or $(0.99) per diluted share for the three months ended March 31, 2022 compared to $(72.9) million or $(2.31) per diluted share for the three months ended December 31, 2021. Fully converted(1) GAAP net income (loss) of $(22.5) million or $(0.30) per diluted share for the three months ended March 31, 2022 compared to $(72.9) million or $(0.93) per diluted share for the three months ended December 31, 2021.
Reported Distributable Earnings before trading and derivative gain/loss on residential adjustable-rate mortgage securities (“Run-Rate Distributable Earnings”) (a non-GAAP financial measure) of $40.1 million or $0.39 per fully converted share(1) for the three months ended March 31, 2022 compared to $48.2 million or $0.52 per fully converted share(1) for the three months ended December 31, 2021.
First Quarter 2022 Summary
·Produced a first quarter GAAP ROE of (7.2)% and a Run-Rate Distributable Earnings ROE of 9.3%
·Book value of $16.50 per fully converted share(1)
·Declared first quarter common stock cash dividend of $0.355 representing an 8.6% yield on book value
·Core portfolio ended the quarter at $4.6 billion of principal balance
·Fair market value of the residential adjustable-rate mortgage (“ARM”) portfolio was $1.9 billion compared to $4.6 billion at December 31, 2021 and was further reduced to $649 million as of May 3, 2022
·Closed a $1.2 billion managed Commercial Real Estate Collateralized Loan Obligation (“FL8 CRE CLO”) with a two-year re-investment period, initial advance rate of 80% and a weighted average interest rate of SOFR+1.72% before transaction costs
Richard Byrne, Chairman and Chief Executive Officer of FBRT, said, “Our core commercial real estate strategy performed well during the quarter producing a Run-Rate Distributable Earnings ROE of 9.3%. However, market conditions created a challenging backdrop during the first quarter for our residential ARM assets. We made significant progress in decreasing the ARM portfolio with a $2.6 billion principal reduction, bringing the portfolio to $1.9 billion at quarter-end. It was further reduced to approximately $649 million as of May 3, 2022, representing a 91% decline since we took over the portfolio. We are excited that the transition of Capstead’s residential ARM assets into our higher yielding commercial real estate lending opportunities is nearly complete and that our future results will be more indicative of our core strategy.”
Further commenting on our results, Michael Comparato, Head of Commercial Real Estate of BSP, added, “Our originations grew at a healthy rate during the first quarter, which is supportive of our outlook for the year. Additionally, our pipeline remains robust heading into the second quarter. We will continue to operate with flexibility to take advantage of attractive investment opportunities as they arise.”
Portfolio and Investment Activity
Core portfolio: For the quarter ended March 31, 2022, we closed $603 million of loan commitments, funded $640 million of principal balance on new and existing loans and received loan repayments of $321 million. This activity resulted in net core portfolio growth of $319 million. Our core portfolio at the end of the quarter had 166 loans with an aggregate principal balance of approximately $4.6 billion. The average loan size was $27 million. Over 99% of our aggregate principal balance is in senior mortgage loans with approximately 98% in floating rate loans. When looking at the sector composition of our portfolio, approximately 72% is collateralized by multifamily properties. As of March 31, 2022, we had one non-performing loan.
(1) Fully converted per share information in this press release assumes applicable conversion of our RSUs and Series C, Series D and Series F preferred shares to common shares.
Residential ARM portfolio: As of March 31, 2022, the value of the Company’s residential ARM Agency Securities portfolio was $1.9 billion. The reduction in the value of this portfolio in the first quarter is due in part to (i) $339 million of principal paydowns and (ii) $2.2 billion of sales. During that period, the Company experienced trading losses of $88.4 million related to these assets. Mark to market adjustments on the ARM portfolio were the principal difference between GAAP net income and distributable earnings.
Conduit: For the quarter ended March 31, 2022, we closed $150 million of fixed rate loans that we sold or plan to sell through our conduit program. For the same period, we sold $76 million of conduit loans fo
Feb 24, 2022
2 tm227434d1_ex99-1.htm
Exhibit 99.1
Investor Relations Contact:
Lindsey Crabbe
l.crabbe@benefitstreetpartners.com
(214) 874-2339
Franklin BSP Realty Trust, Inc. Announces Fourth Quarter and Full Year 2021 Results and First Quarter 2022 Common Stock Dividend of $0.355 Per Share
New York City, NY – February 23, 2022 – Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced financial results for the quarter ended December 31, 2021.
Fourth Quarter and Full Year 2021 Summary
·GAAP net income of $(72.9) million or $(2.31) per diluted share for the quarter; $25.7 million and $(0.18) per diluted share for the full year. On a fully converted basis(1), net income per share is $(0.93) for the quarter and $0.33 for the full year
·Distributable Earnings (a non-GAAP financial measure) of $34.6 million or $0.36 per fully converted share(1) for the quarter; $133.8 million and $2.02 per fully converted share(1) for the full year
·Produced a fourth quarter GAAP ROE of (21.4%) and a Distributable Earnings ROE of 8.2%
·Produced a full year GAAP ROE of 1.8% and a Distributable Earnings ROE of 11.3%
·Book value of $17.25 per fully converted share(1)
·Declared quarterly common stock cash dividend of $0.355 representing an 8.2% yield on book value
·Record fourth quarter originations of $1.6 billion produced core portfolio growth of $970 million bringing our core portfolio to $4.2 billion of principal balance
·Fair market value of the residential adjustable-rate mortgage (“ARM”) portfolio stood at $4.6 billion at quarter end compared to $7.1 billion at September 30, 2021(2) and further declined to $2.4 billion as of February 18, 2022
Richard Byrne, Chairman and Chief Executive Officer of FBRT, said “FBRT’s merger with Capstead Mortgage Corporation closed on October 19, 2021 and our results represent the combination of both companies. We look forward to continuing to redirect Capstead’s residential ARM portfolio into our higher yielding commercial real estate lending opportunities, consistent with our post-merger strategy. We have further reduced the ARM portfolio to $2.4 billion as of February 18, 2022. This represents a 66% reduction from $7.1 billion at September 30, 2021(2). As we conclude a year of milestones at FBRT, we are well positioned to continue to produce attractive risk-adjusted returns for our stockholders.”
Further commenting on our results, Michael Comparato, Head of Commercial Real Estate of BSP added “Our commercial real estate platform had a record quarter further validating our strength in the middle-market lending category. Looking into 2022, our pipeline remains robust with strong deal flow. We are excited to build on our momentum from 2021.”
Portfolio and Investment Activity
Core portfolio: For the quarter ended December 31, 2021, we closed $1.6 billion of loan commitments, funded $1.5 billion of principal balance and received loan repayments of $532 million. This activity resulted in net core portfolio growth of $970 million. Our core portfolio at the end of the quarter had 165 loans with an aggregate principal balance of approximately $4.2 billion. The average loan size was $26 million. Over 99% of our aggregate principal balance is in senior mortgage loans with approximately 97% in floating rate loans. When looking at the sector composition of our portfolio, approximately 70% is collateralized by multifamily properties. As of December 31, 2021, we had one non-performing loan.
1 Fully converted per share information in this press release assumes conversion of our RSUs and Series A, Series C, Series D and Series F preferred shares to common shares.
2 September 30, 2021 was the date the equity exchange ratio was determined for the merger.
Residential ARM portfolio: As of December 31, 2021, the value of the Company’s ARM Agency Securities portfolio was $4.6 billion. The reduction in the value of the ARM Agency Securities portfolio from October 19, 2021 to December 31, 2021 is due in part to (i) $359 million of principal paydowns and (ii) $1.9 billion of sales. During that period, the Company experienced trading losses of $34.8 million related to these assets. Merger transaction costs and mark to market adjustments on the ARM portfolio were the principal difference between GAAP net income and Distributable Earnings.
Conduit: For the quarter ended December 31, 2021, we closed $99 million of fixed rate loans that we sold or plan to sell through our conduit program. For the same period, we sold $65 million of conduit loans for a gain of $2 million gross of derivatives.
Financing: On December 21, 2021, the Company closed a $900 million dollar managed Commercial Real Estate Collateralized Loan Obligation (“FL7 CRE CLO”). The FL7 CRE CLO featured a two-year reinvestment period with an initial advance rate of 80.25% and a weighted average interest rate of L+1.64% before accounting for transaction costs.
Book Value
As of December 31, 2021,
Nov 12, 2021
2 tm2132523d1_ex99-1.htm
Exhibit 99.1
Investor Relations Contact: Lindsey Crabbe l.crabbe@benefitstreetpartners.com (214) 874-2339
Franklin BSP Realty Trust, Inc. Announces Third Quarter 2021 Results
New York City, NY – November 10, 2021 – Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced financial results for the quarter ended September 30, 2021.
Third Quarter 2021 Summary
·GAAP Net Income of $38.5 million or $0.67 per diluted share(1), representing a 14.5% ROE
·Distributable Earnings (a non-GAAP financial measure) of $40.0 million or $0.69 per diluted share(1), representing a 15.0% annualized distributable earnings ROE (a non-GAAP financial measure)
·Book value of $17.78 per diluted share reflecting merger consideration and transaction expenses
·Net core portfolio growth of $138 million bringing our core portfolio to $3.3 billion of principal balance
·Declared and paid a $0.355 cash dividend
·Closed merger with Capstead Mortgage Corporation on October 19, 2021 increasing our total equity to over $1.8 billion
·Successful listing of our common stock on the NYSE on October 19, 2021
Richard Byrne, President and Chief Executive Office of FBRT, said “We are pleased to report our third quarter results showcasing another exceptional quarter followed by the close of our merger with Capstead Mortgage Corporation in October, bringing our equity capitalization to over $1.8 billion. Our earnings and book value growth this quarter are representative of our differentiated strategy and strong deal flow. Looking forward into the fourth quarter, our pipeline remains robust at more than $1 billion and since quarter end we have already closed more than $277 million of additional core loan commitments. As the Capstead portfolio continues to decrease due to strategic sales and natural runoff, we expect to put that capital to work into our commercial strategy to deliver long-term value for our stockholders.”
Portfolio and Investment Activity
Core portfolio: For the quarter ended September 30, 2021, we closed $519 million of loan commitments, funded $474 million of principal balance and received loan repayments of $337 million. This activity resulted in net core portfolio growth of $138 million. Our core portfolio at the end of the quarter had 150 loans with an aggregate principal balance of approximately $3.3 billion. The average loan size was $22 million. Over 99% of our aggregate principal balance is in senior mortgage loans with approximately 96% in floating rate loans. When looking at the sector composition of our portfolio, approximately 57% is collateralized by multifamily properties. As of September 30, 2021, we had one non-performing loan.
Conduit: For the quarter ended September 30, 2021, we closed $69 million of fixed rate loans that we sold through our conduit program. For the same period, we sold $145 million of conduit loans for a gain of $8.8 million gross of derivatives.
Book Value
As of September 30, 2021, our diluted book value per common share was $18.60 as compared to $18.28 as of June 30, 2021. Our diluted book value per common share as of September 30, 2021, adjusted for the Capstead merger consideration and transaction expenses, was $17.78.
(1) Diluted per share information in this press release assumes conversion of our Series A, Series C, Series D and Series F preferred shares to common shares.
1
Distributable Earnings
Distributable Earnings is a non-GAAP measure, which we define as GAAP
net income (loss), adjusted for (i) non-cash CLO amortization acceleration and amortization over our expected useful life of our CLOs, (ii) unrealized gains and losses on loans and derivatives, including CECL reserves and impairments, (iii) non-cash equity compensation expense, (iv) depreciation and amortization, (v) non-cash incentive fee accruals, and (vi) certain other non-cash items.
We believe that Distributable Earnings provides meaningful information to consider in addition to our GAAP results. We believe Distributable Earnings is a useful financial metric for existing and potential future holders of our common stock as historically, over time, Distributable Earnings has been an indicator of our dividends per share. As a REIT, we generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments, and therefore we believe our dividends are one of the principal reasons stockholders may invest in our common stock. Further, Distributable Earnings helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations and is one of the performance metrics we consider when declaring our dividends.
Distributable Earnings does not represent net income (loss) and should not be considered as an alternative to GAAP net income (loss). Our methodology for calculating Distributable Earni
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Earnings transcripts are sourced directly from SEC EDGAR filings. Predictions are generated using gradient boosting models trained on FBRT's historical earnings reactions. All predicted returns are shown as percentages, and predicted prices are calculated from the closing price at the time of prediction. Past performance does not guarantee future results.