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    Franklin BSP Realty Trust, Inc. Announces Fourth Quarter and Full Year 2024 Results

    2/13/25 4:15:00 PM ET
    $FBRT
    Real Estate Investment Trusts
    Real Estate
    Get the next $FBRT alert in real time by email

    Franklin BSP Realty Trust, Inc. (NYSE:FBRT) ("FBRT" or the "Company") today announced financial results for the quarter and full year ended December 31, 2024.

    Reported GAAP net income of $30.2 million and $92.4 million for the three and twelve months ended December 31, 2024, respectively, compared to $30.0 million and $144.5 million for the three and twelve months ended December 31, 2023, respectively. Reported diluted earnings per share ("EPS") to common stockholders of $0.29 and $0.82 for the three and twelve months ended December 31, 2024, respectively, compared to $0.28 and $1.42 for the three and twelve months ended December 31, 2023, respectively.

    Reported Distributable Earnings (a non-GAAP financial measure) of $31.2 million and $100.7 million, or $0.30 and $0.92 per diluted common share on a fully converted basis(1), for the three and twelve months ended December 31, 2024, respectively, compared to $39.3 million and $189.5 million, or $0.39 and $1.92 per diluted common share on a fully converted basis(1), for the three and twelve months ended December 31, 2023, respectively.

    Fourth Quarter 2024 Summary

    • Core portfolio principal balance as of December 31, 2024 of $5.0 billion:
      • Portfolio consisted of 155 loans with an average loan size of $32 million
      • 99% of the Company's portfolio is in senior mortgage loans and approximately 93% is floating rate
      • 71% of the portfolio is collateralized by multifamily properties and only 3.7% is collateralized by office properties
    • Closed $441 million of new loan commitments at a weighted average spread of 344 basis points
    • Funded $476 million of principal balance including future funding on existing loans and received loan repayments of $641 million
    • Total liquidity of $535 million, which includes $184 million in cash and cash equivalents
    • Produced a fourth quarter GAAP and Distributable Earnings ROE (a non-GAAP financial measure) of 7.6% and 7.8%, respectively
    • Declared a fourth quarter common stock cash dividend of $0.355, representing an annualized 9.3% yield on book value
    • Book value of $15.19 per diluted common share on a fully converted basis(1)

    Full Year 2024 Summary

    • Closed $2.0 billion of new loan commitments at a weighted average spread of 385 basis points
    • Funded $1.9 billion of principal balance including future funding on existing loans and received loan repayments of $1.6 billion
    • Produced a full year GAAP and Distributable Earnings ROE (a non-GAAP financial measure) of 5.6% and 5.9%, respectively
    • GAAP and Distributable Earnings dividend coverage of 61% and 65%, respectively
    • Closed BSPRT 2024-FL11 ("FL11 CRE CLO"), a $1.024 billion managed Commercial Real Estate Collateralized Loan Obligation ("CLO"), resulting in financing of $886.2 million, with a 36 month re-investment period, advance rate of 86.5% and a weighted average interest rate of 1M Term SOFR+199 before accounting for discount and transaction costs
    • Repurchased 391,863 shares of common stock at an average price of $12.42 per share for an aggregate of $4.9 million, which represents a $0.02 per share increase to book value

    Richard Byrne, Chairman and Chief Executive Officer of FBRT, said, "FBRT originated $2.0 billion in new loan commitments in 2024. We're pleased with the significant progress we made in turning over our legacy portfolio. Including January 2025 originations, 52% of our book was originated post the Fed's interest rate hikes."

    Further commenting on the Company's results, Michael Comparato, President of FBRT, added, "We continue to actively manage our legacy loan portfolio. In 2024, we received over $1.6 billion in loan payoffs, extended loans where borrowers improved our debt position, and sold $159.5 million in REO assets. We are confident that our proactive approach to legacy loan resolutions will lead to enhanced earnings power for FBRT."

    Portfolio and Investment Activity

    Core portfolio: For the quarter ended December 31, 2024, the Company closed $441 million of new loan commitments, funded $476 million of principal balance on new and existing loans, and received loan repayments of $641 million. As of December 31, 2024, the Company had four loans on its watch list, three of which are risk rated a five and one risk rated a four.

    Conduit: For the quarter ended December 31, 2024, the Company originated $87.3 million of fixed rate conduit loans that will be sold through FBRT's conduit program.

    Real estate owned: During the fourth quarter, the Company sold one retail property and three multifamily properties. In addition, the Company foreclosed on one multifamily property during the quarter.

    Allowance for credit losses: During the quarter, the Company recognized an incremental provision for credit losses of $0.9 million, comprised of a $2.5 million asset-specific provision and a $(1.6) million general allowance benefit.

    Book Value

    As of December 31, 2024, book value was $15.19 per diluted common share on a fully converted basis(1).

    Share Repurchase Program

    As of February 10, 2025, $31.1 million remains available under the $65 million share repurchase program, which extends through December 31, 2025.

    Subsequent Events

    Investment Activity: We obtained, through foreclosure, two multifamily properties, both located in Texas. One of these two properties was subsequently sold on February 12, 2025 for a purchase price of $63.8 million, above our debt basis, and was financed with a loan originated by the Company.

    We also sold a previously foreclosed multifamily property, located in North Carolina, for a purchase price of $12.9 million.

    Conduit Activity: We sold two of our commercial mortgage loans, held for sale into the CMBS securitization market. The loans had a fair value of $82.3 million as of December 31, 2024.

    Distributable Earnings and Distributable Earnings to Common

    Distributable Earnings is a non-GAAP measure, which the Company defines as GAAP net income (loss), adjusted for (i) non-cash CLO amortization acceleration and amortization over the expected useful life of the Company's CLOs, (ii) unrealized gains and losses on loans and derivatives, including CECL reserves and impairments, net of realized gains and losses, as described further below, (iii) non-cash equity compensation expense, (iv) depreciation and amortization, (v) subordinated performance fee accruals/(reversal), (vi) realized gains and losses on debt extinguishment and CLO calls, and (vii) certain other non-cash items. Further, Distributable Earnings to Common, a non-GAAP measure, presents Distributable Earnings net of (i) perpetual preferred stock dividend payments and (ii) non-controlling interests in joint ventures.

    As noted above, we exclude unrealized gains and losses on loans and other investments, including CECL reserves and impairments, from our calculation of Distributable Earnings and include realized gains and losses. The nature of these adjustments is described more fully in the footnotes to our reconciliation tables. GAAP loan loss reserves and any property impairment losses have been excluded from Distributable Earnings consistent with other unrealized losses pursuant to our existing definition of Distributable Earnings. We expect to only recognize such potential credit or property impairment losses in Distributable Earnings if and when such amounts are deemed nonrecoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of a foreclosure or other property, when the underlying asset is sold. Amounts may also be deemed non-recoverable if, in our determination, it is nearly certain the carrying amounts will not be collected or realized. The realized loss amount reflected in Distributable Earnings will generally equal the difference between the cash received and the Distributable Earnings basis of the asset. The timing of any such loss realization in our Distributable Earnings may differ materially from the timing of the corresponding loss reserves, charge-offs or impairments in our consolidated financial statements prepared in accordance with GAAP.

    The Company believes that Distributable Earnings and Distributable Earnings to Common provide meaningful information to consider in addition to the disclosed GAAP results. The Company believes Distributable Earnings and Distributable Earnings to Common are useful financial metrics for existing and potential future holders of its common stock as historically, over time, Distributable Earnings to Common has been an indicator of common dividends per share. As a REIT, the Company generally must distribute annually at least 90% of its taxable income, subject to certain adjustments, and therefore believes dividends are one of the principal reasons stockholders may invest in its common stock. Further, Distributable Earnings to Common helps investors evaluate performance excluding the effects of certain transactions and GAAP adjustments that the Company does not believe are necessarily indicative of current loan portfolio performance and the Company's operations and is one of the performance metrics the Company's board of directors considers when dividends are declared.

    Distributable Earnings and Distributable Earnings to Common do not represent net income (loss) and should not be considered as an alternative to GAAP net income (loss). The methodology for calculating Distributable Earnings and Distributable Earnings to Common may differ from the methodologies employed by other companies and thus may not be comparable to the Distributable Earnings reported by other companies.

    Please refer to the financial statements and reconciliation of GAAP Net Income to Distributable Earnings and Distributable Earnings to Common included at the end of this release for further information.

    (1)

     

    Fully converted per share information in this press release assumes applicable conversion of our series of outstanding convertible preferred stock into common stock and the vesting of our outstanding equity compensation awards.

    Supplemental Information

    The Company published a supplemental earnings presentation for the quarter ended December 31, 2024 on its website to provide additional disclosure and financial information. These materials can be found on the Company's website at http://www.fbrtreit.com under the Presentations tab.

    Conference Call and Webcast

    The Company will host a conference call and live audio webcast to discuss its financial results on Friday, February 14, 2025 at 9:00 a.m. ET. Participants are encouraged to pre-register for the call and webcast at https://dpregister.com/sreg/10195037/fe18cf47ce. If you are unable to pre-register, the conference call may be accessed by dialing (844) 701-1166 (Domestic) or (412) 317-5795 (International). Ask to join the Franklin BSP Realty Trust conference call. Participants should call in at least five minutes prior to the start of the call.

    The call will also be accessible via live webcast at https://ccmediaframe.com/?id=Q2f3DmSE. Please allow extra time prior to the call to download and install audio software, if needed. A slide presentation containing supplemental information may also be accessed through the Company's website in advance of the call.

    An audio replay of the live broadcast will be available approximately one hour after the end of the conference call on FBRT's website. The replay will be available for 90 days on the Company's website.

    About Franklin BSP Realty Trust, Inc.

    Franklin BSP Realty Trust, Inc. (NYSE:FBRT) is a real estate investment trust that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in the United States. As of December 31, 2024, FBRT had approximately $6.0 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc. For further information, please visit www.fbrtreit.com.

    Forward-Looking Statements

    Certain statements included in this press release are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of 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.

    The Company's forward-looking statements are subject to various risks and uncertainties. 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, the financial stability of our borrowers and the other, risks and important factors contained and identified in the Company's filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and its subsequent filings with the SEC, any of which could cause actual results to differ materially from the forward-looking statements. The forward-looking statements included in this communication are made only as of the date hereof.

    FRANKLIN BSP REALTY TRUST, INC.

    CONSOLIDATED BALANCE SHEETS

    (In thousands, except share and per share data)

     

     

     

    December 31, 2024

     

    December 31, 2023

    ASSETS

     

     

     

     

    Cash and cash equivalents

     

    $

    184,443

     

     

    $

    337,595

     

    Restricted cash

     

     

    12,421

     

     

     

    6,092

     

    Commercial mortgage loans, held for investment, net of allowance for credit losses of $78,083 and $47,175 as of December 31, 2024 and 2023, respectively(1)

     

     

    4,908,667

     

     

     

    4,989,767

     

    Commercial mortgage loans, held for sale, measured at fair value(2)

     

     

    87,270

     

     

     

    —

     

    Real estate securities, available for sale, measured at fair value, amortized cost of $202,894 and $243,272 as of December 31, 2024 and 2023, respectively(3)

     

     

    202,973

     

     

     

    242,569

     

    Receivable for loan repayment(4)

     

     

    157,582

     

     

     

    55,174

     

    Accrued interest receivable

     

     

    42,225

     

     

     

    42,490

     

    Prepaid expenses and other assets

     

     

    17,526

     

     

     

    19,213

     

    Intangible lease asset, net of amortization

     

     

    39,834

     

     

     

    42,793

     

    Real estate owned, net of depreciation

     

     

    113,160

     

     

     

    115,830

     

    Real estate owned, held for sale

     

     

    222,890

     

     

     

    103,657

     

    Equity method investment in real estate

     

     

    13,395

     

     

     

    —

     

    Total assets

     

    $

    6,002,386

     

     

    $

    5,955,180

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

     

    Collateralized loan obligations

     

    $

    3,628,270

     

     

    $

    3,567,166

     

    Repurchase agreements and revolving credit facilities - commercial mortgage loans

     

     

    329,811

     

     

     

    299,707

     

    Repurchase agreements - real estate securities

     

     

    236,608

     

     

     

    174,055

     

    Mortgage note payable

     

     

    23,998

     

     

     

    23,998

     

    Other financings

     

     

    12,865

     

     

     

    36,534

     

    Unsecured debt

     

     

    81,395

     

     

     

    81,295

     

    Derivative instruments, measured at fair value

     

     

    713

     

     

     

    —

     

    Interest payable

     

     

    12,844

     

     

     

    15,383

     

    Distributions payable

     

     

    36,237

     

     

     

    36,133

     

    Accounts payable and accrued expenses

     

     

    14,443

     

     

     

    13,339

     

    Due to affiliates

     

     

    14,106

     

     

     

    19,316

     

    Intangible lease liability, held for sale

     

     

    1,291

     

     

     

    12,297

     

    Total liabilities

     

    $

    4,392,581

     

     

    $

    4,279,223

     

    Commitments and Contingencies

     

     

     

     

    Redeemable convertible preferred stock:

     

     

     

     

    Redeemable convertible preferred stock Series H, $0.01 par value, 20,000 authorized and 17,950 issued and outstanding as of December 31, 2024 and 2023, respectively

     

    $

    89,748

     

     

    $

    89,748

     

    Total redeemable convertible preferred stock

     

    $

    89,748

     

     

    $

    89,748

     

    Equity:

     

     

     

     

    Preferred stock, $0.01 par value; 100,000,000 shares authorized, 7.5% Cumulative Redeemable Preferred Stock, Series E, 10,329,039 shares issued and outstanding as of December 31, 2024 and 2023

     

    $

    258,742

     

     

    $

    258,742

     

    Common stock, $0.01 par value, 900,000,000 shares authorized, 83,066,789 and 82,751,913 issued and outstanding as of December 31, 2024 and 2023, respectively

     

     

    818

     

     

     

    820

     

    Additional paid-in capital

     

     

    1,600,997

     

     

     

    1,599,197

     

    Accumulated other comprehensive income (loss)

     

     

    79

     

     

     

    (703

    )

    Accumulated deficit

     

     

    (348,074

    )

     

     

    (298,942

    )

    Total stockholders' equity

     

    $

    1,512,562

     

     

    $

    1,559,114

     

    Non-controlling interest

     

     

    7,495

     

     

     

    27,095

     

    Total equity

     

    $

    1,520,057

     

     

    $

    1,586,209

     

    Total liabilities, redeemable convertible preferred stock and equity

     

    $

    6,002,386

     

     

    $

    5,955,180

     

    ______________________________________________________________________

    (1)

     

    Includes pledged assets of $268.7 million and $299.7 million as of  December 31, 2024 and 2023, respectively.

    (2)

     

    Includes pledged assets of $61.1 million and zero as of  December 31, 2024 and 2023, respectively.

    (3)

     

    Includes pledged assets of $180.7 million and $167.9 million as of December 31, 2024 and 2023, respectively.

    (4)

     

    Includes $157.0 million and $55.1 million of cash held by the servicer related to the CLOs as of December 31, 2024 and 2023, respectively.

    FRANKLIN BSP REALTY TRUST, INC.

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (In thousands, except share and per share data)

     

     

    Year Ended December 31,

     

    2024

     

    2023

     

    2022

    Income

     

     

     

     

     

    Interest income

    $

    526,076

     

     

    $

    552,506

     

     

    $

    357,705

     

    Less: Interest expense

     

    338,471

     

     

     

    305,577

     

     

     

    160,526

     

    Net interest income

     

    187,605

     

     

     

    246,929

     

     

     

    197,179

     

    Revenue from real estate owned

     

    22,849

     

     

     

    17,021

     

     

     

    9,655

     

    Total income

    $

    210,454

     

     

    $

    263,950

     

     

    $

    206,834

     

    Expenses

     

     

     

     

     

    Asset management and subordinated performance fee

    $

    25,958

     

     

    $

    33,847

     

     

    $

    26,157

     

    Acquisition expenses

     

    996

     

     

     

    1,241

     

     

     

    1,360

     

    Administrative services expenses

     

    9,707

     

     

     

    14,440

     

     

     

    12,928

     

    Professional fees

     

    14,508

     

     

     

    15,270

     

     

     

    22,566

     

    Share-based compensation

     

    8,173

     

     

     

    4,761

     

     

     

    2,519

     

    Depreciation and amortization

     

    5,630

     

     

     

    7,128

     

     

     

    5,408

     

    Other expenses

     

    21,472

     

     

     

    11,135

     

     

     

    6,572

     

    Total expenses

    $

    86,444

     

     

    $

    87,822

     

     

    $

    77,510

     

    Other income/(loss)

     

     

     

     

     

    (Provision)/benefit for credit losses

    $

    (35,699

    )

     

    $

    (33,738

    )

     

    $

    (36,115

    )

    Realized gain/(loss) on extinguishment of debt

     

    —

     

     

     

    2,201

     

     

     

    (5,167

    )

    Realized gain/(loss) on real estate securities, available for sale

     

    143

     

     

     

    80

     

     

     

    —

     

    Realized gain/(loss) on sale of commercial mortgage loans, held for sale

     

    —

     

     

     

    —

     

     

     

    (354

    )

    Realized gain/(loss) on sale of commercial mortgage loans, held for investment

     

    138

     

     

     

    —

     

     

     

    —

     

    Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value

     

    13,125

     

     

     

    3,873

     

     

     

    2,358

     

    Gain/(loss) on other real estate investments

     

    (7,983

    )

     

     

    (7,089

    )

     

     

    (692

    )

    Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value

     

    —

     

     

     

    44

     

     

     

    (511

    )

    Trading gain/(loss)

     

    —

     

     

     

    (605

    )

     

     

    (119,220

    )

    Unrealized gain/(loss) on derivatives

     

    1,050

     

     

     

    (140

    )

     

     

    (15,840

    )

    Realized gain/(loss) on derivatives

     

    (1,261

    )

     

     

    998

     

     

     

    60,033

     

    Total other income/(loss)

    $

    (30,487

    )

     

    $

    (34,376

    )

     

    $

    (115,508

    )

    Income/(loss) before taxes

     

    93,523

     

     

     

    141,752

     

     

     

    13,816

     

    (Provision)/benefit for income tax

     

    (1,120

    )

     

     

    2,757

     

     

     

    399

     

    Net income/(loss)

    $

    92,403

     

     

    $

    144,509

     

     

    $

    14,215

     

    Net (income)/loss attributable to non-controlling interest

     

    3,475

     

     

     

    706

     

     

     

    216

     

    Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.

    $

    95,878

     

     

    $

    145,215

     

     

    $

    14,431

     

    Less: Preferred stock dividends

     

    26,993

     

     

     

    26,993

     

     

     

    41,741

     

    Net income/(loss) attributable to common stock

    $

    68,885

     

     

    $

    118,222

     

     

    $

    (27,310

    )

     

     

     

     

     

     

    Basic earnings per share

    $

    0.82

     

     

    $

    1.42

     

     

    $

    (0.38

    )

    Diluted earnings per share

    $

    0.82

     

     

    $

    1.42

     

     

    $

    (0.38

    )

    Basic weighted average shares outstanding

     

    81,846,170

     

     

     

    82,307,970

     

     

     

    71,628,365

     

    Diluted weighted average shares outstanding

     

    81,846,170

     

     

     

    82,307,970

     

     

     

    71,628,365

     

    FRANKLIN BSP REALTY TRUST, INC.

    RECONCILIATION OF GAAP NET INCOME TO DISTRIBUTABLE EARNINGS

    (In thousands, except share and per share data)

    (Unaudited)

    The following table provides a reconciliation of GAAP net income to Distributable Earnings and Distributable Earnings to Common for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands):

     

     

    Year Ended December 31,

     

     

    2024

     

    2023

     

    2022

    GAAP net income (loss)

     

    $

    92,403

     

     

    $

    144,509

     

     

    $

    14,215

     

    Adjustments:

     

     

     

     

     

     

    CLO amortization acceleration(1)

     

     

    —

     

     

     

    (5,521

    )

     

     

    (438

    )

    Unrealized (gain)/loss on financial instruments(2)

     

     

    6,933

     

     

     

    7,185

     

     

     

    17,010

     

    Unrealized (gain)/loss - ARMs

     

     

    —

     

     

     

    415

     

     

     

    43,557

     

    (Reversal of)/provision for credit losses

     

     

    35,699

     

     

     

    33,738

     

     

     

    36,115

     

    Non-cash compensation expense

     

     

    8,173

     

     

     

    4,762

     

     

     

    3,485

     

    Depreciation and amortization

     

     

    5,630

     

     

     

    7,128

     

     

     

    5,408

     

    Subordinated performance fee(3)

     

     

    (7,551

    )

     

     

    6,171

     

     

     

    (8,380

    )

    Realized (gain)/loss on debt extinguishment / CLO call

     

     

    —

     

     

     

    (2,201

    )

     

     

    —

     

    Realized gain/(loss) adjustment on loans and REO(4)

     

     

    (40,605

    )

     

     

    (1,571

    )

     

     

    —

     

    Loan workout charges/(loan workout recoveries)(5)

     

     

    —

     

     

     

    (5,105

    )

     

     

    5,104

     

    Distributable Earnings

     

    $

    100,682

     

     

    $

    189,510

     

     

    $

    116,076

     

    7.5% series E cumulative redeemable preferred stock dividend

     

     

    (19,367

    )

     

     

    (19,367

    )

     

     

    (19,367

    )

    Non-controlling interests in joint ventures net (income) / loss

     

     

    3,475

     

     

     

    (602

    )

     

     

    216

     

    Non-controlling interests in joint ventures adjusted net (income) / loss DE Adjustments

     

     

    (3,717

    )

     

     

    (31

    )

     

     

    (1,415

    )

    Distributable Earnings to Common

     

    $

    81,073

     

     

    $

    169,510

     

     

    $

    95,510

     

    Average common stock & common stock equivalents(6)

     

     

    1,363,621

     

     

     

    1,403,558

     

     

     

    1,456,871

     

    GAAP net income/(loss) ROE

     

     

    5.6

    %

     

     

    8.9

    %

     

     

    (0.3

    )%

    Distributable earnings ROE

     

     

    5.9

    %

     

     

    12.1

    %

     

     

    6.6

    %

    GAAP net income/(loss) per share, diluted

     

    $

    0.82

     

     

    $

    1.42

     

     

    $

    (0.38

    )

    GAAP net income/(loss) per share, fully converted(7)

     

    $

    0.87

     

     

    $

    1.42

     

     

    $

    (0.06

    )

    Distributable earnings per share, fully converted(7)

     

    $

    0.92

     

     

    $

    1.92

     

     

    $

    1.07

     

    ________________________

    (1)

     

    Before Q1 2024, we adjusted GAAP income for non-cash CLO amortization acceleration to effectively amortize the issuance costs of our CLOs over the expected lifetime of the CLOs. We assume our CLOs will be outstanding for approximately four years and amortized the financing costs over approximately four years in our distributable earnings as compared to effective yield methodology in our GAAP earnings. Starting in Q1 2024, we amortized the issuance costs incurred on our CLOs over the expected lifetime of the CLOs in our GAAP presentation, making our previous adjustment no longer necessary.

    (2)

     

    Represents unrealized gains and losses on (i) commercial mortgage loans, held for sale, measured at fair value, (ii) other real estate investments, measured at fair value and (iii) derivatives.

    (3)

     

    Represents accrued and unpaid subordinated performance fee. In addition, reversal of subordinated performance fee represents cash payment obligations during the period.

    (4)

     

    Represents amounts deemed nonrecoverable upon a realization event, which is generally at the time a loan is repaid, or in the case of a foreclosure or other property, when the underlying asset is sold. Amounts may also be deemed non-recoverable if, in our determination, it is nearly certain the carrying amounts will not be collected or realized upon sale. Amount may be different than the GAAP basis. As of December 31, 2024, the Company has $11.9 million of GAAP loss adjustments that would run through distributable earnings if and when cash losses are realized.

    (5)

     

    Represents loan workout charges the Company incurred, which the Company deemed likely to be recovered. Reversal of loan workout charges represent recoveries received. During the second quarter of 2023, the Company recovered $5.1 million of loan workout charges, in aggregate, related to the loan workout charges incurred in 2022.

    (6)

     

    Represents the average of all classes of equity except the Series E Preferred Stock.

    (7)

     

    Fully Converted assumes conversion of our series of convertible preferred stock and full vesting of our outstanding equity compensation awards.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250213888164/en/

    Investor Relations Contact:

    Lindsey Crabbe

    [email protected]

    (214) 874-2339

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