Franklin BSP Realty Trust, Inc. Files 2023 Annual Report (10-K)

AI Summary

Franklin BSP Realty Trust, Inc. (FBRT-PE) filed a Annual Report (10-K) with the SEC on February 26, 2024. Franklin BSP Realty Trust, Inc. filed its 2023 10-K report on February 26, 2024. The company's fiscal year ends on December 31st. The filing covers the period from January 1, 2023, to December 31, 2023. The company was formerly known as Benefit Street Partners Realty Trust, Inc. Its business address is 1345 Avenue of the Americas, Suite 32A, New York, NY 10105.

Why It Matters

For investors and stakeholders tracking Franklin BSP Realty Trust, Inc., this filing contains several important signals. This 10-K filing provides investors with a detailed overview of Franklin BSP Realty Trust's financial health, operational strategies, and risk factors for the fiscal year 2023. Understanding the company's performance and disclosures in this report is crucial for assessing its investment potential and future outlook in the real estate sector.

Risk Assessment

Risk Level: medium — Franklin BSP Realty Trust, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains detailed financial and operational information that requires careful analysis to fully understand the company's position and risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess Franklin BSP Realty Trust's performance and identify potential investment opportunities or concerns.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-02-26 — Filing Date (The date the 10-K report was filed.)
• 132 — Public Document Count (Total number of documents included in the filing.)

Key Players & Entities

• Franklin BSP Realty Trust, Inc. (company) — Filer of the 10-K report.
• Benefit Street Partners Realty Trust, Inc. (company) — Former name of Franklin BSP Realty Trust, Inc.
• Realty Finance Trust, Inc. (company) — Former name of Franklin BSP Realty Trust, Inc.
• ARC Realty Finance Trust, Inc. (company) — Former name of Franklin BSP Realty Trust, Inc.
• New York (location) — City of the company's business and mailing address.

FAQ

Industry Context

Franklin BSP Realty Trust operates as a real estate investment trust (REIT), focusing on commercial real estate debt and equity investments.

Regulatory Implications

As a publicly traded company, Franklin BSP Realty Trust is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, net income, and asset/liability details.
2. Review the 'Risk Factors' section to understand potential challenges and threats to the company's business.
3. Examine management's discussion and analysis (MD&A) for insights into the company's strategy and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-26: Filing Date — The date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, following previous filings for prior periods.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share FBRT New York Stock Exchange

Filing Documents

• bsprt-20231231.htm (10-K) — 4355KB
• fbrt-exhibit21_12312023.htm (EX-21) — 50KB
• fbrt-exhibit231_12312023.htm (EX-23.1) — 3KB
• fbrt-exhibit232_12312023.htm (EX-23.2) — 4KB
• fbrt-exhibit311_12312023.htm (EX-31.1) — 9KB
• fbrt-exhibit312_12312023.htm (EX-31.2) — 9KB
• fbrt-exhibit32_12312023.htm (EX-32) — 6KB
• fbrt-ex971xcompensationrec.htm (EX-97.1) — 16KB
• bsprt-20231231_g1.jpg (GRAPHIC) — 97KB
• bsprt-20231231_g10.jpg (GRAPHIC) — 78KB
• bsprt-20231231_g11.jpg (GRAPHIC) — 127KB
• bsprt-20231231_g12.jpg (GRAPHIC) — 131KB
• bsprt-20231231_g2.jpg (GRAPHIC) — 48KB
• bsprt-20231231_g3.jpg (GRAPHIC) — 48KB
• bsprt-20231231_g4.jpg (GRAPHIC) — 61KB
• bsprt-20231231_g5.jpg (GRAPHIC) — 62KB
• bsprt-20231231_g6.jpg (GRAPHIC) — 60KB
• bsprt-20231231_g7.jpg (GRAPHIC) — 60KB
• bsprt-20231231_g8.jpg (GRAPHIC) — 491KB
• bsprt-20231231_g9.jpg (GRAPHIC) — 77KB
• 0001562528-24-000008.txt ( ) — 23960KB
• bsprt-20231231.xsd (EX-101.SCH) — 128KB
• bsprt-20231231_cal.xml (EX-101.CAL) — 143KB
• bsprt-20231231_def.xml (EX-101.DEF) — 888KB
• bsprt-20231231_lab.xml (EX-101.LAB) — 1435KB
• bsprt-20231231_pre.xml (EX-101.PRE) — 1079KB
• bsprt-20231231_htm.xml (XML) — 3844KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 5 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 21 Item 2.

Properties

Properties 21 Item 3.

Legal Proceedings

Legal Proceedings 22 Item 4. Mine Safety Disclosure 22 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Item 6. [Reserved] 25 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 55 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 56 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 56 Item 9A.

Controls and Procedures

Controls and Procedures 56 Item 9B. Other Information 56 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 56 PART III Item 10. Directors, Executive Officers and Corporate Governance 57 Item 11.

Executive Compensation

Executive Compensation 57 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 57 Item 13. Certain Relationships and Related Transactions and Director Independence 57 Item 14. Principal Accounting Fees and Services 57 PART IV Item 15. Exhibits and Financial Statement Schedules 58 Index to Exhibits 58 Item 16. Form 10-K Summary 59

Signatures

Signatures 60 58 i

Forward-Looking Statements

Forward-Looking Statements Certain statements included in this Annual Report on Form 10-K are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of Franklin BSP Realty Trust, Inc. ("we," "our," "us," or the "Company") and members of our management team, as well as 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. 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, unless required by law. Our forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements, and thus our investors should not place undue reliance on these statements. We believe these factors include but are not limited to those described under the section entitled "Risk Factors" in this Annual Report, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at http://www.sec.gov. These factors include: changes in our business and investment strategy; our ability to make investments in a timely manner or on acceptable terms; changes in credit market conditions and our ability to obtain long-term financing for our investments in a timely manner and on terms that are consistent with what we project when we invest; the effect of general market, real estate mar

Business

Item 1. Business Franklin BSP Realty Trust, Inc. (the "Company"), is a real estate finance company that primarily originates, acquires and manages a diversified portfolio of commercial real estate debt investments secured by properties located within and outside the United States. We are a Maryland corporation and have made tax elections to be treated as a real estate investment trust (a "REIT") for U.S. federal income tax purposes since 2013. We believe that we have qualified as a REIT and we intend to continue to meet the requirements for qualification and taxation as a REIT. Substantially all of our business is conducted through Benefit Street Partners Realty Operating Partnership, L.P. (the "OP"), a Delaware limited partnership. We are the sole general partner and directly or indirectly hold all of the units of limited partner interests in the OP. One or more of our wholly-owned subsidiaries are treated as taxable REIT subsidiaries (each a "TRS"), and are subject to U.S. federal, state and local income taxes. The Company has no employees. Benefit Street Partners L.L.C. serves as our advisor ("Advisor") pursuant to an advisory agreement, as amended on August 18, 2021 (the "Advisory Agreement"). The Advisor, an investment adviser registered with the SEC, is a credit-focused alternative asset management firm that was established in 2008. Our Advisor's credit platform manages funds for institutions and high-net-worth investors across various credit funds and complementary strategies including high yield, levered loans, private/opportunistic debt, liquid credit, structured credit and commercial real estate debt. These strategies complement each other as they all leverage the sourcing, analytical, compliance, and operational capabilities that encompass the platform. The Advisor manages the Company's affairs on a day-to-day basis. The Advisor receives compensation fees and reimbursements for services related to the investment and management of the Company's assets an

View Full Filing

View this 10-K filing on SEC EDGAR