Franklin BSP Realty Trust Enters Material Definitive Agreement

TL;DR

Franklin BSP Realty Trust just signed a new material agreement, likely a debt or financing deal.

AI Summary

On September 26, 2024, Franklin BSP Realty Trust, Inc. entered into a Material Definitive Agreement related to a direct financial obligation. The filing details the creation of this obligation under an off-balance sheet arrangement, with financial statements and exhibits provided.

Why It Matters

This filing indicates a new financial commitment or obligation for Franklin BSP Realty Trust, which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — Entering into new financial obligations can introduce financial risk, depending on the terms and nature of the agreement.

Key Players & Entities

• Franklin BSP Realty Trust, Inc. (company) — Filer of the 8-K report
• Benefit Street Partners Realty Trust, Inc. (company) — Former company name
• Realty Finance Trust, Inc. (company) — Former company name
• ARC Realty Finance Trust, Inc. (company) — Former company name

FAQ

Key Financial Figures

• $0.01 — registered Common Stock, par value $0.01 per share FBRT New York Stock Exchang
• $1.024 billion — (the "Issuer"), closed an approximately $1.024 billion commercial real estate mortgage securit
• $886 million — ion transaction, and sold approximately $886 million of the securitization's notes in a priv
• $558,340,000 — uant to the terms of the Indenture: (i) $558,340,000 Class A Senior Secured Floating Rate No
• $147,270,000 — es Due 2039 (the "Class A Notes"); (ii) $147,270,000 Class A-S Second Priority Secured Float
• $69,150,000 — Due 2039 (the "Class A-S Notes"); (iii) $69,150,000 Class B Third Priority Secured Floating
• $55,070,000 — es Due 2039 (the "Class B Notes"); (iv) $55,070,000 Class C Fourth Priority Secured Floatin
• $38,418,000 — tes Due 2039 (the "Class C Notes"); (v) $38,418,000 Class D Fifth Priority Secured Floating
• $17,928,000 — es Due 2039 (the "Class D Notes"); (vi) $17,928,000 Class E Sixth Priority Secured Floating
• $14,087,000 — he Class D Notes, the "Offered Notes"); $14,087,000 Class F Seventh Priority Secured Floati
• $24,332,000 — e Notes Due 2039 (the "Class F Notes"), $24,332,000 Class G Eighth Priority Secured Floatin
• $26,892,000 — e Notes Due 2039 (the "Class G Notes"), $26,892,000 Class H Ninth Priority Secured Floating
• $72,995,003 — otes Due 2039 (the "Class H Notes") and $72,995,003 Class J Income Notes Due 2039 (the "Cla
• $924 million — gate principal balance of approximately $924 million as of the Closing Date. The total targe
• $100 million — mately $1.024 billion is inclusive of a $100 million ramp-up acquisition period comprising s

Filing Documents

• tm2424658d1_8k.htm (8-K) — 42KB
• tm2424658d1_ex10-1.htm (EX-10.1) — 1310KB
• 0001104659-24-103739.txt ( ) — 1830KB
• bsprt-20240926.xsd (EX-101.SCH) — 3KB
• bsprt-20240926_def.xml (EX-101.DEF) — 26KB
• bsprt-20240926_lab.xml (EX-101.LAB) — 36KB
• bsprt-20240926_pre.xml (EX-101.PRE) — 25KB
• tm2424658d1_8k_htm.xml (XML) — 5KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On September 26, 2024 (the "Closing Date"), a consolidated subsidiary of Franklin BSP Realty Trust, Inc. (the "Company"), BSPRT 2024-FL11 Issuer, LLC (the "Issuer"), closed an approximately $1.024 billion commercial real estate mortgage securitization transaction, and sold approximately $886 million of the securitization's notes in a private placement. The notes were issued pursuant to an indenture (the "Indenture"), dated as of the Closing Date, by and among the Issuer, Benefit Street Partners Realty Operating Partnership, L.P., as advancing agent (the "Advancing Agent"), U.S. Bank Trust Company, National Association, as trustee (in such capacity, the "Trustee") and note administrator (in such capacity, the "Note Administrator"), and U.S. Bank National Association, as custodian and in other capacities. The information contained in Item 2.03 of this Form 8-K regarding the terms of the Indenture and the notes is incorporated by reference into this Item 1.01.

03. Creation of a Direct Financial Obligation or an Obligation

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The Notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The net proceeds of the sale of the Offered Notes will be used primarily to repay borrowings under the Company's current credit facilities, fund future loans and investments and for general corporate purposes. The aggregate principal amounts of the following nine classes of Notes (each, a "Class") were issued pursuant to the terms of the Indenture: (i) $558,340,000 Class A Senior Secured Floating Rate Notes Due 2039 (the "Class A Notes"); (ii) $147,270,000 Class A-S Second Priority Secured Floating Rate Notes Due 2039 (the "Class A-S Notes"); (iii) $69,150,000 Class B Third Priority Secured Floating Rate Notes Due 2039 (the "Class B Notes"); (iv) $55,070,000 Class C Fourth Priority Secured Floating Rate Notes Due 2039 (the "Class C Notes"); (v) $38,418,000 Class D Fifth Priority Secured Floating Rate Notes Due 2039 (the "Class D Notes"); (vi) $17,928,000 Class E Sixth Priority Secured Floating Rate Notes Due 2039 (the "Class E Notes" and, together with the Class A Notes, the Class A-S Notes, the Class B Notes, the Class C Notes and the Class D Notes, the "Offered Notes"); $14,087,000 Class F Seventh Priority Secured Floating Rate Notes Due 2039 (the "Class F Notes"), $24,332,000 Class G Eighth Priority Secured Floating Rate Notes Due 2039 (the "Class G Notes"), $26,892,000 Class H Ninth Priority Secured Floating Rate Notes Due 2039 (the "Class H Notes") and $72,995,003 Class J Income Notes Due 2039 (the "Class J Notes," and together with the Class F Notes, the Class G Notes

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. EXHIBIT INDEX Exhibit No. Description 10.1 Indenture, dated as of September 26, 2024, by and among BSPRT 2024-FL11 Issuer, LLC, Benefit Street Partners Realty Operating Partnership, L.P., as advancing agent, U.S. Bank Trust Company, National Association, as trustee and note administrator, and U.S. Bank National Association as custodian. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES 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. FRANKLIN BSP REALTY TRUST, INC. By: /s/ Jerome S. Baglien Name: Jerome S. Baglien Title: Chief Financial Officer and Chief Operating Officer Date: September 27, 2024

View Full Filing

View this 8-K filing on SEC EDGAR