(Mark One) | |||||
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Maryland | 46-1406086 | |||||||
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
New York, New York | ||||||||
(Address of Principal Executive Office) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 per share | FBRT | New York Stock Exchange | ||||||
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share | FBRT PRE | New York Stock Exchange |
Large-accelerated filer x | Accelerated filer o | |||||
Non-accelerated filero | Smaller reporting company☐ | |||||
Emerging growth filer☐ | ||||||
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. o |
Page | ||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
ASSETS | (Unaudited) | ||||||||||
Cash and cash equivalents | $ | 230,405 | $ | 179,314 | |||||||
Restricted cash | 6,874 | 11,173 | |||||||||
Commercial mortgage loans, held for investment, net of allowance for credit losses of $28,751 and $40,848 as of March 31, 2023 and December 31, 2022, respectively | 5,022,750 | 5,228,928 | |||||||||
Commercial mortgage loans, held for sale, measured at fair value | 15,928 | 15,559 | |||||||||
Real estate securities, trading, measured at fair value | 133,705 | 235,728 | |||||||||
Real estate securities, available for sale, measured at fair value, amortized cost of $113,588 and $220,635 as of March 31, 2023 and December 31, 2022, respectively | 112,329 | 221,025 | |||||||||
Derivative instruments, measured at fair value | 325 | 415 | |||||||||
Receivable for loan repayment (1) | 18,197 | 42,557 | |||||||||
Accrued interest receivable | 36,337 | 34,007 | |||||||||
Prepaid expenses and other assets | 19,372 | 15,795 | |||||||||
Intangible lease asset, net of amortization | 59,022 | 54,831 | |||||||||
Real estate owned, net of depreciation | 148,624 | 127,772 | |||||||||
Real estate owned, held for sale | 35,158 | 36,497 | |||||||||
Total assets | $ | 5,839,026 | $ | 6,203,601 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Collateralized loan obligations | $ | 3,052,802 | $ | 3,121,983 | |||||||
Repurchase agreements - commercial mortgage loans | 604,421 | 680,859 | |||||||||
Repurchase agreements - real estate securities | 228,934 | 440,008 | |||||||||
Mortgage note payable | 23,998 | 23,998 | |||||||||
Other financing and loan participation - commercial mortgage loans | 79,121 | 76,301 | |||||||||
Unsecured debt | 81,220 | 98,695 | |||||||||
Derivative instruments, measured at fair value | 294 | 64 | |||||||||
Interest payable | 12,690 | 12,715 | |||||||||
Distributions payable | 36,367 | 36,317 | |||||||||
Accounts payable and accrued expenses | 15,531 | 17,668 | |||||||||
Due to affiliates | 13,856 | 15,429 | |||||||||
Intangible lease liability, net of depreciation | 9,115 | 6,428 | |||||||||
Total liabilities | $ | 4,158,349 | $ | 4,530,465 | |||||||
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 March 31, 2023 and December 31, 2022 | $ | 89,748 | $ | 89,748 | |||||||
Redeemable convertible preferred stock Series I, $0.01 par value, none authorized and outstanding as of March 31, 2023, 1,000 authorized and 1,000 issued and outstanding as of December 31, 2022 | — | 5,000 | |||||||||
Total redeemable convertible preferred stock | $ | 89,748 | $ | 94,748 | |||||||
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 March 31, 2023 and December 31, 2022 | $ | 258,742 | $ | 258,742 | |||||||
Common stock, $0.01 par value, 900,000,000 shares authorized, 83,363,971 and 82,992,784 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | 826 | 826 | |||||||||
Additional paid-in capital | 1,603,790 | 1,602,247 | |||||||||
Accumulated other comprehensive income (loss) | (1,935) | 390 | |||||||||
Accumulated deficit | (291,762) | (299,225) | |||||||||
Total stockholders' equity | $ | 1,569,661 | $ | 1,562,980 | |||||||
Non-controlling interest | 21,268 | 15,408 | |||||||||
Total equity | $ | 1,590,929 | $ | 1,578,388 | |||||||
Total liabilities, redeemable convertible preferred stock and equity | $ | 5,839,026 | $ | 6,203,601 |
September 30, 2017 | December 31, 2016 | ||||||
ASSETS | (Unaudited) | ||||||
Cash and cash equivalents | $ | 72,262 | $ | 118,048 | |||
Restricted cash | 7,754 | 5,021 | |||||
Commercial mortgage loans, held for investment, net of allowance of $1,959 and $2,181 | 1,285,106 | 1,046,556 | |||||
Commercial mortgage loans, held-for-sale | 31,180 | 21,179 | |||||
Commercial mortgage loans, held-for-sale, measured at fair value | 60,950 | — | |||||
Real estate securities, available-for-sale, at fair value | — | 49,049 | |||||
Derivative instruments, at fair value | 960 | — | |||||
Receivable for loan repayment (1) | 53,077 | 401 | |||||
Accrued interest receivable | 6,603 | 5,955 | |||||
Prepaid expenses and other assets | 3,210 | 1,916 | |||||
Total assets | $ | 1,521,102 | $ | 1,248,125 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Collateralized loan obligations | $ | 515,500 | $ | 278,450 | |||
Repurchase agreements - commercial mortgage loans | 319,385 | 257,664 | |||||
Other financing - commercial mortgage loans | 29,956 | — | |||||
Repurchase agreements - real estate securities | 39,035 | 66,639 | |||||
Derivative instruments, at fair value | 1,003 | — | |||||
Interest payable | 1,302 | 897 | |||||
Distributions payable | 3,766 | 5,591 | |||||
Accounts payable and accrued expenses | 3,110 | 1,170 | |||||
Due to affiliates | 4,583 | 4,064 | |||||
Total liabilities | $ | 917,640 | $ | 614,475 | |||
Commitment and Contingencies (See Note 8) | |||||||
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of September 30, 2017 and December 31, 2016 | — | — | |||||
Common stock, $0.01 par value, 949,999,000 shares authorized, 31,641,275 and 31,884,631 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively | 316 | 319 | |||||
Additional paid-in capital | 700,362 | 704,500 | |||||
Accumulated other comprehensive income (loss) | — | (500 | ) | ||||
Accumulated deficit | (97,216 | ) | (70,669 | ) | |||
Total stockholders' equity | 603,462 | 633,650 | |||||
Total liabilities and stockholders' equity | $ | 1,521,102 | $ | 1,248,125 | |||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest income: | |||||||||||||||
Interest income | $ | 22,195 | $ | 20,250 | $ | 61,917 | $ | 60,763 | |||||||
Less: Interest expense | 8,845 | 7,317 | 21,990 | 17,478 | |||||||||||
Net interest income | 13,350 | 12,933 | 39,927 | 43,285 | |||||||||||
Expenses: | |||||||||||||||
Asset management and subordinated performance fee | 2,299 | 1,066 | 6,952 | 7,091 | |||||||||||
Acquisition fees and acquisition expenses | 1,685 | 255 | 4,175 | 635 | |||||||||||
Administrative services expenses | 1,480 | 2,480 | 3,285 | 3,835 | |||||||||||
Professional fees | 1,348 | 2,154 | 3,320 | 4,226 | |||||||||||
Other expenses | 1,411 | 686 | 2,773 | 2,092 | |||||||||||
Total expenses | 8,223 | 6,641 | 20,505 | 17,879 | |||||||||||
Other (income)/loss: | |||||||||||||||
Loan loss (recovery)/provision | (641 | ) | (113 | ) | (222 | ) | 721 | ||||||||
Realized (gain) loss on commercial mortgage loans held-for-sale | (378 | ) | — | 1,587 | — | ||||||||||
Realized (gain) loss on sale of real estate securities | — | 1,032 | (172 | ) | 1,032 | ||||||||||
Unrealized (gain) loss on commercial mortgage loans held-for-sale | 27 | — | (220 | ) | — | ||||||||||
Unrealized (gain) loss on derivatives | (583 | ) | — | (583 | ) | — | |||||||||
Realized (gain) loss on derivatives | 18 | — | 18 | — | |||||||||||
Total other (income)/loss | $ | (1,557 | ) | $ | 919 | $ | 408 | $ | 1,753 | ||||||
Income (loss) before taxes | 6,684 | 5,373 | 19,014 | 23,653 | |||||||||||
Income tax expense (benefit) | (291 | ) | — | (291 | ) | — | |||||||||
Net income | $ | 6,975 | $ | 5,373 | $ | 19,305 | $ | 23,653 | |||||||
Basic net income per share | $ | 0.22 | $ | 0.17 | $ | 0.61 | $ | 0.75 | |||||||
Diluted net income per share | $ | 0.22 | $ | 0.17 | $ | 0.61 | $ | 0.75 | |||||||
Basic weighted average shares outstanding | 31,741,679 | 31,516,876 | 31,778,169 | 31,622,796 | |||||||||||
Diluted weighted average shares outstanding | 31,756,503 | 31,523,911 | 31,790,267 | 31,629,070 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Income: | |||||||||||||||||||||||
Interest income | $ | 130,536 | $ | 75,258 | |||||||||||||||||||
Less: Interest expense | 71,075 | 22,480 | |||||||||||||||||||||
Net interest income | 59,461 | 52,778 | |||||||||||||||||||||
Revenue from real estate owned | 3,312 | 2,312 | |||||||||||||||||||||
Total income | $ | 62,773 | $ | 55,090 | |||||||||||||||||||
Expenses: | |||||||||||||||||||||||
Asset management and subordinated performance fee | $ | 8,085 | $ | 6,745 | |||||||||||||||||||
Acquisition expenses | 378 | 315 | |||||||||||||||||||||
Administrative services expenses | 4,029 | 3,353 | |||||||||||||||||||||
Professional fees | 4,814 | 6,159 | |||||||||||||||||||||
Share-based compensation | 1,022 | 500 | |||||||||||||||||||||
Depreciation and amortization | 1,805 | 1,295 | |||||||||||||||||||||
Other expenses | 2,166 | 1,762 | |||||||||||||||||||||
Total expenses | $ | 22,299 | $ | 20,129 | |||||||||||||||||||
Other (income)/loss: | |||||||||||||||||||||||
Provision/(benefit) for credit losses | $ | 4,360 | $ | (955) | |||||||||||||||||||
Realized (gain)/loss on extinguishment of debt | (4,767) | — | |||||||||||||||||||||
Realized (gain)/loss on sale of available for sale trading securities | (596) | — | |||||||||||||||||||||
Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value | — | (1,889) | |||||||||||||||||||||
Unrealized (gain)/loss on commercial mortgage loans, held for sale, measured at fair value | (347) | 939 | |||||||||||||||||||||
(Gain)/loss on other real estate investments | 1,339 | 29 | |||||||||||||||||||||
Trading (gain)/loss | (2,968) | 88,435 | |||||||||||||||||||||
Unrealized (gain)/loss on derivatives | 320 | 4,963 | |||||||||||||||||||||
Realized (gain)/loss on derivatives | (44) | (34,030) | |||||||||||||||||||||
Total other (income)/loss | $ | (2,703) | $ | 57,492 | |||||||||||||||||||
Income/(loss) before taxes | 43,177 | (22,531) | |||||||||||||||||||||
Provision/(benefit) for income tax | (662) | (24) | |||||||||||||||||||||
Net income/(loss) | $ | 43,839 | $ | (22,507) | |||||||||||||||||||
Net (income)/loss attributable to non-controlling interest | (9) | — | |||||||||||||||||||||
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc. | $ | 43,830 | $ | (22,507) | |||||||||||||||||||
Less: Preferred stock dividends | 6,748 | 21,011 | |||||||||||||||||||||
Net income/(loss) applicable to common stock | $ | 37,082 | $ | (43,518) | |||||||||||||||||||
Basic earnings per share | $ | 0.44 | $ | (0.99) | |||||||||||||||||||
Diluted earnings per share | $ | 0.44 | $ | (0.99) | |||||||||||||||||||
Basic weighted average shares outstanding | 82,774,771 | 43,956,965 | |||||||||||||||||||||
Diluted weighted average shares outstanding | 82,774,771 | 43,956,965 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income | $ | 6,975 | $ | 5,373 | $ | 19,305 | $ | 23,653 | ||||||||
Unrealized gain/(loss) on available-for-sale securities | (448 | ) | 2,608 | 500 | 35 | |||||||||||
Comprehensive income attributable to Benefit Street Partners Realty Trust, Inc. | $ | 6,527 | $ | 7,981 | $ | 19,805 | $ | 23,688 |
Three months ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net income/(loss) | $ | 43,839 | $ | (22,507) | |||||||||||||||||||
Amounts related to available for sale real estate securities: | |||||||||||||||||||||||
Change in net unrealized gain/(loss) | $ | (1,648) | $ | — | |||||||||||||||||||
Reclassification adjustment for amounts included in net income/(loss) | (677) | — | |||||||||||||||||||||
$ | (2,325) | $ | — | ||||||||||||||||||||
Amounts related to cash flow hedges: | |||||||||||||||||||||||
Change in net unrealized gain/(loss) | $ | — | $ | (220) | |||||||||||||||||||
Reclassification adjustment for amounts included in net income/(loss) | — | 282 | |||||||||||||||||||||
$ | — | $ | 62 | ||||||||||||||||||||
Comprehensive (income)/loss attributed to non-controlling interest | $ | (9) | $ | — | |||||||||||||||||||
Comprehensive income/(loss) attributable to Franklin BSP Realty Trust, Inc. | $ | 41,505 | $ | (22,445) |
Common Stock | |||||||||||||||||||||||
Number of Shares | Par Value | Additional Paid-In Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Total Stockholders' Equity | ||||||||||||||||||
Balance, December 31, 2016 | 31,884,631 | $ | 319 | $ | 704,500 | $ | (500 | ) | $ | (70,669 | ) | $ | 633,650 | ||||||||||
Common stock repurchases | (1,072,708 | ) | (11 | ) | (20,536 | ) | — | — | (20,547 | ) | |||||||||||||
Common stock issued through distribution reinvestment plan | 823,368 | 8 | 16,342 | — | — | 16,350 | |||||||||||||||||
Share-based compensation | 5,984 | — | 56 | — | — | 56 | |||||||||||||||||
Net income | — | — | — | — | 19,305 | 19,305 | |||||||||||||||||
Distributions declared | — | — | — | — | (45,852 | ) | (45,852 | ) | |||||||||||||||
Other comprehensive income | — | — | — | 500 | — | 500 | |||||||||||||||||
Balance, September 30, 2017 | 31,641,275 | $ | 316 | $ | 700,362 | $ | — | $ | (97,216 | ) | $ | 603,462 |
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income/(Loss) | Accumulated Deficit | Preferred E | Total Stockholders' Equity | Non-Controlling Interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares | Par Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | 82,992,784 | $ | 826 | $ | 1,602,247 | $ | 390 | $ | (299,225) | $ | 258,742 | $ | 1,562,980 | $ | 15,408 | $ | 1,578,388 | ||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | (313,411) | (3) | (3,664) | — | — | — | (3,667) | — | (3,667) | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issued through distribution reinvestment plan | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 442,419 | — | 1,022 | — | — | — | 1,022 | — | 1,022 | ||||||||||||||||||||||||||||||||||||||||||||
Shares canceled for tax withholding on vested equity rewards | (57,021) | — | (812) | — | — | — | (812) | — | (812) | ||||||||||||||||||||||||||||||||||||||||||||
Series I preferred stock exchanged for common stock | 299,200 | 3 | 4,997 | — | — | — | 5,000 | — | 5,000 | ||||||||||||||||||||||||||||||||||||||||||||
Offering costs | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc. | — | — | — | — | 43,830 | — | 43,830 | — | 43,830 | ||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to non-controlling interest | — | — | — | — | — | — | — | 9 | 9 | ||||||||||||||||||||||||||||||||||||||||||||
Distributions declared | — | — | — | — | (36,367) | — | (36,367) | — | (36,367) | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | (2,325) | — | — | (2,325) | — | (2,325) | ||||||||||||||||||||||||||||||||||||||||||||
Contributions in non-controlling interest, net | — | — | — | — | — | — | — | 5,851 | 5,851 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | 83,363,971 | $ | 826 | $ | 1,603,790 | $ | (1,935) | $ | (291,762) | $ | 258,742 | $ | 1,569,661 | $ | 21,268 | $ | 1,590,929 | ||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income/(Loss) | Accumulated Deficit | Preferred E | Preferred F | Total Stockholders' Equity | Non-Controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares | Par Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 43,965,928 | $ | 441 | $ | 903,264 | $ | (62) | $ | (167,179) | $ | 258,742 | $ | 710,431 | $ | 1,705,637 | $ | 5,764 | $ | 1,711,401 | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued through distribution reinvestment plan | 5,982 | — | 91 | — | — | — | — | 91 | — | 91 | |||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 499,217 | — | 500 | — | — | — | — | 500 | — | 500 | |||||||||||||||||||||||||||||||||||||||||||||||||
Offering costs | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | — | — | — | — | (22,507) | — | — | (22,507) | — | (22,507) | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared | — | — | — | — | (36,743) | — | — | (36,743) | — | (36,743) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss) | — | — | — | 62 | — | — | — | 62 | — | 62 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | 44,471,127 | $ | 441 | $ | 903,855 | $ | — | $ | (226,429) | $ | 258,742 | $ | 710,431 | $ | 1,647,040 | $ | 5,764 | $ | 1,652,804 | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income/(loss) | $ | 43,839 | $ | (22,507) | |||||||
Adjustments to reconcile net income to net cash (used in)/provided by operating activities: | |||||||||||
Premium amortization and (discount accretion), net | $ | (4,163) | $ | (2,542) | |||||||
Accretion of deferred commitment fees | (2,869) | (2,219) | |||||||||
Amortization of deferred financing costs | 1,837 | 1,403 | |||||||||
Share-based compensation | 1,022 | 500 | |||||||||
Realized (gain)/loss from sale of other real estate investments, measured at fair value | (596) | 33 | |||||||||
Realized (gain)/loss on extinguishment of debt | (4,767) | — | |||||||||
Realized (gain)/loss on swap terminations | — | (34,378) | |||||||||
Trading (gain)/loss | (2,968) | 88,435 | |||||||||
Unrealized (gain)/loss from commercial mortgage loans, held for sale, measured at fair value | (347) | 939 | |||||||||
Unrealized (gain)/loss on derivative instruments | 320 | 4,963 | |||||||||
Unrealized (gain)/loss from other real estate investments, measured at fair value | 1,339 | (4) | |||||||||
Depreciation and amortization | 1,642 | 1,295 | |||||||||
Provision/(benefit) for credit losses | 4,360 | (955) | |||||||||
Origination of commercial mortgage loans, held for sale, measured at fair value | — | (150,300) | |||||||||
Proceeds from sale or repayment of commercial mortgage loans, held for sale, measured at fair value | (22) | 76,100 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accrued interest receivable | 539 | 7,542 | |||||||||
Prepaid expenses and other assets | (1,042) | (5,807) | |||||||||
Accounts payable and accrued expenses | (3,510) | 239 | |||||||||
Due to affiliates | (1,573) | 4,360 | |||||||||
Interest payable | 217 | 617 | |||||||||
Net cash (used in)/provided by operating activities | $ | 33,258 | $ | (32,286) | |||||||
Cash flows from investing activities: | |||||||||||
Origination and purchase of commercial mortgage loans, held for investment | $ | (195,617) | $ | (636,465) | |||||||
Principal repayments received on commercial mortgage loans, held for investment | 406,243 | 330,130 | |||||||||
Proceeds from (purchase)/sale of other real estate investments | — | 2,045 | |||||||||
Purchase of real estate securities, available for sale | (20,267) | — | |||||||||
Proceeds from sale/(repayment) of real estate securities, available for sale, measured at fair value | 127,660 | — | |||||||||
Proceeds from sale/(repayment) of real estate securities, trading, at fair value | 97,487 | 2,190,143 | |||||||||
Principal collateral on mortgage investments | 7,302 | 376,857 | |||||||||
Proceeds from sale/(purchase) of derivative instruments | — | 148 | |||||||||
Net cash (used in)/provided by investing activities | $ | 422,808 | $ | 2,262,858 | |||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuances of common stock | $ | 5,000 | $ | — | |||||||
Proceeds from issuances of redeemable convertible preferred stock | (5,000) | — | |||||||||
Payments for common stock repurchases | (3,666) | — | |||||||||
Shares cancelled for tax withholding on vested equity rewards | (812) | — | |||||||||
Borrowings on collateralized loan obligations | — | 960,000 | |||||||||
Repayments of collateralized loan obligations | (69,042) | (235,139) | |||||||||
Borrowings on repurchase agreements - commercial mortgage loans | 157,862 | 474,466 | |||||||||
Repayments of repurchase agreements - commercial mortgage loans | (234,300) | (971,176) | |||||||||
Borrowings on repurchase agreements - real estate securities | 258,881 | 11,937,334 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 19,305 | $ | 23,653 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Premium amortization and (discount accretion), net | (1,617 | ) | (1,761 | ) | |||
Accretion of deferred commitment fees | (1,887 | ) | (1,169 | ) | |||
Amortization of deferred financing costs | 3,735 | 2,989 | |||||
Share-based compensation | 56 | 27 | |||||
Change in unrealized losses on commercial mortgage loans held-for-sale | (220 | ) | — | ||||
Change in unrealized losses on real estate securities | — | 1,032 | |||||
Change in unrealized losses on derivative instruments | (583 | ) | — | ||||
Realized loss on sale of commercial mortgage loans | 1,587 | — | |||||
Loan loss (recovery)/provision | (222 | ) | 721 | ||||
Deferred income taxes | (291 | ) | — | ||||
Changes in assets and liabilities: | |||||||
Accrued interest receivable | 1,240 | 1,213 | |||||
Prepaid expenses and other assets | (4,717 | ) | 49 | ||||
Accounts payable and accrued expenses | 3,084 | 1,415 | |||||
Due to affiliates | 519 | (1,529 | ) | ||||
Interest payable | 405 | 913 | |||||
Net cash provided by operating activities | $ | 20,394 | $ | 27,553 | |||
Cash flows from investing activities: | |||||||
Origination and purchase of commercial mortgage loans, held for investment | $ | (565,094 | ) | $ | (42,236 | ) | |
Origination of commercial mortgage loans, held-for-sale, measured at fair value | (60,950 | ) | — | ||||
Receivable for loan repayment | (52,676 | ) | — | ||||
Proceeds from sale of real estate securities | 34,888 | — | |||||
Principal repayments received on real estate securities | 15,000 | 2,218 | |||||
Purchase of derivative instruments | (383 | ) | — | ||||
Proceeds from sale of commercial mortgage loans, held for sale | 88,352 | 69,957 | |||||
Principal repayments received on commercial mortgage loans, held for investment | 228,814 | 48,906 | |||||
Net cash (used in)/provided by investing activities | $ | (312,049 | ) | $ | 78,845 | ||
Cash flows from financing activities: | |||||||
Common stock repurchases | $ | (20,546 | ) | $ | (19,026 | ) | |
Borrowings under collateralized loan obligations | 339,500 | — | |||||
Repayments of collateralized loan obligations | (97,470 | ) | — | ||||
Borrowings on repurchase agreements - commercial mortgage loans | 368,745 | 104,626 | |||||
Repayments of repurchase agreements - commercial mortgage loans | (307,024 | ) | (68,997 | ) | |||
Borrowings on repurchase agreements - real estate securities | 343,151 | 1,019,598 | |||||
Repayments of repurchase agreements - real estate securities | (370,754 | ) | (1,064,111 | ) | |||
Borrowings on other financing - commercial mortgage loans | 36,200 | — | |||||
Repayments on other financing - commercial mortgage loans | (5,274 | ) | — | ||||
Increase (decrease) in restricted cash related to financing activities | (2,733 | ) | 366 | ||||
Payments of deferred financing costs | (6,598 | ) | (2,836 | ) | |||
Distributions paid | (31,328 | ) | (29,952 | ) |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Net cash (used in) provided by financing activities | $ | 245,869 | $ | (60,332 | ) | ||
Net change in cash and cash equivalents | $ | (45,786 | ) | $ | 46,066 | ||
Cash and cash equivalents, beginning of period | 118,048 | 14,807 | |||||
Cash and cash equivalents, end of period | $ | 72,262 | $ | 60,873 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Supplemental disclosures of cash flow information: | |||||||
Interest paid | $ | 17,850 | $ | 13,576 | |||
Supplemental disclosures of non-cash flow information: | |||||||
Distributions payable | $ | 3,766 | $ | — | |||
Common stock issued through distribution reinvestment plan | 16,349 | 19,099 | |||||
Loans transferred to commercial real estate loans, held-for-sale, transferred at fair value | 31,207 | — |
Repayments of repurchase agreements - real estate securities | (469,955) | (14,401,577) | |||||||||
Proceeds from other financing and loan participation - commercial mortgage loans | — | 2,296 | |||||||||
Borrowings on other financing | 43,615 | — | |||||||||
Repayments on other financing | (40,795) | — | |||||||||
Repayments of unsecured debt | (13,367) | (50,000) | |||||||||
Payments of deferred financing costs | (1,377) | (3,595) | |||||||||
Cash collateral received on interest rate swaps | — | 47,661 | |||||||||
Proceeds from interest rate swap settlements | — | 744 | |||||||||
Distributions paid | (36,317) | (30,254) | |||||||||
Net cash (used in)/provided by financing activities: | $ | (409,273) | $ | (2,269,240) | |||||||
Net change in cash, cash equivalents and restricted cash | 46,793 | (38,668) | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | 190,487 | 168,199 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 237,279 | $ | 129,531 | |||||||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||||||
Cash and cash equivalents, beginning of period | 179,314 | 154,929 | |||||||||
Restricted cash, beginning of period | 11,173 | 13,270 | |||||||||
Cash, cash equivalents and restricted cash, beginning of period | $ | 190,487 | $ | 168,199 | |||||||
Cash and cash equivalents, end of period | 230,405 | 117,064 | |||||||||
Restricted cash, end of period | 6,874 | 12,467 | |||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 237,279 | $ | 129,531 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash payments for income taxes | $ | (15) | $ | — | |||||||
Cash payments for interest | 69,263 | 20,460 | |||||||||
Pre-close loan fundings held with servicer | (2,742) | — | |||||||||
Supplemental disclosures of non - cash flow information: | |||||||||||
Distribution payable | $ | 36,367 | $ | 36,735 | |||||||
Common stock issued through distribution reinvestment plan | — | 91 | |||||||||
Real estate owned received in foreclosure | 23,999 | — | |||||||||
Loans transferred to real estate owned, held for investment | 33,206 | — | |||||||||
Buildings | 40 years | ||||
Furniture, fixtures, and equipment | 15 years | ||||
Site Improvements | 5 - 25 years | ||||
Intangible lease assets | Lease term |
March 31, 2023 | December 31, 2022 | ||||||||||
Senior loans | $ | 5,025,739 | $ | 5,251,464 | |||||||
Mezzanine loans | 25,762 | 18,312 | |||||||||
Total gross carrying value of loans | 5,051,501 | 5,269,776 | |||||||||
General allowance for credit losses | 28,751 | 26,624 | |||||||||
Specific allowance for credit losses (1) | — | 14,224 | |||||||||
Less: Allowance for credit losses | 28,751 | 40,848 | |||||||||
Total commercial mortgage loans, held for investment, net | $ | 5,022,750 | $ | 5,228,928 |
September 30, 2017 | December 31, 2016 | ||||||
Senior loans | $ | 1,254,879 | $ | 901,907 | |||
Mezzanine loans | 32,186 | 136,830 | |||||
Subordinated loans | — | 10,000 | |||||
Total gross carrying value of loans | 1,287,065 | 1,048,737 | |||||
Less: Allowance for loan losses | 1,959 | 2,181 | |||||
Total commercial mortgage loans, held for investment, net | $ | 1,285,106 | $ | 1,046,556 |
MultiFamily | Retail | Office | Industrial | Mixed Use | Hospitality | Self-Storage | Manufactured Housing | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | $ | 21,166 | $ | 14,601 | $ | 670 | $ | 259 | $ | 47 | $ | 4,064 | $ | 10 | $ | 31 | $ | 40,848 | ||||||||||||||||||||||||||||||||||||||
Changes: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General allowance/(benefit) for credit losses | (1,759) | (343) | 2,986 | (205) | 30 | 1,342 | 45 | 31 | 2,127 | |||||||||||||||||||||||||||||||||||||||||||||||
Specific allowance/(benefit) for credit losses | — | 835 | — | — | — | — | — | — | 835 | |||||||||||||||||||||||||||||||||||||||||||||||
Write offs against specific allowance for credit losses | — | (15,059) | — | — | — | — | — | — | (15,059) | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | $ | 19,407 | $ | 34 | $ | 3,656 | $ | 54 | $ | 77 | $ | 5,406 | $ | 55 | $ | 62 | $ | 28,751 | ||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||
Beginning of period | $ | 2,181 | $ | 888 | |||
Provision for loan losses | (222 | ) | 721 | ||||
Charge-offs | — | — | |||||
Recoveries | — | — | |||||
Ending allowance for loan losses | $ | 1,959 | $ | 1,609 |
MultiFamily | Retail | Office | Industrial | Mixed Use | Hospitality | Self-Storage | Manufactured Housing | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | $ | 165 | $ | (36) | $ | 86 | $ | 3 | $ | — | $ | 61 | $ | — | $ | 1 | $ | 280 | ||||||||||||||||||||||||||||||||||||||
Changes: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General allowance/(benefit) for credit losses | 579 | 36 | 804 | — | — | (21) | — | — | 1,398 | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | $ | 744 | $ | — | $ | 890 | $ | 3 | $ | — | $ | 40 | $ | — | $ | 1 | $ | 1,678 | ||||||||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Loan Collateral Type | Par Value | Percentage | Par Value | Percentage | ||||||||||||||||||||||
Multifamily | $ | 3,851,347 | 75.9 | % | $ | 4,030,975 | 76.1 | % | ||||||||||||||||||
Hospitality | 602,615 | 11.9 | % | 510,566 | 9.7 | % | ||||||||||||||||||||
Office | 328,454 | 6.5 | % | 405,705 | 7.7 | % | ||||||||||||||||||||
Retail | 87,102 | 1.7 | % | 120,017 | 2.3 | % | ||||||||||||||||||||
Industrial | 78,050 | 1.5 | % | 93,035 | 1.8 | % | ||||||||||||||||||||
Other | 128,642 | 2.5 | % | 128,676 | 2.4 | % | ||||||||||||||||||||
Total | $ | 5,076,210 | 100.0 | % | $ | 5,288,974 | 100.0 | % |
September 30, 2017 | December 31, 2016 | |||||||||||||
Loan Type | Par Value | Percentage | Par Value | Percentage | ||||||||||
Office | $ | 433,110 | 32.7 | % | $ | 340,944 | 31.6 | % | ||||||
Multifamily | 441,431 | 33.4 | % | 329,203 | 30.6 | % | ||||||||
Hospitality | 126,673 | 9.6 | % | 143,582 | 13.3 | % | ||||||||
Retail | 223,315 | 16.9 | % | 154,684 | 14.4 | % | ||||||||
Mixed Use | 45,235 | 3.4 | % | 56,136 | 5.2 | % | ||||||||
Industrial | 53,208 | 4.0 | % | 52,688 | 4.9 | % | ||||||||
Total (1) | $ | 1,322,972 | 100.0 | % | $ | 1,077,237 | 100.0 | % | ||||||
(1) Excludes $60.95 million in commercial mortgage loans held-for-sale, measured at fair value in the Company's TRS segment |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Loan Region | Par Value | Percentage | Par Value | Percentage | ||||||||||||||||||||||
Southeast | $ | 2,029,772 | 40.0 | % | $ | 2,229,756 | 42.2 | % | ||||||||||||||||||
Southwest | 1,736,116 | 34.2 | % | 1,763,492 | 33.3 | % | ||||||||||||||||||||
Mideast | 524,930 | 10.3 | % | 706,192 | 13.4 | % | ||||||||||||||||||||
Far West | 197,207 | 3.9 | % | 234,891 | 4.4 | % | ||||||||||||||||||||
Great Lakes | 162,563 | 3.2 | % | 162,162 | 3.1 | % | ||||||||||||||||||||
Various | 425,622 | 8.4 | % | 192,481 | 3.6 | % | ||||||||||||||||||||
Total | $ | 5,076,210 | 100.0 | % | $ | 5,288,974 | 100.0 | % |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Loan Collateral Type | Par Value | Percentage | Par Value | Percentage | ||||||||||||||||||||||
Retail | $ | 12,000 | 76.8 | % | $ | 12,000 | 76.8 | % | ||||||||||||||||||
Office | 3,625 | 23.2 | % | 3,625 | 23.2 | % | ||||||||||||||||||||
Total | $ | 15,625 | 100.0 | % | $ | 15,625 | 100.0 | % |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Loan Region | Par Value | Percentage | Par Value | Percentage | ||||||||||||||||||||||
Southeast | $ | 15,625 | 100.0 | % | $ | 15,625 | 100.0 | % | ||||||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||
Loan Type | Par Value | Percentage | Par Value | Percentage | ||||||||||
Industrial | $ | 11,600 | 19.1 | % | $ | — | — | % | ||||||
Mixed Use | 14,150 | 23.2 | % | — | — | % | ||||||||
Multifamily | 7,200 | 11.8 | % | — | — | % | ||||||||
Retail | 28,000 | 45.9 | % | — | — | % | ||||||||
Total | $ | 60,950 | 100.0 | % | $ | — | — | % | ||||||
As of March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||||||||||||||||||||||||||||
Multifamily: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
1-2 internal grade | $ | — | $ | 1,452,965 | $ | 1,990,747 | $ | 74,521 | $ | — | $ | — | $ | 3,518,233 | ||||||||||||||||||||||||||||||||||||
3-4 internal grade | — | — | 242,376 | 10,761 | — | 69,742 | 322,879 | |||||||||||||||||||||||||||||||||||||||||||
Total Multifamily Loans | $ | — | $ | 1,452,965 | $ | 2,233,123 | $ | 85,282 | $ | — | $ | 69,742 | $ | 3,841,112 | ||||||||||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
1-2 internal grade | $ | — | $ | 14,588 | $ | 33,897 | $ | — | $ | — | $ | — | $ | 48,485 | ||||||||||||||||||||||||||||||||||||
3-4 internal grade | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
5 internal grade | — | 26,450 | — | — | — | — | 26,450 | |||||||||||||||||||||||||||||||||||||||||||
Total Retail Loans | $ | — | $ | 41,038 | $ | 33,897 | $ | — | $ | — | $ | — | $ | 74,935 | ||||||||||||||||||||||||||||||||||||
Office: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
1-2 internal grade | $ | — | $ | — | $ | 50,667 | $ | 123,578 | $ | 58,890 | $ | 18,620 | $ | 251,755 | ||||||||||||||||||||||||||||||||||||
3-4 internal grade | 7,439 | — | — | 43,085 | 25,761 | — | 76,285 | |||||||||||||||||||||||||||||||||||||||||||
Total Office Loans | $ | 7,439 | $ | — | $ | 50,667 | $ | 166,663 | $ | 84,651 | $ | 18,620 | $ | 328,040 | ||||||||||||||||||||||||||||||||||||
Industrial: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
1-2 internal grade | $ | — | $ | 77,813 | $ | — | $ | — | $ | — | $ | — | $ | 77,813 | ||||||||||||||||||||||||||||||||||||
3-4 internal grade | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total Industrial Loans | $ | — | $ | 77,813 | $ | — | $ | — | $ | — | $ | — | $ | 77,813 | ||||||||||||||||||||||||||||||||||||
Hospitality: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
1-2 internal grade | $ | 119,423 | $ | 139,900 | $ | 162,798 | $ | — | $ | 49,388 | $ | 22,036 | $ | 493,545 | ||||||||||||||||||||||||||||||||||||
3-4 internal grade | — | — | — | — | 28,799 | 78,803 | 107,602 | |||||||||||||||||||||||||||||||||||||||||||
Total Hospitality Loans | $ | 119,423 | $ | 139,900 | $ | 162,798 | $ | — | $ | 78,187 | $ | 100,839 | $ | 601,147 | ||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
1-2 internal grade | $ | — | $ | 30,413 | $ | 54,156 | $ | 36,210 | $ | — | $ | — | $ | 120,779 | ||||||||||||||||||||||||||||||||||||
3-4 internal grade | — | — | — | 7,675 | — | — | 7,675 | |||||||||||||||||||||||||||||||||||||||||||
Total Other Loans | $ | — | $ | 30,413 | $ | 54,156 | $ | 43,885 | $ | — | $ | — | $ | 128,454 | ||||||||||||||||||||||||||||||||||||
Total | $ | 126,862 | $ | 1,742,129 | $ | 2,534,641 | $ | 295,830 | $ | 162,838 | $ | 189,201 | $ | 5,051,501 |
As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 | Total | ||||||||||||||||||||||||||||||||||||||||||||
Multifamily: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
1-2 internal grade | $ | 1,511,181 | $ | 2,184,362 | $ | 74,372 | $ | — | $ | 34,668 | $ | — | $ | 3,804,583 | ||||||||||||||||||||||||||||||||||||
3-4 internal grade | — | 167,707 | 10,807 | — | 34,731 | — | 213,245 | |||||||||||||||||||||||||||||||||||||||||||
Total Multifamily Loans | $ | 1,511,181 | $ | 2,352,069 | $ | 85,179 | $ | — | $ | 69,399 | $ | — | $ | 4,017,828 | ||||||||||||||||||||||||||||||||||||
Retail: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
1-2 internal grade | $ | 22,275 | $ | 33,884 | $ | — | $ | — | $ | — | $ | — | $ | 56,159 | ||||||||||||||||||||||||||||||||||||
3-4 internal grade | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
5 internal grade | 60,304 | — | — | — | — | — | 60,304 | |||||||||||||||||||||||||||||||||||||||||||
Total Retail Loans | $ | 82,579 | $ | 33,884 | $ | — | $ | — | $ | — | $ | — | $ | 116,463 | ||||||||||||||||||||||||||||||||||||
Office: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
1-2 internal grade | $ | — | $ | 50,351 | $ | 189,740 | $ | 66,110 | $ | 18,683 | $ | — | $ | 324,884 | ||||||||||||||||||||||||||||||||||||
3-4 internal grade | — | — | 54,533 | 25,748 | — | — | 80,281 | |||||||||||||||||||||||||||||||||||||||||||
Total Office Loans | $ | — | $ | 50,351 | $ | 244,273 | $ | 91,858 | $ | 18,683 | $ | — | $ | 405,165 | ||||||||||||||||||||||||||||||||||||
Industrial: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
1-2 internal grade | $ | 77,762 | $ | — | $ | 14,955 | $ | — | $ | — | $ | — | $ | 92,717 | ||||||||||||||||||||||||||||||||||||
3-4 internal grade | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Total Industrial Loans | $ | 77,762 | $ | — | $ | 14,955 | $ | — | $ | — | $ | — | $ | 92,717 | ||||||||||||||||||||||||||||||||||||
Hospitality: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
1-2 internal grade | $ | 137,055 | $ | 160,397 | $ | — | $ | 49,564 | $ | 22,116 | $ | — | $ | 369,132 | ||||||||||||||||||||||||||||||||||||
3-4 internal grade | 32,305 | — | — | 28,882 | — | 78,867 | 140,054 | |||||||||||||||||||||||||||||||||||||||||||
Total Hospitality Loans | $ | 169,360 | $ | 160,397 | $ | — | $ | 78,446 | $ | 22,116 | $ | 78,867 | $ | 509,186 | ||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
1-2 internal grade | $ | 30,418 | $ | 54,126 | $ | 36,202 | $ | — | $ | — | $ | — | $ | 120,746 | ||||||||||||||||||||||||||||||||||||
3-4 internal grade | — | — | 7,671 | — | — | — | 7,671 | |||||||||||||||||||||||||||||||||||||||||||
Total Other Loans | $ | 30,418 | $ | 54,126 | $ | 43,873 | $ | — | $ | — | $ | — | $ | 128,417 | ||||||||||||||||||||||||||||||||||||
Total | $ | 1,871,300 | $ | 2,650,827 | $ | 388,280 | $ | 170,304 | $ | 110,198 | $ | 78,867 | $ | 5,269,776 |
Multifamily | Retail | Office | Industrial | Mixed Use | Hospitality | Self-Storage | Manufactured Housing | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Status: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 3,841,111 | $ | 48,485 | $ | 328,040 | $ | 77,813 | $ | 52,432 | $ | 544,072 | $ | 44,867 | $ | 31,181 | $ | 4,968,001 | ||||||||||||||||||||||||||||||||||||||
1-29 days past due | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
30-59 days past due | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
60-89 days past due | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
90-119 days past due | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
120+ days past due (1) | — | 26,450 | — | — | — | 57,075 | — | — | 83,525 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,841,111 | $ | 74,935 | $ | 328,040 | $ | 77,813 | $ | 52,432 | $ | 601,147 | $ | 44,867 | $ | 31,181 | $ | 5,051,526 |
March 31, 2023 | December 31, 2022 | |||||||||||||
Non-performing loan amortized cost at beginning of year, January 1 | $ | 117,379 | $ | 57,075 | ||||||||||
Addition of non-performing loan amortized cost | — | 60,304 | ||||||||||||
Less: Removal of non-performing loan amortized cost | 33,854 | — | ||||||||||||
Non-performing loan amortized cost at end of period | $ | 83,525 | $ | 117,379 |
Investment Rating | Summary Description | |||||||
1 | Very Low Risk - Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable. | |||||||
2 | Low Risk - Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable. | |||||||
3 | Average Risk - Performing investments requiring closer monitoring. Trends and risk factors show some deterioration. | |||||||
4 | High Risk/Defaulted/Potential For Loss - Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative. | |||||||
5 | Impaired/Loss Likely - Underperforming investment with expected loss of interest and some principal. |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||
Risk Rating | Number of Loans | Par Value | Risk Rating | Number of Loans | Par Value | |||||||||||||||||||||||||||
1 | 1 | $ | 31,450 | 1 | — | $ | — | |||||||||||||||||||||||||
2 | 133 | 4,491,420 | 2 | 141 | 4,783,568 | |||||||||||||||||||||||||||
3 | 20 | 425,425 | 3 | 15 | 281,071 | |||||||||||||||||||||||||||
4 | 2 | 89,514 | 4 | 4 | 160,695 | |||||||||||||||||||||||||||
5 | 1 | 38,426 | 5 | 1 | 63,640 | |||||||||||||||||||||||||||
157 | $ | 5,076,235 | 161 | $ | 5,288,974 |
Three months ended March 31, 2023 | Year Ended December 31, 2021 | ||||||||||
Amortized cost, Beginning of Period | $ | 5,269,776 | $ | 4,226,888 | |||||||
Acquisitions and originations | 193,476 | 2,247,613 | |||||||||
Principal repayments | (381,033) | (1,109,769) | |||||||||
Discount accretion/premium amortization | 3,736 | 12,614 | |||||||||
Loans transferred from/(to) commercial real estate loans, held for sale | — | (9,296) | |||||||||
Net fees capitalized into carrying value of loans | (601) | (13,775) | |||||||||
Transfer to real estate owned | (33,206) | (80,460) | |||||||||
Cost recovery | (648) | (4,039) | |||||||||
Amortized cost, End of Period | $ | 5,051,500 | $ | 5,269,776 | |||||||
Allowance for credit losses, Beginning of Period | $ | (40,848) | $ | (15,827) | |||||||
General (provision)/benefit for credit losses | (2,127) | (10,797) | |||||||||
Specific (provision)/benefit for credit losses | (835) | (25,281) | |||||||||
Write offs from specific allowance for credit losses | 15,059 | 11,057 | |||||||||
Allowance for credit losses, End of Period | $ | (28,751) | $ | (40,848) | |||||||
Balance, End of Period | $ | 5,022,749 | $ | 5,228,928 |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||
Balance at Beginning of Year | $ | 1,046,556 | $ | 1,124,201 | |||
Acquisitions and originations | 566,490 | 42,236 | |||||
Dispositions | (68,514 | ) | — | ||||
Principal repayments | (228,814 | ) | (48,127 | ) | |||
Discount accretion and premium amortization* | 1,604 | 1,704 | |||||
Loans transferred to commercial real estate loans, held-for-sale, at fair value | (31,207 | ) | — | ||||
Fees capitalized into carrying value of loans | (1,231 | ) | — | ||||
Provision for loan losses | 222 | (721 | ) | ||||
Balance at End of Period | $ | 1,285,106 | $ | 1,119,293 |
Carrying Amount | Average Yield (1) | ||||||||||
March 31, 2023 | |||||||||||
Agency Securities: | |||||||||||
Fannie Mae/Freddie Mac ARMs | $ | 133,705 | 2.71 | % | |||||||
December 31, 2022 | |||||||||||
Agency Securities: | |||||||||||
Fannie Mae/Freddie Mac ARMs | $ | 235,728 | 2.42 | % | |||||||
Weighted Average | ||||||||||||||||
Number of Investments | Interest Rate | Maturity | Par Value | Fair Value | ||||||||||||
September 30, 2017 | — | — | % | n/a | $ | — | $ | — | ||||||||
December 31, 2016 | 6 | 5.8 | % | February 2020 | 50,000 | 49,049 |
March 31, 2023 | ||||||||||||||||||||||||||
Type | Interest Rate | Maturity | Par Value | Fair Value | ||||||||||||||||||||||
CRE CLO bond 1 | 7.5% | 8/19/2035 | $ | 40,000 | $ | 39,405 | ||||||||||||||||||||
CRE CLO bond 2 | 7.9% | 8/19/2035 | 25,000 | 24,756 | ||||||||||||||||||||||
CRE CLO bond 3 | 7.6% | 10/19/2039 | 28,340 | 28,123 | ||||||||||||||||||||||
CRE CLO bond 4 | 7.5% | 2/19/2038 | 5,885 | 5,825 | ||||||||||||||||||||||
CRE CLO bond 5 | 8.1% | 2/19/2038 | 14,382 | 14,221 | ||||||||||||||||||||||
$ | 113,607 | $ | 112,330 | |||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Type | Interest Rate | Maturity | Par Value | Fair Value | ||||||||||||||||||||||
CRE CLO bond 1 | 7.1% | 8/19/2035 | $ | 40,000 | $ | 39,795 | ||||||||||||||||||||
CRE CLO bond 2 | 7.6% | 8/19/2035 | 25,000 | 25,010 | ||||||||||||||||||||||
CRE CLO bond 3 | 8.4% | 8/19/2035 | 10,000 | 10,056 | ||||||||||||||||||||||
CRE CLO bond 4 | 7.4% | 10/25/2039 | 36,700 | 36,990 | ||||||||||||||||||||||
CRE CLO bond 5 | 8.0% | 10/25/2039 | 35,000 | 35,298 | ||||||||||||||||||||||
CRE CLO bond 6 | 8.6% | 10/25/2039 | 14,300 | 14,221 | ||||||||||||||||||||||
CRE CLO bond 7 | 7.3% | 10/19/2039 | 60,000 | 59,655 | ||||||||||||||||||||||
$ | 221,000 | $ | 221,025 |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | |||||||||||||
September 30, 2017 | $ | — | $ | — | $ | — | $ | — | ||||||||
December 31, 2016 | 49,548 | — | (499 | ) | 49,049 |
Amortized Cost | Credit Loss Allowance | Unrealized Gain | Unrealized (Loss) | Fair Value | ||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||
CLOs | $ | 113,588 | $ | — | $ | — | $ | (1,258) | $ | 112,330 | ||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
CLOs | $ | 220,635 | $ | — | $ | 833 | $ | (443) | $ | 221,025 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Unrealized gains (losses) available-for-sale securities | $ | (448 | ) | $ | 1,449 | $ | 19 | $ | (1,124 | ) | ||||||
Reclassification of net (gains) losses on available-for-sale securities included in net income (loss) | — | 1,159 | 481 | 1,159 | ||||||||||||
Unrealized gains (losses) available-for-sale securities, net of reclassification adjustment | $ | (448 | ) | $ | 2,608 | $ | 500 | $ | 35 | |||||||
The amounts reclassified for net (gain) loss on available-for-sale securities are included in the realized (gain) loss on sale of real estate securities in the Company's consolidated statements of operations. | ||||||||||||||||
As of March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition Date (1) | Property Type | Primary Location(s) | Land | Building and Improvements | Furniture, Fixtures and Equipment | Accumulated Depreciation | Real Estate Owned, net | |||||||||||||||||||||||||||||||||||||
September 2021 | Industrial | Jeffersonville, GA | $ | 3,436 | $ | 84,259 | $ | 2,928 | $ | (3,453) | $ | 87,170 | ||||||||||||||||||||||||||||||||
Various (2) | Retail | Various | $ | 13,319 | $ | 48,509 | $ | — | $ | (374) | $ | 61,454 | ||||||||||||||||||||||||||||||||
$ | 16,755 | $ | 132,768 | $ | 2,928 | $ | (3,827) | $ | 148,624 |
As of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition Date (1) | Property Type | Primary Location(s) | Land | Building and Improvements | Furniture, Fixtures and Equipment | Accumulated Depreciation | Real Estate Owned, net | |||||||||||||||||||||||||||||||||||||
September 2021 | Industrial | Jeffersonville, GA | $ | 3,436 | $ | 84,259 | $ | 2,928 | $ | (2,877) | $ | 87,746 | ||||||||||||||||||||||||||||||||
Various (2) | Retail | Various | $ | 9,105 | $ | 31,036 | $ | — | $ | (115) | $ | 40,026 | ||||||||||||||||||||||||||||||||
$ | 12,541 | $ | 115,295 | $ | 2,928 | $ | (2,992) | $ | 127,772 |
Identified intangible assets: | March 31, 2023 | December 31, 2022 | ||||||||||||
Gross amount | $ | 63,704 | $ | 58,542 | ||||||||||
Accumulated amortization | (4,682) | (3,711) | ||||||||||||
Total, net | $ | 59,022 | $ | 54,831 |
Identified intangible liabilities: | ||||||||||||||
Gross amount | $ | 9,357 | $ | 6,507 | ||||||||||
Accumulated amortization | $ | (242) | (79) | |||||||||||
Total, net | $ | 9,115 | $ | 6,428 |
Future Minimum Rents | March 31, 2023 | |||||||
2023 (April - December) | $ | 8,938 | ||||||
2024 | 12,070 | |||||||
2025 | 12,234 | |||||||
2026 | 12,401 | |||||||
2027 and beyond | 142,984 | |||||||
Total future minimum rent | $ | 188,627 |
Amortization Expense - Acquired below (above) market leases, net | March 31, 2023 | |||||||
2023 (April - December) | $ | (626) | ||||||
2024 | (835) | |||||||
2025 | (835) | |||||||
2026 | (835) | |||||||
2027 | (835) |
Amortization Expense - Other identified intangible assets | March 31, 2023 | |||||||
2023 (April - December) | $ | 3,104 | ||||||
2024 | 4,176 | |||||||
2025 | 4,176 | |||||||
2026 | 4,176 | |||||||
2027 | 4,176 |
As of March 31, 2023 | ||||||||||||||||||||||||||||||||
Repurchase Facility | Committed Financing | Amount Outstanding | Interest Expense (1) | Ending Weighted Average Interest Rate | Term Maturity | |||||||||||||||||||||||||||
JPM Repo Facility (2) | $ | 500,000 | $ | 261,741 | $ | 5,608 | 7.95 | % | 10/6/2024 | |||||||||||||||||||||||
Atlas Repo Facility (3) | 600,000 | 71,896 | 2,115 | 7.42 | % | 3/15/2024 | ||||||||||||||||||||||||||
WF Repo Facility (4) | 500,000 | 100,846 | 2,239 | 7.68 | % | 11/21/2023 | ||||||||||||||||||||||||||
Barclays Revolver Facility (5) | 250,000 | — | 215 | N/A | 9/20/2023 | |||||||||||||||||||||||||||
Barclays Repo Facility (6) | 500,000 | 169,938 | 3,528 | 7.23 | % | 3/14/2025 | ||||||||||||||||||||||||||
Total | $ | 2,350,000 | $ | 604,421 | $ | 13,705 |
As of December 31, 2022 | |||||||||||||||||||||||||||||
Repurchase Facility | Committed Financing | Amount Outstanding | Interest Expense(1) | Ending Weighted Average Interest Rate | Term Maturity | ||||||||||||||||||||||||
JPM Repo Facility | $ | 500,000 | $ | 275,423 | $ | 11,773 | 7.42 | % | 10/6/2024 | ||||||||||||||||||||
Credit Suisse Repo Facility | 600,000 | 168,046 | 8,676 | 7.12 | % | 10/31/2023 | |||||||||||||||||||||||
WF Repo Facility | 500,000 | 79,807 | 7,492 | 7.11 | % | 11/21/2023 | |||||||||||||||||||||||
Barclays Revolver Facility | 250,000 | — | 1,267 | N/A | 9/20/2023 | ||||||||||||||||||||||||
Barclays Repo Facility | 500,000 | 157,583 | 8,997 | 6.75 | % | 3/14/2025 | |||||||||||||||||||||||
Total | $ | 2,350,000 | $ | 680,859 | $ | 38,205 |
As of March 31, 2023 | As of December 31, 2022 | |||||||||||||||||||||||||
Borrowings Outstanding | Weighted Average Rate | Borrowings Outstanding | Weighted Average Rate | |||||||||||||||||||||||
Junior subordinated notes maturing in: | ||||||||||||||||||||||||||
October 2035 ($17,500 face amount) | $ | 17,018 | 8.88 | % | $ | 34,508 | 8.25 | % | ||||||||||||||||||
December 2035 ($40,000 face amount) | 39,522 | 8.48 | % | 39,513 | 8.39 | % | ||||||||||||||||||||
September 2036 ($25,000 face amount) | 24,680 | 8.48 | % | 24,674 | 8.39 | % | ||||||||||||||||||||
$ | 81,220 | 8.56 | % | $ | 98,695 | 8.34 | % |
Weighted Average | ||||||||||||||||||||||||||||||||
Counterparty | Amount Outstanding | Interest Expense | Collateral Pledged (1) | Interest Rate | Days to Maturity | |||||||||||||||||||||||||||
As of March 31, 2023 | ||||||||||||||||||||||||||||||||
JP Morgan Securities LLC | $ | 62,980 | $ | 1,091 | $ | 69,985 | 5.80 | % | 17 | |||||||||||||||||||||||
Barclays Capital Inc. | 44,954 | 622 | 56,819 | 5.84 | % | 13 | ||||||||||||||||||||||||||
Total/Weighted Average | $ | 107,934 | $ | 1,713 | $ | 126,804 | 5.82 | % | 15 | |||||||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||||||||||||||
JP Morgan Securities LLC | $ | 103,513 | $ | 1,281 | $ | 120,751 | 5.34 | % | 22 | |||||||||||||||||||||||
Barclays Capital Inc. | 119,351 | 1,646 | 144,778 | 5.18 | % | 50 | ||||||||||||||||||||||||||
Total/Weighted Average | $ | 222,864 | $ | 2,927 | $ | 265,529 | 5.25 | % | 37 |
Weighted Average | |||||||||||||||||
Counterparty | Amount Outstanding | Accrued Interest | Fair Value Collateral Pledged (*) | Interest Rate | Days to Maturity | ||||||||||||
As of September 30, 2017 | |||||||||||||||||
J.P. Morgan Securities LLC | $ | 39,035 | $ | 74 | $ | 55,764 | 2.97 | % | 6 | ||||||||
Total/Weighted Average | $ | 39,035 | $ | 74 | $ | 55,764 | 2.97 | % | 6 | ||||||||
As of December 31, 2016 | |||||||||||||||||
J.P. Morgan Securities LLC | $ | 59,122 | $ | 96 | $ | 92,658 | 2.55 | % | 6 | ||||||||
Citigroup Global Markets, Inc. | 3,879 | 1 | 4,850 | 2.11 | % | 26 | |||||||||||
Wells Fargo Securities, LLC | 3,638 | 4 | 4,850 | 2.05 | % | 13 | |||||||||||
Total/Weighted Average | $ | 66,639 | $ | 101 | $ | 102,358 | 2.50 | % | 8 |
Amount Outstanding | Accrued Interest Receivable | Collateral Carrying Amount | Weighted Average Borrowing Rates | |||||||||||||||||||||||
As of March 31, 2023 | ||||||||||||||||||||||||||
Repurchase arrangements secured by Agency securities with maturities of 30 days or less | $ | 121,000 | $ | 371 | $ | 126,749 | 4.81 | % | ||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||||||||
Repurchase arrangements secured by Agency securities with maturities of 30 days or less | $ | 172,144 | $ | 544 | $ | 180,400 | 4.25 | % | ||||||||||||||||||
Repurchase arrangements secured by Agency securities with maturities of 31 to 90 days | 45,000 | 114 | 47,210 | 4.51 | % | |||||||||||||||||||||
$ | 217,144 | $ | 658 | $ | 227,610 | 4.30 | % |
CLO Facility | Tranche | Par Value Issued | Par Value Outstanding (1) | Interest Rate | Maturity Date | |||||||||||||||||||||||||||
2019-FL5 Issuer | Tranche A | $ | 407,025 | $ | — | 1M LIBOR + 115 | 5/15/2029 | |||||||||||||||||||||||||
2019-FL5 Issuer | Tranche A-S | 76,950 | 12,531 | 1M LIBOR + 148 | 5/15/2029 | |||||||||||||||||||||||||||
2019-FL5 Issuer | Tranche B | 50,000 | 50,000 | 1M LIBOR + 140 | 5/15/2029 | |||||||||||||||||||||||||||
2019-FL5 Issuer | Tranche C | 61,374 | 61,374 | 1M LIBOR + 200 | 5/15/2029 | |||||||||||||||||||||||||||
2019-FL5 Issuer | Tranche D | 48,600 | 5,000 | 1M LIBOR + 240 | 5/15/2029 | |||||||||||||||||||||||||||
2019-FL5 Issuer | Tranche E | 20,250 | 12,000 | 1M LIBOR + 285 | 5/15/2029 | |||||||||||||||||||||||||||
2021-FL6 Issuer | Tranche A | 367,500 | 367,500 | 1M LIBOR + 110 | 3/15/2036 | |||||||||||||||||||||||||||
2021-FL6 Issuer | Tranche A-S | 86,625 | 86,625 | 1M LIBOR + 130 | 3/15/2036 | |||||||||||||||||||||||||||
2021-FL6 Issuer | Tranche B | 33,250 | 33,250 | 1M LIBOR + 160 | 3/15/2036 | |||||||||||||||||||||||||||
2021-FL6 Issuer | Tranche C | 41,125 | 41,125 | 1M LIBOR + 205 | 3/15/2036 | |||||||||||||||||||||||||||
2021-FL6 Issuer | Tranche D | 44,625 | 44,625 | 1M LIBOR + 0.03 | 3/15/2036 | |||||||||||||||||||||||||||
2021-FL6 Issuer | Tranche E | 11,375 | 11,375 | 1M LIBOR + 350 | 3/15/2036 | |||||||||||||||||||||||||||
2021-FL7 Issuer | Tranche A | 508,500 | 508,500 | 1M LIBOR + 132 | 12/21/2038 | |||||||||||||||||||||||||||
2021-FL7 Issuer | Tranche A-S | 13,500 | 13,500 | 1M LIBOR + 165 | 12/21/2038 | |||||||||||||||||||||||||||
2021-FL7 Issuer | Tranche B | 52,875 | 52,875 | 1M LIBOR + 205 | 12/21/2038 | |||||||||||||||||||||||||||
2021-FL7 Issuer | Tranche C | 66,375 | 66,375 | 1M LIBOR + 230 | 12/21/2038 | |||||||||||||||||||||||||||
2021-FL7 Issuer | Tranche D | 67,500 | 67,500 | 1M LIBOR + 275 | 12/21/2038 | |||||||||||||||||||||||||||
2021-FL7 Issuer | Tranche E | 13,500 | 13,500 | 1M LIBOR + 340 | 12/21/2038 | |||||||||||||||||||||||||||
2022-FL8 Issuer | Tranche A | 690,000 | 690,000 | 1M SOFR + 150 | 2/15/2037 | |||||||||||||||||||||||||||
2022-FL8 Issuer | Tranche A-S | 66,000 | 66,000 | 1M SOFR + 185 | 2/15/2037 | |||||||||||||||||||||||||||
2022-FL8 Issuer | Tranche B | 55,500 | 55,500 | 1M SOFR + 205 | 2/15/2037 | |||||||||||||||||||||||||||
2022-FL8 Issuer | Tranche C | 67,500 | 67,500 | 1M SOFR + 230 | 2/15/2037 | |||||||||||||||||||||||||||
2022-FL8 Issuer | Tranche D | 81,000 | 81,000 | 1M SOFR + 280 | 2/15/2037 | |||||||||||||||||||||||||||
2022-FL9 Issuer | Tranche A | 423,667 | 423,667 | 1M SOFR + 255 | 5/15/2039 | |||||||||||||||||||||||||||
2022-FL9 Issuer | Tranche A-S | 96,380 | 96,380 | 1M SOFR + 310 | 5/15/2039 | |||||||||||||||||||||||||||
2022-FL9 Issuer | Tranche B | 42,166 | 42,166 | 1M SOFR + 360 | 5/15/2039 | |||||||||||||||||||||||||||
2022-FL9 Issuer | Tranche C | 48,189 | 48,189 | 1M SOFR + 415 | 5/15/2039 | |||||||||||||||||||||||||||
2022-FL9 Issuer | Tranche D | 49,194 | 49,194 | 1M SOFR + 505 | 5/15/2039 | |||||||||||||||||||||||||||
2022-FL9 Issuer | Tranche E | 11,043 | 11,043 | 1M SOFR + 565 | 5/15/2039 | |||||||||||||||||||||||||||
$ | 3,601,588 | $ | 3,078,294 |
2015 Facility ($000s) | Par Value Issued | Par Value Outstanding (*) | Interest Rate | Maturity Date | ||||||||
As of September 30, 2017 | ||||||||||||
Tranche A | $ | 231,345 | $ | 124,690 | 1M LIBOR + 175 | 8/1/2030 | ||||||
Tranche B | 42,841 | 42,841 | 1M LIBOR + 388 | 8/1/2030 | ||||||||
Tranche C | 76,044 | 20,000 | 1M LIBOR + 525 | 8/1/2030 | ||||||||
$ | 350,230 | $ | 187,531 | |||||||||
As of December 31, 2016 | ||||||||||||
Tranche A | $ | 231,345 | $ | 222,195 | 1M LIBOR + 175 | 8/1/2030 | ||||||
Tranche B | 42,841 | 42,841 | 1M LIBOR + 388 | 8/1/2030 | ||||||||
Tranche C | 76,044 | 20,000 | 1M LIBOR + 525 | 8/1/2030 | ||||||||
$ | 350,230 | $ | 285,036 |
CLO Facility | Tranche | Par Value Issued | Par Value Outstanding (1) | Interest Rate | Maturity Date | |||||||||||||||||||||||||||
2019-FL5 Issuer | Tranche A | $ | 407,025 | $ | — | 1M LIBOR + 115 | 5/15/2029 | |||||||||||||||||||||||||
2019-FL5 Issuer | Tranche A-S | 76,950 | 73,715 | 1M LIBOR + 148 | 5/15/2029 | |||||||||||||||||||||||||||
2019-FL5 Issuer | Tranche B | 50,000 | 50,000 | 1M LIBOR + 140 | 5/15/2029 | |||||||||||||||||||||||||||
2019-FL5 Issuer | Tranche C | 61,374 | 61,374 | 1M LIBOR + 200 | 5/15/2029 | |||||||||||||||||||||||||||
2019-FL5 Issuer | Tranche D | 48,600 | 5,000 | 1M LIBOR + 240 | 5/15/2029 | |||||||||||||||||||||||||||
2019-FL5 Issuer | Tranche E | 20,250 | 20,250 | 1M LIBOR + 285 | 5/15/2029 | |||||||||||||||||||||||||||
2021-FL6 Issuer | Tranche A | 367,500 | 367,500 | 1M LIBOR + 110 | 3/15/2036 | |||||||||||||||||||||||||||
2021-FL6 Issuer | Tranche A-S | 86,625 | 86,625 | 1M LIBOR + 130 | 3/15/2036 | |||||||||||||||||||||||||||
2021-FL6 Issuer | Tranche B | 33,250 | 33,250 | 1M LIBOR + 160 | 3/15/2036 | |||||||||||||||||||||||||||
2021-FL6 Issuer | Tranche C | 41,125 | 41,125 | 1M LIBOR + 205 | 3/15/2036 | |||||||||||||||||||||||||||
2021-FL6 Issuer | Tranche D | 44,625 | 44,625 | 1M LIBOR + 300 | 3/15/2036 | |||||||||||||||||||||||||||
2021-FL6 Issuer | Tranche E | 11,375 | 11,375 | 1M LIBOR + 350 | 3/15/2036 | |||||||||||||||||||||||||||
2021-FL7 Issuer | Tranche A | 508,500 | 508,500 | 1M LIBOR + 132 | 12/21/2038 | |||||||||||||||||||||||||||
2021-FL7 Issuer | Tranche A-S | 13,500 | 13,500 | 1M LIBOR + 165 | 12/21/2038 | |||||||||||||||||||||||||||
2021-FL7 Issuer | Tranche B | 52,875 | 52,875 | 1M LIBOR + 205 | 12/21/2038 | |||||||||||||||||||||||||||
2021-FL7 Issuer | Tranche C | 66,375 | 66,375 | 1M LIBOR + 230 | 12/21/2038 | |||||||||||||||||||||||||||
2021-FL7 Issuer | Tranche D | 67,500 | 67,500 | 1M LIBOR + 275 | 12/21/2038 | |||||||||||||||||||||||||||
2021-FL7 Issuer | Tranche E | 13,500 | 13,500 | 1M LIBOR + 340 | 12/21/2038 | |||||||||||||||||||||||||||
2022-FL8 Issuer | Tranche A | 690,000 | 690,000 | 1M SOFR + 150 | 2/15/2037 | |||||||||||||||||||||||||||
2022-FL8 Issuer | Tranche A-S | 66,000 | 66,000 | 1M SOFR + 185 | 2/15/2037 | |||||||||||||||||||||||||||
2022-FL8 Issuer | Tranche B | 55,500 | 55,500 | 1M SOFR + 205 | 2/15/2037 | |||||||||||||||||||||||||||
2022-FL8 Issuer | Tranche C | 67,500 | 67,500 | 1M SOFR + 230 | 2/15/2037 | |||||||||||||||||||||||||||
2022-FL8 Issuer | Tranche D | 81,000 | 81,000 | 1M SOFR + 280 | 2/15/2037 | |||||||||||||||||||||||||||
2022-FL9 Issuer | Tranche A | 423,667 | 423,667 | 1M SOFR + 255 | 5/15/2039 | |||||||||||||||||||||||||||
2022-FL9 Issuer | Tranche A-S | 96,380 | 96,380 | 1M SOFR + 310 | 5/15/2039 | |||||||||||||||||||||||||||
2022-FL9 Issuer | Tranche B | 42,166 | 42,166 | 1M SOFR + 360 | 5/15/2039 | |||||||||||||||||||||||||||
2022-FL9 Issuer | Tranche C | 48,189 | 48,189 | 1M SOFR + 415 | 5/15/2039 | |||||||||||||||||||||||||||
2022-FL9 Issuer | Tranche D | 49,194 | 49,194 | 1M SOFR + 505 | 5/15/2039 | |||||||||||||||||||||||||||
2022-FL9 Issuer | Tranche E | 11,041 | 11,043 | 1M SOFR + 565 | 5/15/2039 | |||||||||||||||||||||||||||
$ | 3,601,586 | — | $ | 3,147,728 |
2017 Facility ($000s) | Par Value Issued | Par Value Outstanding | Interest Rate | Maturity Date | ||||||||
As of September 30, 2017 | ||||||||||||
Tranche A | $ | 223,600 | $ | 223,600 | 1M LIBOR + 135 | 7/1/2027 | ||||||
Tranche B | 48,000 | 48,000 | 1M LIBOR + 240 | 7/1/2027 | ||||||||
Tranche C | 67,900 | 67,900 | 1M LIBOR + 425 | 7/1/2027 | ||||||||
$ | 339,500 | $ | 339,500 | |||||||||
Assets (dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||
Cash (1) | $ | 18,682 | $ | 43,246 | ||||||||||
Commercial mortgage loans, held for investment, net (2) | 3,904,756 | 3,942,918 | ||||||||||||
Accrued interest receivable | 16,652 | 15,444 | ||||||||||||
Total Assets | $ | 3,940,090 | $ | 4,001,608 | ||||||||||
Liabilities (dollars in thousands) | ||||||||||||||
Notes payable (3)(4) | $ | 3,539,918 | $ | 3,601,102 | ||||||||||
Accrued interest payable | 14,138 | 10,582 | ||||||||||||
Total Liabilities | $ | 3,554,056 | $ | 3,611,684 |
Assets ($000s) | September 30, 2017 | December 31, 2016 | ||||||
Cash (1) | $ | 37,615 | $ | 5 | ||||
Commercial mortgage loans, held for investment, net of allowance of $1,431 and $1,017 (2) | 699,928 | 417,057 | ||||||
Accrued interest receivable | 1,899 | 1,101 | ||||||
Total assets | $ | 739,442 | $ | 418,163 | ||||
Liabilities | ||||||||
Notes payable (3)(4) | $ | 571,303 | $ | 334,246 | ||||
Interest payable | 980 | 564 | ||||||
Total liabilities | $ | 572,283 | $ | 334,810 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (in thousands) | $ | 6,975 | $ | 5,373 | $ | 19,305 | $ | 23,653 | |||||||
Basic weighted average shares outstanding | 31,741,679 | 31,516,876 | 31,778,169 | 31,622,796 | |||||||||||
Unvested restricted shares | 14,824 | 7,035 | 12,098 | 6,274 | |||||||||||
Diluted weighted average shares outstanding | 31,756,503 | 31,523,911 | 31,790,267 | 31,629,070 | |||||||||||
Basic net income per share | $ | 0.22 | $ | 0.17 | $ | 0.61 | $ | 0.75 | |||||||
Diluted net income per share | $ | 0.22 | $ | 0.17 | $ | 0.61 | $ | 0.75 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Numerator | ||||||||||||||||||||||||||||||||||||||
Net income/(loss) | $ | 43,839 | $ | (22,507) | ||||||||||||||||||||||||||||||||||
Net (income)/loss from noncontrolling interest | (9) | — | ||||||||||||||||||||||||||||||||||||
Less: Preferred stock dividends | 6,748 | 21,011 | ||||||||||||||||||||||||||||||||||||
Net income/(loss) applicable to common stock | $ | 37,082 | $ | (43,518) | ||||||||||||||||||||||||||||||||||
Less: Participating securities' share in earnings | 797 | — | ||||||||||||||||||||||||||||||||||||
Net income/(loss) applicable to common stockholders (basic & diluted earnings per share) | $ | 36,285 | $ | (43,518) | ||||||||||||||||||||||||||||||||||
Denominator | ||||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding for basic earnings per share | 82,774,771 | 43,956,965 | ||||||||||||||||||||||||||||||||||||
Weighted-average common shares outstanding for diluted earnings per share (1) | 82,774,771 | 43,956,965 | ||||||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 0.44 | $ | (0.99) | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 0.44 | $ | (0.99) |
Balance as of | Shares Outstanding as of | First Quarter 2023 Dividend/Distribution Per Share (4) | ||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||
Redeemable Convertible Preferred Stock: | ||||||||||||||||||||||||||||||||
Series H Preferred Stock | $ | 89,748 | $ | 89,748 | 17,950 | 17,950 | $ | 106.22 | ||||||||||||||||||||||||
Series I Preferred Stock (1) | $ | — | $ | 5,000 | $ | — | 1,000 | 106.22 | ||||||||||||||||||||||||
Perpetual Preferred Stock: | ||||||||||||||||||||||||||||||||
Series E Preferred Stock | $ | 258,742 | $ | 258,742 | 10,329,039 | 10,329,039 | $ | 0.46875 | ||||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||||||||
Common Stock - at par value (2)(3) | $ | 826 | $ | 826 | 83,363,971 | 82,992,784 | $ | 0.355 |
For the Three Months Ended March 31, 2023 | ||||||||||||||
Shares | Amount (2) | |||||||||||||
Beginning of period, authorized repurchase amount (1) | — | $ | 48,421 | |||||||||||
Repurchases paid | 244,584 | (2,867) | ||||||||||||
Repurchases unsettled (3) | 68,827 | (800) | ||||||||||||
Remaining as of March 31, 2023 | $ | 44,754 |
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Total | Available for Sale Real Estate Securities | Cash Flow Hedges | Total | Available for Sale Real Estate Securities | Cash Flow Hedges | ||||||||||||||||||||||||||||||||
Balance, Beginning of Period | $ | 390 | $ | 390 | $ | — | $ | (62) | $ | — | $ | (62) | ||||||||||||||||||||||||||
Other comprehensive income/(loss) | (1,648) | (1,648) | — | (220) | — | (220) | ||||||||||||||||||||||||||||||||
Reclassification adjustment for amounts included in net income/(loss) | (677) | (677) | — | 282 | — | 282 | ||||||||||||||||||||||||||||||||
Balance, End of Period | $ | (1,935) | $ | (1,935) | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||
Number of Requests | Number of Shares Repurchased | Average Price per Share | ||||||||
Cumulative as of December 31, 2016 | 985 | 918,683 | $ | 23.94 | ||||||
January 1 - March 31, 2017 | 502 | 496,678 | 19.04 | |||||||
April 1 - June 30, 2017 | 2 | 327 | 20.08 | |||||||
July 1 - September 30, 2017 | 636 | 575,703 | 19.24 | |||||||
Cumulative as of September 30, 2017 | 2,125 | 1,991,391 | $ | 21.37 |
Funding Expiration | March 31, 2023 | December 31, 2022 | ||||||||||||
2023 | $ | 45,889 | $ | 73,921 | ||||||||||
2024 | 330,379 | 312,009 | ||||||||||||
2025 | 105,538 | 70,429 | ||||||||||||
2026 and beyond | 9,452 | 9,629 | ||||||||||||
$ | 491,258 | $ | 465,988 |
Funding Expiration | September 30, 2017 | December 31, 2016 | ||||||
2016 | $ | — | $ | — | ||||
2017 | 4,766 | 7,794 | ||||||
2018 | 44,180 | 62,368 | ||||||
2019 | 27,705 | 9,072 | ||||||
2020 | 19,856 | — | ||||||
Total | $ | 96,507 | $ | 79,234 |
Three Months Ended March 31, | Payable as of | |||||||||||||||||||||||||||||||
2023 | 2022 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||
Acquisition expenses (1) | $ | 378 | $ | 315 | $ | — | $ | — | ||||||||||||||||||||||||
Administrative services expenses | 4,029 | 3,353 | 4,029 | 3,526 | ||||||||||||||||||||||||||||
Asset management and subordinated performance fee | 8,085 | 6,745 | 8,085 | 8,843 | ||||||||||||||||||||||||||||
Other related party expenses (2)(3) | 211 | 253 | 1,742 | 3,060 | ||||||||||||||||||||||||||||
Total related party fees and reimbursements | $ | 12,703 | $ | 10,666 | $ | 13,856 | $ | 15,429 |
Three Months Ended September 30, | Nine Months Ended September 30, | Payable as of | |||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | September 30, 2017 | December 31, 2016 | ||||||||||||||||||||
Total compensation and reimbursement for services provided by the Former Advisor, its affiliates, entities under common control with the Former Advisor and the Former Dealer Manager | $ | — | $ | — | $ | — | $ | — | $ | 480 | $ | 480 | |||||||||||||
Acquisition fees and expenses | 3,014 | 255 | 8,968 | 635 | 212 | — | |||||||||||||||||||
Administrative services expenses | 1,480 | — | 2,480 | 3,285 | 3,835 | 1,480 | 1,000 | ||||||||||||||||||
Advisory and investment banking fee | — | — | — | 6 | — | — | |||||||||||||||||||
Asset management and subordinated performance fee | 2,299 | 1,066 | 6,952 | 7,091 | 2,299 | 2,439 | |||||||||||||||||||
Other related party expenses | 87 | 6 | 183 | 56 | 112 | 145 | |||||||||||||||||||
Total related party fees and reimbursements | $ | 6,880 | $ | 3,807 | $ | 19,388 | $ | 11,623 | $ | 4,583 | $ | 4,064 |
Shares Outstanding | First Quarter 2023 Weighted Average Grant Date Fair Value | ||||||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||||||||
RSP | 2021 Incentive Plan | RSP | 2021 Incentive Plan | ||||||||||||||||||||||||||
Unvested equity awards outstanding at beginning of period | 20,934 | 492,107 | 11,184 | — | $ | 14.11 | |||||||||||||||||||||||
Grants | — | 442,419 | 7,209 | 492,107 | 14.24 | ||||||||||||||||||||||||
Forfeitures | — | — | — | — | — | ||||||||||||||||||||||||
Vested | — | (164,039) | — | — | 14.24 | ||||||||||||||||||||||||
Unvested equity awards outstanding at end of period | 20,934 | 770,487 | 18,393 | 492,107 | $ | 14.16 |
($ in thousands) | Total | Level I | Level II | Level III | ||||||||||||
September 30, 2017 | ||||||||||||||||
Assets, at fair value | ||||||||||||||||
Real estate securities | $ | — | $ | — | $ | — | $ | — | ||||||||
Commercial mortgage loans, held-for-sale (1) | 60,950 | — | — | 60,950 | ||||||||||||
Treasury note futures | 754 | 754 | — | — | ||||||||||||
Credit derivatives | 206 | — | 206 | — | ||||||||||||
Total assets, at fair value | $ | 61,910 | $ | 754 | $ | 206 | — | $ | 60,950 | |||||||
Liabilities, at fair value | ||||||||||||||||
Credit derivatives | $ | 1,003 | $ | — | $ | 1,003 | $ | — | ||||||||
Total liabilities, at fair value | $ | 1,003 | $ | — | $ | 1,003 | $ | — | ||||||||
December 31, 2016 | ||||||||||||||||
Assets, at fair value | ||||||||||||||||
Real estate securities | $ | 49,049 | $ | — | $ | — | $ | 49,049 | ||||||||
Commercial mortgage loans, held-for-sale (1) | — | — | — | — | ||||||||||||
Treasury note futures | — | — | — | — | ||||||||||||
Credit derivatives | — | — | — | — | ||||||||||||
Total assets, at fair value | $ | 49,049 | $ | — | $ | — | $ | 49,049 | ||||||||
(1) Loans held in the Company's TRS, reported within "Commercial mortgage loans, held-for-sale, measured at fair value" on the consolidated balance sheets. |
Total | Level I | Level II | Level III | ||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
Assets, at fair value | |||||||||||||||||||||||
Real estate securities, available for sale, measured at fair value | $ | 112,329 | $ | — | $ | 112,329 | $ | — | |||||||||||||||
Real estate securities, trading, measured at fair value | 133,705 | — | $ | — | $ | 133,705 | |||||||||||||||||
Commercial mortgage loans, held for sale, measured at fair value | 15,928 | — | — | 15,928 | |||||||||||||||||||
Interest rate swaps | — | — | — | — | |||||||||||||||||||
Credit default swaps | 325 | — | 325 | — | |||||||||||||||||||
Total assets, at fair value | $ | 262,287 | $ | — | $ | 112,654 | $ | 149,633 | |||||||||||||||
Liabilities, at fair value | |||||||||||||||||||||||
Interest rate swaps | $ | 202 | $ | — | $ | 202 | $ | — | |||||||||||||||
Credit default swaps | $ | 92 | $ | — | $ | 92 | $ | — | |||||||||||||||
Total liabilities, at fair value | $ | 294 | $ | — | $ | 294 | $ | — | |||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Assets, at fair value | |||||||||||||||||||||||
Real estate securities, available for sale, measured at fair value | $ | 221,025 | $ | — | $ | 221,025 | $ | — | |||||||||||||||
Real estate securities, trading, measured at fair value | $ | 235,728 | $ | — | $ | — | $ | 235,728 | |||||||||||||||
Commercial mortgage loans, held for sale, measured at fair value | 15,559 | — | — | 15,559 | |||||||||||||||||||
Treasury note futures | 91 | 91 | — | — | |||||||||||||||||||
Interest rate swaps | 90 | — | 90 | — | |||||||||||||||||||
Credit default swaps | 234 | — | 234 | — | |||||||||||||||||||
Total assets, at fair value | $ | 472,727 | $ | 91 | $ | 221,349 | $ | 251,287 | |||||||||||||||
Liabilities, at fair value | |||||||||||||||||||||||
Credit default swaps | 64 | — | 64 | — | |||||||||||||||||||
Total liabilities, at fair value | $ | 64 | $ | — | $ | 64 | $ | — |
September 30, 2017 | Asset Category | Fair Value September 30, 2017 (in thousands) | Valuation Methodologies | Unobservable Inputs (1) | Weighted Average (2) | Range | |
Commercial mortgage loans, held-for-sale, measured at fair value | $60,950 | Discounted Cash Flow | Yield | 4.39 | % | 4.21%-4.87% |
Asset Category | Fair Value | Valuation Methodologies | Unobservable Inputs (1) | Weighted Average (2) | Range | |||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||
Commercial mortgage loans, held for sale, measured at fair value | $ | 15,928 | Discounted Cash Flow | Yield | 6.6% | 6.4% - 6.8% | ||||||||||||||||||||||||||
Real estate securities, trading, measured at fair value | 133,705 | Discounted Cash Flow | Yield | 3.3% | 2.0% - 6.6% | |||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
Commercial mortgage loans, held for sale, measured at fair value | $ | 15,559 | Discounted Cash Flow | Yield | 7.2% | 6.3% - 7.7% | ||||||||||||||||||||||||||
Real estate securities, trading, measured at fair value | 235,728 | Discounted Cash Flow | Yield | 3.3% | 2.0% - 6.5% | |||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||
Commercial Mortgage Loans, held for sale, measured at fair value | Real estate securities, trading, measured at fair value | |||||||||||||||||||
Beginning balance, January 1, 2023 | $ | 15,559 | $ | 235,728 | ||||||||||||||||
Transfers into Level III (1) | — | — | ||||||||||||||||||
Total realized and unrealized gain/(loss) included in earnings: | ||||||||||||||||||||
Realized gain/(loss) on sale of commercial mortgage loans, held for sale | — | — | ||||||||||||||||||
Realized gain/(loss) on sale of available for sale trading securities | — | — | ||||||||||||||||||
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments | 347 | — | ||||||||||||||||||
Trading gain/(loss) | — | 2,968 | ||||||||||||||||||
Net accretion | — | — | ||||||||||||||||||
Purchases | — | — | ||||||||||||||||||
Sales / paydowns | 22 | (104,991) | ||||||||||||||||||
Transfers out of Level III (1) | — | — | ||||||||||||||||||
Ending Balance, March 31, 2023 | $ | 15,928 | $ | 133,705 |
September 30, 2017 | ||||||||
Commercial Mortgage Loans, held-for-sale, measured at fair value | Real Estate Securities | |||||||
Beginning balance, January 1, 2017 | $ | — | $ | 49,049 | ||||
Transfers into Level III | — | |||||||
Total realized and unrealized gains (losses) included in earnings: | ||||||||
Realized gain (loss) on sale of real estate securities | — | 172 | ||||||
Impairment losses on real estate securities | — | |||||||
Net accretion | — | 167 | ||||||
Unrealized gains (losses) included in OCI (1) | — | 500 | ||||||
Purchases | 60,950 | — | ||||||
Sales / paydown | — | (49,888 | ) | |||||
Cash repayments/receipts | — | — | ||||||
Transfers out of Level III | — | — | ||||||
Ending balance, September 30, 2017 | $ | 60,950 | $ | — | ||||
December 31, 2016 | ||||||||
Commercial Mortgage Loans, held-for-sale, measured at fair value | Real Estate Securities | |||||||
Beginning balance, January 1, 2016 | $ | — | $ | — | ||||
Transfers into Level III | — | 57,639 | ||||||
Total realized and unrealized gains (losses) included in earnings: | ||||||||
Realized gain (loss) on sale of real estate securities | — | (874 | ) | |||||
Impairment losses on real estate securities | — | (310 | ) | |||||
Net accretion | — | — | ||||||
Unrealized gains (losses) included in OCI | — | 1,719 | ||||||
Purchases | — | — | ||||||
Sales/paydown | — | (9,125 | ) | |||||
Cash repayments/receipts | — | — | ||||||
Transfers out of Level III | — | — | ||||||
Ending balance, December 31, 2016 | $ | — | $ | 49,049 |
December 31, 2022 | ||||||||||||||||||||||||||
Commercial Mortgage Loans, held for sale, measured at fair value | Real estate securities, trading, measured at fair value | Other real estate investments, measured at fair value | ||||||||||||||||||||||||
Beginning balance, January 1, 2022 | $ | 34,718 | $ | — | $ | 2,074 | ||||||||||||||||||||
Transfers into Level III (1) | — | 4,566,871 | — | |||||||||||||||||||||||
Total realized and unrealized gain/(loss) included in earnings: | ||||||||||||||||||||||||||
Realized gain/(loss) on sale of commercial mortgage loans, held for sale | 2,358 | — | — | |||||||||||||||||||||||
Realized gain/(loss) on sale of available for sale trading securities | — | — | (33) | |||||||||||||||||||||||
Unrealized gain/(loss) on commercial mortgage loans, held for sale and other real estate investments | (511) | — | 4 | |||||||||||||||||||||||
Trading gain/(loss) | — | (119,220) | — | |||||||||||||||||||||||
Net accretion | — | — | — | |||||||||||||||||||||||
Purchases | 366,692 | — | — | |||||||||||||||||||||||
Sales / paydowns | (387,698) | (4,211,923) | (2,045) | |||||||||||||||||||||||
Transfers out of Level III | — | — | — | |||||||||||||||||||||||
Ending Balance, December 31, 2022 | $ | 15,559 | $ | 235,728 | $ | — |
Total | Level I | Level II | Level III | ||||||||||||
September 30, 2017 | |||||||||||||||
Commercial mortgage loans, held-for-sale (1) | $ | 33,451 | $ | — | $ | — | $ | 33,451 | |||||||
December 31, 2016 | |||||||||||||||
Commercial mortgage loans, held-for-sale (1) | 21,179 | — | — | 21,179 |
($ in thousands) | Asset Category | Fair Value September 30, 2017 | Valuation Methodologies | Unobservable Inputs (1) | Weighted Average (2) | Range | |||
September 30, 2017 | Commercial mortgage loans, held-for-sale | $ | 33,451 | Discounted Cash Flow | Yield | 10.18 | % | 10% - 13% | |
December 31, 2016 | Commercial mortgage loans, held-for-sale | $ | 21,179 | Discounted Cash Flow | Yield | 10.80 | % | 10.5% - 11% |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Level | Carrying Amount (1) | Fair Value | Carrying Amount (1) | Fair Value | |||||||||||||||||||||||||||||||
Commercial mortgage loans, held for investment | Asset | III | $ | 5,051,501 | $ | 5,057,359 | $ | 5,269,776 | $ | 5,278,495 | |||||||||||||||||||||||||
Collateralized loan obligations | Liability | III | 3,052,802 | 2,987,015 | 3,121,983 | 3,055,810 | |||||||||||||||||||||||||||||
Mortgage note payable | Liability | III | 23,998 | 23,998 | 23,998 | 23,998 | |||||||||||||||||||||||||||||
Other financing and loan participation - commercial mortgage loans | Liability | III | 79,121 | 79,121 | 76,301 | 76,301 | |||||||||||||||||||||||||||||
Unsecured debt | Liability | III | 81,220 | 58,100 | 98,695 | 66,300 |
Level | Carrying Amount | Fair Value | |||||||||
September 30, 2017 | |||||||||||
Commercial mortgage loans, held-for-investment (1) | Asset | III | $ | 1,287,065 | $ | 1,281,114 | |||||
Collateralized loan obligation | Liability | II | 515,500 | 583,046 | |||||||
December 31, 2016 | |||||||||||
Commercial mortgage loans, held-for-investment (1) | Asset | III | 1,048,737 | 1,029,756 | |||||||
Collateralized loan obligation | Liability | II | 278,450 | 282,001 |
Fair Value | |||||||||||||||
Contract type | Notional | Assets (1) | Liabilities (1) | Net | |||||||||||
Credit derivatives | $ | 66,000 | $ | 206 | $ | 1,003 | $ | (797 | ) | ||||||
Treasury note futures | 69,676 | 754 | — | 754 | |||||||||||
Total | $ | 135,676 | $ | 960 | $ | 1,003 | $ | (43 | ) | ||||||
(1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets. | |||||||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||||||||||||||||
Contract type | Notional | Assets | Liabilities | Notional | Assets | Liabilities | ||||||||||||||||||||||||||||||||
Credit default swaps | $ | 18,000 | $ | 325 | $ | 92 | $ | 18,000 | $ | 234 | $ | 64 | ||||||||||||||||||||||||||
Interest rate swaps (1) | 12,500 | — | 202 | 9,800 | 90 | — | ||||||||||||||||||||||||||||||||
Treasury note futures | — | — | — | 3,500 | 91 | — | ||||||||||||||||||||||||||||||||
Total | $ | 30,500 | $ | 325 | $ | 294 | $ | 31,300 | $ | 415 | $ | 64 |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
Contract type | Unrealized (Gain)/Loss | Realized (Gain)/Loss | Unrealized (Gain)/Loss | Realized (Gain)/Loss | ||||||||||||||||||||||||||||||||||||||||||||||
Credit default swaps | $ | (63) | $ | — | $ | 99 | $ | (104) | ||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | 291 | — | 4,740 | (32,987) | ||||||||||||||||||||||||||||||||||||||||||||||
Treasury note futures | 92 | (44) | 124 | (939) | ||||||||||||||||||||||||||||||||||||||||||||||
Options | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 320 | $ | (44) | $ | 4,963 | $ | (34,030) | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | ||||||||||||||||||||||
Unrealized Gain (Loss) | Realized Gain (Loss) | Total | Unrealized Gain (Loss) | Realized Gain (Loss) | Total | ||||||||||||||||||
Contract type | |||||||||||||||||||||||
Credit derivatives | $ | (171 | ) | $ | (18 | ) | $ | (189 | ) | $ | (171 | ) | $ | (18 | ) | $ | (189 | ) | |||||
Treasury note futures | 754 | — | 754 | 754 | — | 754 | |||||||||||||||||
Total | $ | 583 | $ | (18 | ) | $ | 565 | $ | 583 | $ | (18 | ) | $ | 565 |
Gross Amounts Not Offset on the Balance Sheet | ||||||||||||||||||||||||||||||||||||||
Assets | Gross Amounts of Recognized Assets | Gross Amounts Offset on the Balance Sheet | Net Amount of Assets Presented on the Balance Sheet | Financial Instruments | Cash Collateral (1) | Net Amount | ||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Derivative instruments, at fair value | $ | 325 | $ | — | $ | 325 | $ | — | $ | — | $ | 325 | ||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Derivative instruments, at fair value | $ | 415 | $ | — | $ | 415 | $ | — | $ | — | $ | 415 |
Gross Amounts Not Offset on the Balance Sheet | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Balance Sheet | Net Amount of Assets Presented in the Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||
September 30, 2017 | |||||||||||||||||||||||||||||
Derivatives | $ | 960 | $ | — | $ | 960 | $ | — | $ | — | $ | 960 | |||||||||||||||||
Total | $ | 960 | $ | — | $ | 960 | $ | — | $ | — | $ | 960 | |||||||||||||||||
Gross Amounts Not Offset on the Balance Sheet | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset on the Balance Sheet | Net Amount of Liabilities Presented on the Balance Sheet | Financial Instruments as Collateral Pledged (*) | Cash Collateral Pledged | Net Amount | ||||||||||||||||||||||||
September 30, 2017 | |||||||||||||||||||||||||||||
Repurchase agreements, commercial mortgage loans | $ | 319,385 | $ | — | $ | 319,385 | $ | 553,364 | $ | 5,005 | $ | — | |||||||||||||||||
Repurchase agreements - real estate securities | 39,035 | — | 39,035 | 55,764 | 389 | — | |||||||||||||||||||||||
Derivatives | 1,003 | — | 1,003 | — | 1,436 | — | |||||||||||||||||||||||
Total | $ | 359,423 | — | $ | — | $ | 359,423 | $ | 609,128 | — | $ | 6,830 | — | $ | — | ||||||||||||||
Gross Amounts Not Offset on the Balance Sheet | |||||||||||||||||||||||||||||
December 31, 2016 | Gross Amounts of Recognized Liabilities | Gross Amounts Offset on the Balance Sheet | Net Amount of Liabilities Presented on the Balance Sheet | Financial Instruments as Collateral Pledged (*) | Cash Collateral Pledged | Net Amount | |||||||||||||||||||||||
Repurchase agreements, commercial mortgage loans | $ | 257,664 | $ | — | $ | 257,664 | $ | 399,914 | $ | 5,000 | $ | — | |||||||||||||||||
Real estate securities | 66,639 | — | 66,639 | 102,358 | 21 | — | |||||||||||||||||||||||
Total | $ | 324,303 | — | $ | — | — | $ | 324,303 | — | $ | 502,272 | — | $ | 5,021 | — | $ | — |
Gross Amounts Not Offset on the Balance Sheet | ||||||||||||||||||||||||||||||||||||||
Liabilities | Gross Amounts of Recognized Liabilities | Gross Amounts Offset on the Balance Sheet | Net Amount of Liabilities Presented on the Balance Sheet | Financial Instruments | Cash Collateral (1) | Net Amount | ||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Repurchase agreements - commercial mortgage loans | $ | 604,421 | $ | — | $ | 604,421 | $ | 604,421 | $ | — | $ | — | ||||||||||||||||||||||||||
Repurchase agreements - real estate securities | 228,934 | — | 228,934 | 228,934 | — | — | ||||||||||||||||||||||||||||||||
Derivative instruments, at fair value | 294 | — | 294 | — | 294 | — | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Repurchase agreements - commercial mortgage loans | $ | 680,859 | $ | — | $ | 680,859 | $ | 680,859 | $ | — | $ | — | ||||||||||||||||||||||||||
Repurchase agreements - real estate securities | 440,008 | — | 440,008 | 440,008 | — | — | ||||||||||||||||||||||||||||||||
Derivative instruments, at fair value | 64 | — | 64 | — | 64 | — |
Three Months Ended September 30, 2017 | Total | Real Estate Debt | Real Estate Securities | TRS | ||||||||||||
Interest income | $ | 22,195 | $ | 21,795 | $ | 269 | $ | 131 | ||||||||
Interest expense | 8,845 | 8,386 | 409 | 50 | ||||||||||||
Net income (loss) | 6,975 | 7,588 | (22 | ) | (591 | ) | ||||||||||
Three Months Ended September 30, 2016 | ||||||||||||||||
Interest income | 20,250 | 18,682 | 1,568 | — | ||||||||||||
Interest expense | 7,317 | 6,642 | 675 | — | ||||||||||||
Net income | 5,373 | 5,265 | 108 | — |
Nine Months Ended September 30, 2017 | Total | Real Estate Debt | Real Estate Securities | TRS | ||||||||||||
Interest income | $ | 61,917 | $ | 60,435 | $ | 1,351 | $ | 131 | ||||||||
Interest expense | 21,990 | 20,686 | 1,254 | 50 | ||||||||||||
Net income | 19,305 | 19,627 | 269 | (591 | ) | |||||||||||
Nine Months Ended September 30, 2016 | ||||||||||||||||
Interest income | 60,763 | 55,973 | 4,790 | — | ||||||||||||
Interest expense | 17,478 | 15,443 | 2,035 | — | ||||||||||||
Net income | 23,653 | 22,775 | 878 | — |
As of September 30, 2017 | Total | Real Estate Debt | Real Estate Securities | Conduit | ||||||||||||
Total Assets | $ | 1,521,102 | $ | 1,437,630 | $ | 389 | $ | 83,083 | ||||||||
As of December 31, 2016 | ||||||||||||||||
Total Assets | 1,248,125 | 1,198,806 | 49,319 | — |
Three Months Ended March 31, 2023 | Total | Real Estate Debt and Other Real Estate Investments | Real Estate Securities | TRS | Real Estate Owned | |||||||||||||||||||||||||||
Interest income | $ | 130,536 | $ | 125,949 | $ | 3,568 | $ | 322 | $ | 697 | ||||||||||||||||||||||
Revenue from real estate owned | 3,312 | — | — | — | 3,312 | |||||||||||||||||||||||||||
Interest expense | 71,075 | 66,958 | 3,446 | 216 | 455 | |||||||||||||||||||||||||||
Net income/(loss) | 43,839 | 43,531 | 3,295 | (3,314) | 327 | |||||||||||||||||||||||||||
Total assets as of March 31, 2023 | 5,839,026 | 5,242,621 | 253,809 | 95,490 | 247,106 | |||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||
Interest income | $ | 75,258 | $ | 55,687 | $ | 18,885 | $ | 686 | $ | — | ||||||||||||||||||||||
Revenue from real estate owned | 2,312 | — | — | — | 2,312 | |||||||||||||||||||||||||||
Interest expense | 22,480 | 19,464 | 2,616 | 206 | 194 | |||||||||||||||||||||||||||
Net income/(loss) | (22,507) | 22,092 | (45,311) | (107) | 819 | |||||||||||||||||||||||||||
Total assets as of December 31, 2022 | 6,203,601 | 5,444,152 | 474,231 | 63,307 | 221,911 | |||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||
Stockholders' equity applicable to common stock | $ | 1,310,919 | $ | 1,304,238 | ||||||||||
Shares: | ||||||||||||||
Common stock | 82,572,550 | 82,479,743 | ||||||||||||
Restricted stock | 791,421 | 513,041 | ||||||||||||
Total outstanding | 83,363,971 | 82,992,784 | ||||||||||||
Book value per share | $ | 15.73 | $ | 15.72 |
March 31, 2023 | December 31, 2022 | |||||||||||||
Stockholders' equity applicable to convertible common stock | $ | 1,400,667 | $ | 1,398,986 | ||||||||||
Shares: | ||||||||||||||
Common stock | 82,572,550 | 82,479,743 | ||||||||||||
Equity compensation awards (restricted stock and restricted stock units) | 791,421 | 513,041 | ||||||||||||
Series H convertible preferred stock | 5,370,640 | 5,370,640 | ||||||||||||
Series I convertible preferred stock | — | 299,200 | ||||||||||||
Total outstanding | 88,734,611 | 88,662,624 | ||||||||||||
Fully-converted book value per share (1) (2) | $ | 15.78 | $ | 15.78 |
Loan Type | Property Type | Par Value | Interest Rate (1) | Effective Yield (5) | Loan to Value (2) | ||||||||||||
Senior Debt 1 | Hospitality | $4,813 | 1 month LIBOR + 4.00% | 8.86% | 77.0% | ||||||||||||
Senior Debt 2 | Hospitality | 57,075 | 1 month LIBOR + 5.19% | 10.05% | 51.8% | ||||||||||||
Senior Debt 3 | Multifamily | 34,530 | 1 month SOFR + 3.03% | 7.83% | 63.7% | ||||||||||||
Senior Debt 4 | Multifamily | 35,212 | 1 month SOFR + 4.50% | 9.30% | 83.6% | ||||||||||||
Senior Debt 5 | Hospitality | 22,036 | 1 month SOFR + 4.25% | 9.05% | 68.8% | ||||||||||||
Senior Debt 6 | Office | 18,620 | 1 month SOFR + 4.75% | 9.55% | 70.0% | ||||||||||||
Senior Debt 7 | Office | 43,786 | 1 month SOFR + 3.56% | 8.36% | 71.0% | ||||||||||||
Senior Debt 8 | Hospitality | 9,506 | 1 month SOFR + 5.57% | 10.37% | 68.7% | ||||||||||||
Senior Debt 9 | Hospitality | 19,293 | 1 month SOFR + 3.84% | 8.64% | 62.6% | ||||||||||||
Senior Debt 10 | Hospitality | 12,964 | 1 month SOFR + 3.02% | 7.82% | 56.4% | ||||||||||||
Senior Debt 11 | Hospitality | 4,974 | 1 month LIBOR + 4.25% | 9.11% | 47.7% | ||||||||||||
Senior Debt 12 | Hospitality | 31,450 | 1 month SOFR + 5.25% | 10.05% | 31.0% | ||||||||||||
Senior Debt 13 | Office | 15,104 | 1 month SOFR + 4.00% | 8.80% | 70.9% | ||||||||||||
Senior Debt 14 | Office | 25,802 | 1 month LIBOR + 4.35% | 9.21% | 64.9% | ||||||||||||
Senior Debt 15 | Multifamily | 10,761 | 1 month SOFR + 4.25% | 9.05% | 72.4% | ||||||||||||
Senior Debt 16 (6) | Office | 32,439 | 1 month SOFR + 4.83% | 9.64% | 78.3% | ||||||||||||
Senior Debt 17 | Manufactured Housing | 1,323 | 5.50% | 5.50% | 62.8% | ||||||||||||
Senior Debt 18 | Manufactured Housing | 7,680 | 1 month LIBOR + 4.50% | 9.36% | 66.7% | ||||||||||||
Senior Debt 19 | Self Storage | 29,895 | 1 month LIBOR + 5.00% | 9.86% | 58.8% | ||||||||||||
Senior Debt 20 | Multifamily | 14,501 | 1 month SOFR + 4.83% | 9.63% | 70.0% | ||||||||||||
Senior Debt 21 | Manufactured Housing | 5,020 | 1 month LIBOR + 5.25% | 10.11% | 65.9% | ||||||||||||
Senior Debt 22 | Office | 18,103 | 1 month LIBOR + 4.50% | 9.36% | 47.9% | ||||||||||||
Senior Debt 23 | Office | 64,957 | 5.15% | 5.15% | 52.5% | ||||||||||||
Senior Debt 24 | Office | 35,000 | 1 month LIBOR + 5.21% | 10.07% | 66.0% | ||||||||||||
Senior Debt 25 | Office | 12,750 | 1 month LIBOR + 5.00% | 9.86% | 67.8% | ||||||||||||
Senior Debt 26 | Multifamily | 39,097 | 1 month LIBOR + 4.45% | 9.31% | 66.5% | ||||||||||||
Senior Debt 27 | Multifamily | 12,363 | 1 month LIBOR + 4.55% | 9.41% | 73.0% | ||||||||||||
Senior Debt 28 | Multifamily | 21,000 | 1 month LIBOR + 4.60% | 9.46% | 66.7% | ||||||||||||
Senior Debt 29 | Office | 11,113 | 1 month SOFR + 5.56% | 10.36% | 63.9% | ||||||||||||
Senior Debt 30 | Office | 44,058 | 1 month LIBOR + 3.95% | 8.81% | 53.9% | ||||||||||||
Senior Debt 31 (2) | Multifamily | 16,694 | 1 month SOFR + 8.00% | 12.80% | —% | ||||||||||||
Senior Debt 32 | Hospitality | 23,000 | 1 month LIBOR + 5.79% | 10.65% | 57.2% | ||||||||||||
Senior Debt 33 | Multifamily | 34,750 | 1 month SOFR + 4.10% | 8.90% | 78.2% | ||||||||||||
Senior Debt 34 | Multifamily | 12,325 | 1 month LIBOR + 4.50% | 9.36% | 83.3% | ||||||||||||
Senior Debt 35 | Multifamily | 5,575 | 1 month LIBOR + 4.50% | 9.36% | 83.6% | ||||||||||||
Senior Debt 36 | Multifamily | 55,000 | 1 month LIBOR + 3.00% | 7.86% | 71.6% | ||||||||||||
Senior Debt 37 | Multifamily | 14,465 | 1 month LIBOR + 3.39% | 8.25% | 70.6% | ||||||||||||
Senior Debt 38 | Multifamily | 8,898 | 1 month LIBOR + 3.80% | 8.66% | 69.9% | ||||||||||||
Senior Debt 39 | Multifamily | 18,653 | 1 month LIBOR + 6.25% | 11.11% | 67.0% | ||||||||||||
Senior Debt 40 | Multifamily | 19,536 | 1 month LIBOR + 3.60% | 8.46% | 70.8% | ||||||||||||
Senior Debt 41 | Multifamily | 43,096 | 1 month LIBOR + 2.95% | 7.81% | 71.6% | ||||||||||||
Senior Debt 42 | Hospitality | 25,700 | 1 month LIBOR + 5.60% | 10.46% | 61.0% | ||||||||||||
Senior Debt 43 | Mixed Use | 32,500 | 1 month LIBOR + 3.70% | 8.56% | 69.7% | ||||||||||||
Senior Debt 44 | Multifamily | 75,768 | 1 month LIBOR + 2.95% | 7.81% | 72.6% |
Loan Type | Property Type | Par Value | Interest Rate (1) | Effective Yield | Loan to Value (2) |
Senior 1 | Office | $31,250 | 1M LIBOR + 4.50% | 5.7% | 75.0% |
Senior 2 | Retail | 9,450 | 1M LIBOR + 4.90% | 6.1% | 69.2% |
Senior 3 | Hospitality | 4,423 | 1M LIBOR + 5.50% | 6.7% | 55.3% |
Senior 4 | Retail | 11,800 | 1M LIBOR + 4.75% | 6.0% | 79.4% |
Senior 5 | Office | 33,734 | 1M LIBOR + 4.65% | 5.9% | 80.0% |
Senior 6 | Office | 42,481 | 1M LIBOR + 5.25% | 6.5% | 75.0% |
Senior 7 | Office | 13,440 | 1M LIBOR + 5.00% | 6.2% | 75.0% |
Senior 8 | Office | 30,450 | 1M LIBOR + 4.60% | 5.8% | 65.0% |
Senior 9 | Retail | 11,684 | 1M LIBOR + 4.50% | 5.7% | 74.8% |
Senior 10 | Multifamily | 14,775 | 1M LIBOR + 5.00% | 6.2% | 76.7% |
Senior 11 | Retail | 10,745 | 1M LIBOR + 5.25% | 6.5% | 80.0% |
Senior 12 | Hospitality | 16,800 | 1M LIBOR + 4.90% | 6.1% | 74.0% |
Senior 13 | Multifamily | 26,410 | 1M LIBOR + 4.25% | 5.5% | 79.7% |
Senior 14 | Multifamily | 14,917 | 1M LIBOR + 4.50% | 5.7% | 76.0% |
Senior 15 | Retail | 14,600 | 1M LIBOR + 4.25% | 5.5% | 65.0% |
Senior 16 | Retail | 27,249 | 1M LIBOR + 4.75% | 6.0% | 67.4% |
Senior 17 | Office | 9,844 | 1M LIBOR + 4.65% | 5.9% | 70.8% |
Senior 18 | Industrial | 19,553 | 1M LIBOR + 4.25% | 5.5% | 68.0% |
Senior 19 | Multifamily | 18,941 | 1M LIBOR + 4.20% | 5.4% | 76.4% |
Senior 20 | Hospitality | 10,350 | 1M LIBOR + 5.50% | 6.7% | 69.9% |
Senior 21 | Hospitality | 15,375 | 1M LIBOR + 5.30% | 6.5% | 73.5% |
Senior 22 | Mixed Use | 45,235 | 1M LIBOR + 5.50% | 6.7% | 72.6% |
Senior 23 | Retail | 7,500 | 1M LIBOR + 5.00% | 6.2% | 59.0% |
Senior 24 | Retail | 4,725 | 1M LIBOR + 5.50% | 6.7% | 72.0% |
Senior 25 | Multifamily | 44,595 | 1M LIBOR + 4.25% | 5.5% | 77.0% |
Senior 26 | Multifamily | 18,075 | 1M LIBOR + 4.50% | 5.7% | 75.0% |
Senior 27 | Office | 14,040 | 1M LIBOR + 4.75% | 6.0% | 74.4% |
Senior 28 | Multifamily | 24,387 | 1M LIBOR + 4.25% | 5.5% | 69.6% |
Loan Type | Property Type | Par Value | Interest Rate (1) | Effective Yield (5) | Loan to Value (2) | ||||||||||||
Senior Debt 45 | Multifamily | 20,960 | 1 month LIBOR + 3.35% | 8.21% | 67.7% | ||||||||||||
Senior Debt 46 | Multifamily | 30,231 | 1 month LIBOR + 2.95% | 7.81% | 70.4% | ||||||||||||
Senior Debt 47 | Multifamily | 35,466 | 1 month LIBOR + 2.95% | 7.81% | 71.7% | ||||||||||||
Senior Debt 48 | Multifamily | 33,588 | 1 month LIBOR + 2.95% | 7.81% | 72.2% | ||||||||||||
Senior Debt 49 | Hospitality | 25,771 | 1 month LIBOR + 9.00% | 13.86% | 74.2% | ||||||||||||
Senior Debt 50 | Self Storage | 15,000 | 1 month LIBOR + 4.26% | 9.12% | 74.6% | ||||||||||||
Senior Debt 51 | Office | 6,721 | 1 month LIBOR + 5.25% | 10.11% | 67.3% | ||||||||||||
Senior Debt 52 (2) | Multifamily | 133,279 | 1 month LIBOR + 4.75% | 9.61% | —% | ||||||||||||
Senior Debt 53 | Multifamily | 11,245 | 1 month LIBOR + 3.15% | 8.01% | 75.6% | ||||||||||||
Senior Debt 54 | Hospitality | 22,018 | 1 month LIBOR + 5.35% | 10.21% | 56.8% | ||||||||||||
Senior Debt 55 | Hospitality | 33,000 | 1 month LIBOR + 6.25% | 11.11% | 59.2% | ||||||||||||
Senior Debt 56 (2) | Multifamily | 32,933 | 1 month LIBOR + 8.00% | 12.86% | —% | ||||||||||||
Senior Debt 57 | Multifamily | 16,219 | 1 month LIBOR + 3.75% | 8.61% | 76.9% | ||||||||||||
Senior Debt 58 | Multifamily | 30,420 | 1 month LIBOR + 3.00% | 7.86% | 73.5% | ||||||||||||
Senior Debt 59 | Multifamily | 42,697 | 1 month LIBOR + 3.15% | 8.01% | 71.0% | ||||||||||||
Senior Debt 60 | Multifamily | 42,850 | 1 month LIBOR + 3.40% | 8.26% | 79.9% | ||||||||||||
Senior Debt 61 | Multifamily | 36,760 | 1 month LIBOR + 3.64% | 8.50% | 66.0% | ||||||||||||
Senior Debt 62 | Multifamily | 8,500 | 1 month LIBOR + 3.75% | 8.61% | 79.4% | ||||||||||||
Senior Debt 63 | Multifamily | 14,278 | 1 month LIBOR + 3.15% | 8.01% | 79.8% | ||||||||||||
Senior Debt 64 | Multifamily | 13,849 | 1 month LIBOR + 3.75% | 8.61% | 64.2% | ||||||||||||
Senior Debt 65 | Multifamily | 67,138 | 1 month LIBOR + 3.25% | 8.11% | 77.1% | ||||||||||||
Senior Debt 66 | Multifamily | 10,568 | 1 month LIBOR + 3.75% | 8.61% | 70.0% | ||||||||||||
Senior Debt 67 | Multifamily | 27,015 | 1 month LIBOR + 3.20% | 8.06% | 77.3% | ||||||||||||
Senior Debt 68 | Hospitality | 17,122 | 1 month LIBOR + 5.25% | 10.11% | 61.0% | ||||||||||||
Senior Debt 69 | Hospitality | 16,500 | 1 month LIBOR + 7.10% | 11.96% | 73.0% | ||||||||||||
Senior Debt 70 | Multifamily | 56,150 | 1 month LIBOR + 3.10% | 7.96% | 78.9% | ||||||||||||
Senior Debt 71 | Multifamily | 37,882 | 1 month LIBOR + 2.90% | 7.76% | 72.2% | ||||||||||||
Senior Debt 72 | Multifamily | 54,792 | 1 month LIBOR + 3.10% | 7.96% | 67.2% | ||||||||||||
Senior Debt 73 | Multifamily | 38,039 | 1 month LIBOR + 2.90% | 7.76% | 72.0% | ||||||||||||
Senior Debt 74 | Multifamily | 66,483 | 1 month LIBOR + 2.85% | 7.71% | 70.6% | ||||||||||||
Senior Debt 75 | Multifamily | 31,886 | 1 month LIBOR + 3.25% | 8.11% | 80.0% | ||||||||||||
Senior Debt 76 | Multifamily | 62,850 | 1 month LIBOR + 3.35% | 8.21% | 78.0% | ||||||||||||
Senior Debt 77 | Multifamily | 44,243 | 1 month LIBOR + 3.00% | 7.86% | 74.8% | ||||||||||||
Senior Debt 78 | Multifamily | 46,952 | 1 month LIBOR + 2.75% | 7.61% | 68.1% | ||||||||||||
Senior Debt 79 | Multifamily | 86,000 | 1 month SOFR + 3.24% | 8.04% | 60.0% | ||||||||||||
Senior Debt 80 | Multifamily | 30,164 | 1 month LIBOR + 2.90% | 7.76% | 74.2% | ||||||||||||
Senior Debt 81 | Manufactured Housing | 6,700 | 1 month LIBOR + 4.50% | 9.36% | 77.9% | ||||||||||||
Senior Debt 82 | Multifamily | 58,680 | 1 month LIBOR + 3.45% | 8.31% | 74.8% | ||||||||||||
Senior Debt 83 | Multifamily | 26,966 | 1 month LIBOR + 2.90% | 7.76% | 72.1% | ||||||||||||
Senior Debt 84 | Multifamily | 14,185 | 1 month LIBOR + 3.20% | 8.06% | 62.4% | ||||||||||||
Senior Debt 85 | Multifamily | 37,494 | 1 month LIBOR + 3.00% | 7.86% | 73.3% | ||||||||||||
Senior Debt 86 | Multifamily | 33,921 | 1 month LIBOR + 3.20% | 8.06% | 74.5% | ||||||||||||
Senior Debt 87 | Multifamily | 40,320 | 1 month LIBOR + 2.90% | 7.76% | 71.7% | ||||||||||||
Senior Debt 88 | Multifamily | 66,871 | 1 month LIBOR + 2.88% | 7.74% | 74.8% | ||||||||||||
Senior Debt 89 | Multifamily | 64,074 | 1 month LIBOR + 2.88% | 7.74% | 75.5% |
Loan Type | Property Type | Par Value | Interest Rate (1) | Effective Yield | Loan to Value (2) |
Senior 29 | Multifamily | 18,146 | 1M LIBOR + 3.85% | 5.1% | 76.8% |
Senior 30 | Multifamily | 5,519 | 1M LIBOR + 3.95% | 5.2% | 77.5% |
Senior 31 | Multifamily | 13,120 | 1M LIBOR + 3.95% | 5.2% | 78.2% |
Senior 32 | Multifamily | 5,894 | 1M LIBOR + 4.05% | 5.3% | 80.0% |
Senior 33 | Industrial | 33,655 | 1M LIBOR + 4.00% | 5.2% | 65.0% |
Senior 34 | Office | 12,000 | 1M LIBOR + 4.75% | 6.0% | 54.1% |
Senior 35 | Office | 35,000 | 1M LIBOR + 5.00% | 6.2% | 79.0% |
Senior 36 | Office | 19,979 | 1M LIBOR + 4.55% | 5.8% | 70.0% |
Senior 37 | Office | 29,006 | 1M LIBOR + 4.25% | 5.5% | 73.3% |
Senior 38 | Office | 15,030 | 1M LIBOR + 5.35% | 6.6% | 47.1% |
Senior 39 | Multifamily | 14,000 | 1M LIBOR + 5.00% | 6.2% | 56.3% |
Senior 40 | Office | 16,300 | 1M LIBOR + 6.00% | 7.2% | 74.8% |
Senior 41 | Retail | 13,700 | 1M LIBOR + 4.75% | 6.0% | 62.6% |
Senior 42 | Retail | 28,500 | 1M LIBOR + 4.73% | 6.0% | 73.1% |
Senior 43 | Retail | 12,700 | 1M LIBOR + 5.00% | 6.2% | 73.3% |
Senior 44 | Multifamily | 23,150 | 1M LIBOR + 5.00% | 6.2% | 71.7% |
Senior 45 | Multifamily | 45,103 | 1M LIBOR + 6.75% | 8.0% | 83.4% |
Senior 46 | Retail | 15,750 | 1M LIBOR + 5.25% | 6.5% | 70.5% |
Senior 47 | Retail | 25,000 | 1M LIBOR + 4.40% | 5.6% | 71.4% |
Senior 48 | Multifamily | 13,944 | 1M LIBOR + 7.10% | 8.3% | 76.4% |
Senior 49 | Hospitality | 12,600 | 1M LIBOR + 5.50% | 6.7% | 61.6% |
Senior 50 | Hospitality | 11,750 | 1M LIBOR + 5.50% | 6.7% | 71.2% |
Senior 51 | Retail | 20,450 | 1M LIBOR + 5.00% | 6.2% | 60.9% |
Senior 52 | Multifamily | 26,000 | 1M LIBOR + 7.25% | 8.5% | 69.7% |
Senior 53 | Hospitality | 14,900 | 1M LIBOR + 6.25% | 7.5% | 69.0% |
Senior 54 | Office | 11,580 | 1M LIBOR + 4.45% | 5.7% | 65.0% |
Senior 55 | Office | 9,750 | 1M LIBOR + 5.50% | 6.7% | 74.0% |
Senior 56 | Multifamily | 39,700 | 1M LIBOR + 5.50% | 6.7% | 76.0% |
Senior 57 | Multifamily | 25,500 | 1M LIBOR + 4.85% | 6.1% | 83.1% |
Senior 58 | Retail | 7,500 | 1M LIBOR + 5.25% | 6.5% | 70.5% |
Senior 59 | Office | 62,040 | 1M LIBOR + 4.50% | 5.7% | 69.2% |
Senior 60 | Multifamily | 38,775 | 1M LIBOR + 4.50% | 5.7% | 73.8% |
Senior 61 | Hospitality | 8,875 | 1M LIBOR + 6.20% | 7.4% | 67.7% |
Senior 62 | Office | 25,120 | 1M LIBOR + 4.15% | 5.4% | 69.5% |
Mezzanine 1 | Multifamily | 4,000 | 12.00% | 12.0% | 74.5% |
Mezzanine 2 | Office | 7,000 | 12.00% | 12.0% | 78.3% |
Mezzanine 3 | Retail | 1,963 | 13.00% | 13.0% | 85.0% |
Mezzanine 4 | Multifamily | 3,480 | 9.50% | 9.5% | 84.5% |
Mezzanine 5 | Office | 5,066 | 3M LIBOR + 10.00% | 11.2% | 79.5% |
Mezzanine 6 | Office | 10,000 | 10.00% | 10.0% | 79.0% |
Mezzanine 7 | Hospitality | 7,140 | 10.00% | 10.0% | 73.9% |
Mezzanine 8 | Hospitality | 3,900 | 10.00% | 10.0% | 73.9% |
Mezzanine 9 | Hospitality | 12,510 | 10.00% | 10.0% | 73.9% |
Mezzanine 10 | Hospitality | 8,050 | 10.00% | 10.0% | 73.9% |
Mezzanine 11 | Multifamily | 3,000 | 1M LIBOR + 13.00% | 14.2% | 69.7% |
$1,322,973 | 5.9% | 72.5% |
Loan Type | Property Type | Par Value | Interest Rate (1) | Effective Yield (5) | Loan to Value (2) | ||||||||||||
Senior Debt 90 | Multifamily | 16,909 | 1 month SOFR + 3.50% | 8.30% | 71.7% | ||||||||||||
Senior Debt 91 | Multifamily | 57,660 | 1 month LIBOR + 2.75% | 7.61% | 73.9% | ||||||||||||
Senior Debt 92 | Multifamily | 66,543 | 1 month SOFR + 6.03% | 10.83% | 74.7% | ||||||||||||
Senior Debt 93 | Multifamily | 22,240 | 1 month SOFR + 2.96% | 7.76% | 79.4% | ||||||||||||
Senior Debt 94 | Multifamily | 25,746 | 1 month SOFR + 2.96% | 7.76% | 72.9% | ||||||||||||
Senior Debt 95 | Multifamily | 31,678 | 1 month SOFR + 3.20% | 8.00% | 74.2% | ||||||||||||
Senior Debt 96 | Multifamily | 78,050 | 1 month SOFR + 3.45% | 8.25% | 78.8% | ||||||||||||
Senior Debt 97 | Multifamily | 81,247 | 1 month SOFR + 3.21% | 8.01% | 76.1% | ||||||||||||
Senior Debt 98 | Multifamily | 24,000 | 1 month SOFR + 3.10% | 7.90% | 72.7% | ||||||||||||
Senior Debt 99 | Retail | 31,000 | 1 month SOFR + 3.29% | 8.09% | 42.5% | ||||||||||||
Senior Debt 100 | Multifamily | 38,234 | 1 month SOFR + 3.55% | 8.35% | 66.2% | ||||||||||||
Senior Debt 101 | Multifamily | 23,198 | 1 month SOFR + 2.95% | 7.75% | 65.6% | ||||||||||||
Senior Debt 102 | Multifamily | 10,724 | 1 month SOFR + 3.30% | 8.10% | 75.7% | ||||||||||||
Senior Debt 103 | Multifamily | 47,444 | 1 month SOFR + 2.86% | 7.66% | 68.2% | ||||||||||||
Senior Debt 104 | Multifamily | 36,824 | 1 month SOFR + 2.86% | 7.66% | 69.7% | ||||||||||||
Senior Debt 105 | Hospitality | 10,493 | 1 month SOFR + 5.30% | 10.10% | 68.2% | ||||||||||||
Senior Debt 106 | Retail | 14,676 | 1 month SOFR + 4.95% | 9.75% | 63.3% | ||||||||||||
Senior Debt 107 | Multifamily | 82,000 | 1 month SOFR + 3.20% | 8.00% | 74.5% | ||||||||||||
Senior Debt 108 | Industrial | 55,000 | 1 month SOFR + 3.50% | 8.30% | 70.1% | ||||||||||||
Senior Debt 109 | Multifamily | 39,325 | 1 month SOFR + 3.10% | 7.90% | 74.1% | ||||||||||||
Senior Debt 110 | Multifamily | 35,119 | 1 month SOFR + 2.95% | 7.75% | 63.1% | ||||||||||||
Senior Debt 111 | Mixed Use | 18,968 | 1 month SOFR + 3.42% | 8.22% | 65.1% | ||||||||||||
Senior Debt 112 | Multifamily | 85,500 | 1 month SOFR + 3.15% | 7.95% | 69.6% | ||||||||||||
Senior Debt 113 | Multifamily | 31,282 | 1 month SOFR + 3.30% | 8.10% | 76.9% | ||||||||||||
Senior Debt 114 (2) | Hospitality | 2,029 | 1 month SOFR + 7.05% | 11.85% | —% | ||||||||||||
Senior Debt 115 (2) (4) | Multifamily | — | 1 month SOFR + 6.75% | 11.55% | —% | ||||||||||||
Senior Debt 116 | Hospitality | 43,457 | 1 month SOFR + 4.90% | 9.70% | 61.1% | ||||||||||||
Senior Debt 117 | Hospitality | 11,680 | 1 month SOFR + 5.22% | 10.02% | 57.7% | ||||||||||||
Senior Debt 118 | Multifamily | 7,286 | 1 month SOFR + 7.02% | 11.82% | 15.9% | ||||||||||||
Senior Debt 119 | Multifamily | 32,137 | 1 month SOFR + 6.05% | 10.85% | 62.4% | ||||||||||||
Senior Debt 120 | Multifamily | 56,616 | 1 month SOFR + 3.95% | 8.75% | 73.2% | ||||||||||||
Senior Debt 121 | Multifamily | 29,091 | 1 month SOFR + 4.00% | 8.80% | 70.9% | ||||||||||||
Senior Debt 122 | Multifamily | 52,396 | 1 month SOFR + 6.70% | 11.50% | 46.5% | ||||||||||||
Senior Debt 123 | Multifamily | 12,347 | 1 month SOFR + 3.55% | 8.35% | 67.7% | ||||||||||||
Senior Debt 124 (3) | Retail | 38,426 | 1 month SOFR + 4.50% | 9.30% | 72.3% | ||||||||||||
Senior Debt 125 | Industrial | 23,050 | 1 month SOFR + 4.90% | 9.70% | 64.6% | ||||||||||||
Senior Debt 126 | Multifamily | 19,548 | 1 month SOFR + 3.50% | 8.30% | 64.5% | ||||||||||||
Senior Debt 127 | Multifamily | 17,600 | 1 month SOFR + 4.55% | 9.35% | 67.2% | ||||||||||||
Senior Debt 128 | Multifamily | 28,640 | 1 month SOFR + 3.65% | 8.45% | 71.0% | ||||||||||||
Senior Debt 129 | Multifamily | 17,330 | 1 month SOFR + 3.65% | 8.45% | 73.9% | ||||||||||||
Senior Debt 130 | Multifamily | 70,750 | 1 month SOFR + 3.80% | 8.60% | 77.9% | ||||||||||||
Senior Debt 131 | Multifamily | 82,408 | 1 month SOFR + 3.95% | 8.75% | 71.8% | ||||||||||||
Senior Debt 132 | Multifamily | 43,822 | 1 month SOFR + 3.95% | 8.75% | 75.9% | ||||||||||||
Senior Debt 133 | Multifamily | 56,694 | 1 month SOFR + 3.95% | 8.75% | 73.7% | ||||||||||||
Senior Debt 134 | Multifamily | 20,411 | 1 month SOFR + 3.95% | 8.75% | 75.1% |
Loan Type | Property Type | Par Value | Interest Rate (1) | Effective Yield (5) | Loan to Value (2) | ||||||||||||
Senior Debt 135 | Multifamily | 136,657 | 1 month SOFR + 3.95% | 8.75% | 67.8% | ||||||||||||
Senior Debt 136 | Multifamily | 56,000 | 1 month SOFR + 3.80% | 8.60% | 73.8% | ||||||||||||
Senior Debt 137 | Multifamily | 11,675 | 1 month SOFR + 4.45% | 9.25% | 74.8% | ||||||||||||
Senior Debt 138 | Multifamily | 69,200 | 1 month SOFR + 3.45% | 8.25% | 71.6% | ||||||||||||
Senior Debt 139 | Multifamily | 92,923 | 1 month SOFR + 6.52% | 7.57% | 50.1% | ||||||||||||
Senior Debt 140 | Hospitality | 29,644 | 1 month SOFR + 6.94% | 11.74% | 71.2% | ||||||||||||
Senior Debt 115 (2) (4) | Multifamily | — | 1 month SOFR + 6.31% | 11.11% | —% | ||||||||||||
Senior Debt 142 | Hospitality | 13,525 | 1 month SOFR + 5.75% | 10.55% | 62.1% | ||||||||||||
Senior Debt 143 | Manufactured Housing | 10,550 | 1 month SOFR + 4.75% | 9.55% | 53.8% | ||||||||||||
Senior Debt 144 | Multifamily | 47,293 | 1 month SOFR + 4.20% | 9.00% | 70.1% | ||||||||||||
Senior Debt 145 | Multifamily | 51,000 | 1 month SOFR + 3.75% | 8.55% | 64.6% | ||||||||||||
Senior Debt 146 | Multifamily | 14,635 | 1 month SOFR + 4.25% | 9.05% | 68.1% | ||||||||||||
Senior Debt 147 | Hospitality | 28,300 | 1 month SOFR + 5.25% | 10.05% | 54.9% | ||||||||||||
Senior Debt 148 (4) | Hospitality | — | 1 month SOFR + 7.50% | 12.30% | 6.2% | ||||||||||||
Senior Debt 149 | Hospitality | 120,000 | 1 month SOFR + 4.90% | 9.70% | 53.6% | ||||||||||||
Senior Debt 150 | Hospitality | 16,915 | 5.99% | 5.99% | 52.9% | ||||||||||||
Mezzanine Loan 1 | Multifamily | 3,000 | 1 month SOFR + 9.23% | 14.03% | 62.2% | ||||||||||||
Mezzanine Loan 2 | Multifamily | 10,000 | 1 month SOFR + 16.29% | 21.09% | 86.2% | ||||||||||||
Mezzanine Loan 3 | Retail | 3,000 | 1 month SOFR + 12.00% | 16.80% | 46.6% | ||||||||||||
Mezzanine Loan 4 | Mixed Use | 1,000 | 1 month SOFR + 11.00% | 15.80% | 68.5% | ||||||||||||
Mezzanine Loan 5 (4) | Hospitality | — | 1 month SOFR + 10.00% | 14.80% | 6.2% | ||||||||||||
Mezzanine Loan 6 | Hospitality | 1,350 | 1 month SOFR + 9.25% | 14.05% | 64.6% | ||||||||||||
Mezzanine Loan 7 (4) | Multifamily | — | 1 month SOFR + 4.50% | 9.30% | 58.2% | ||||||||||||
$5,076,210 | 8.70% | 66.1% |
Loan Type | Property Type | Par Value | Interest Rate | Effective Yield | Loan to Value (1) | |||||||||||||||||||||||||||
TRS Senior Debt 1 | Retail | $ | 12,000 | 7.05% | 7.05% | 43.48% | ||||||||||||||||||||||||||
TRS Senior Debt 2 | Office | 3,625 | 6.35% | 6.35% | 51.42% | |||||||||||||||||||||||||||
$ | 15,625 | 6.89% | 45.32% |
Loan Type | Property Type | Par Value | Interest Rate | Effective Yield | Loan to Value (1) |
TRS Senior 1 | Mixed Use | $14,150 | 4.41% | 4.4% | 53.4% |
TRS Senior 2 | Retail | 28,000 | 4.34% | 4.3% | 69.5% |
TRS Senior 3 | Multifamily | 7,200 | 4.87% | 4.9% | 49.7% |
TRS Senior 4 | Industrial | 11,600 | 4.21% | 4.2% | 55.8% |
60,950 | n/m | 60.8% | |||
(1) Loan to value percentage is from metrics at origination. | |||||
n/m - not meaningful. | |||||
Type | Property Type | Carrying Value | ||||||||||||
Real Estate Owned 1 | Industrial | $ | 87,170 | |||||||||||
Real Estate Owned 2 | Retail | 61,454 | ||||||||||||
$ | 148,624 |
Type | Property Type | Carrying Value | ||||||||||||
Real Estate Owned, held for sale | Various | $ | 35,158 |
Type | Carrying Amount | Average Yield (1) | ||||||||||||
Agency Securities: | ||||||||||||||
Fannie Mae/Freddie Mac ARMs | $ | 133,705 | 2.71 | % | ||||||||||
Type | Par Value | Interest Rate | Effective Yield | |||||||||||||||||
CRE CLO bond 1 | $ | 40,000 | 1 month SOFR + 2.78% | 7.5% | ||||||||||||||||
CRE CLO bond 2 | 25,000 | 1 month SOFR + 3.23% | 7.9% | |||||||||||||||||
CRE CLO bond 3 | 28,340 | 1 month SOFR + 2.90% | 7.6% | |||||||||||||||||
CRE CLO bond 4 | 5,885 | 1 month SOFR + 2.83% | 7.5% | |||||||||||||||||
CRE CLO bond 5 | 14,382 | 1 month SOFR + 3.48% | 8.1% | |||||||||||||||||
$ | 113,607 |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Average Carrying Value (1) | Interest Income/Expense (2) | WA Yield/Financing Cost (3)(4) | Average Carrying Value (1) | Interest Income/Expense (2) | WA Yield/Financing Cost (3)(4) | |||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Real estate debt | $ | 5,127,298 | $ | 126,646 | 9.8% | $ | 4,361,119 | $ | 55,687 | 5.1% | ||||||||||||||||||||||||||||
Real estate conduit | 15,625 | 322 | 8.2% | 92,071 | 686 | 3.0% | ||||||||||||||||||||||||||||||||
Real estate securities | 280,233 | 3,568 | 5.1% | 3,199,826 | 18,885 | 2.4% | ||||||||||||||||||||||||||||||||
Total | $ | 5,423,156 | $ | 130,536 | 9.6% | $ | 7,653,016 | $ | 75,258 | 3.9% | ||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Repurchase Agreements - commercial mortgage loans | $ | 671,580 | $ | 14,533 | 8.7% | $ | 813,144 | $ | 7,605 | 3.7% | ||||||||||||||||||||||||||||
Other financing and loan participation - commercial mortgage loans | 72,160 | 1,440 | 8.0% | 38,344 | 376 | 3.9% | ||||||||||||||||||||||||||||||||
Repurchase Agreements - real estate securities | 274,935 | 3,446 | 5.0% | 3,100,157 | 1,391 | 0.2% | ||||||||||||||||||||||||||||||||
Collateralized loan obligations | 3,110,153 | 49,537 | 6.4% | 2,513,330 | 11,774 | 1.9% | ||||||||||||||||||||||||||||||||
Unsecured debt | 98,708 | 2,119 | 8.6% | 105,829 | 1,334 | 5.0% | ||||||||||||||||||||||||||||||||
Total | $ | 4,227,536 | $ | 71,075 | 6.7% | $ | 6,570,804 | $ | 22,480 | 1.4% | ||||||||||||||||||||||||||||
Net interest income/spread | $ | 59,461 | 2.9% | $ | 52,778 | 2.5% | ||||||||||||||||||||||||||||||||
Average leverage % (5) | 78.0 | % | 85.9 | % | ||||||||||||||||||||||||||||||||||
Weighted average levered yield (6) | 19.9 | % | 19.5 | % |
Three Months Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Asset management and subordinated performance fee | $ | 8,085 | $ | 6,745 | ||||||||||
Administrative services expenses | 4,029 | 3,353 | ||||||||||||
Acquisition expenses | 378 | 315 | ||||||||||||
Professional fees | 4,814 | 6,159 | ||||||||||||
Share-based compensation expense | 1,022 | 500 | ||||||||||||
Depreciation and amortization | 1,805 | 1,295 | ||||||||||||
Other expenses | 2,166 | 1,762 | ||||||||||||
Total expenses from operations | $ | 22,299 | $ | 20,129 |
Three Months Ended September 30, | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
Average Carrying Value(1) | Interest Income / Expense(2) | WA Yield / Financing Cost(3)(4) | Average Carrying Value(1) | Interest Income / Expense(2) | WA Yield / Financing Cost(3)(4) | |||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Real estate debt | $ | 1,272,914 | $ | 21,919 | 6.9 | % | $ | 1,127,464 | $ | 18,682 | 6.6 | % | ||||||||||
Real estate securities | 12,749 | 276 | 8.7 | % | 122,264 | 1,568 | 5.1 | % | ||||||||||||||
Total | $ | 1,285,663 | $ | 22,195 | 6.9 | % | $ | 1,249,728 | $ | 20,250 | 6.5 | % | ||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Repurchase agreements - commercial mortgage loans | $ | 237,017 | $ | 2,784 | 4.7 | % | $ | 253,860 | $ | 4,451 | 7.0 | % | ||||||||||
Other financing - commercial mortgage loans | 34,681 | 472 | 5.4 | % | — | — | — | % | ||||||||||||||
Repurchase agreements - real estate securities | 47,477 | 409 | 3.4 | % | 114,086 | 675 | 2.4 | % | ||||||||||||||
Collateralized loan obligations | 523,227 | 5,180 | 4.0 | % | 287,443 | 2,191 | 3.0 | % | ||||||||||||||
Total | $ | 842,402 | $ | 8,845 | 4.2 | % | $ | 655,389 | $ | 7,317 | 4.5 | % | ||||||||||
Net interest income/spread | $ | 13,350 | 2.7 | % | $ | 12,933 | 2.0 | % | ||||||||||||||
Average leverage %(5) | 65.5 | % | 52.4 | % | ||||||||||||||||||
Weighted average levered yield(6) | 8.7 | % | 7.5 | % |
Three Months Ended | ||||||||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Average Carrying Value (1) | Interest Income/Expense (2) | WA Yield/Financing Cost (3)(4) | Average Carrying Value (1) | Interest Income/Expense (2) | WA Yield/Financing Cost (3)(4) | |||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Real estate debt | $ | 5,127,298 | $ | 126,646 | 9.8% | $ | 5,261,204 | $ | 110,961 | 8.4% | ||||||||||||||||||||||||||||
Real estate conduit | 15,625 | 322 | 8.2% | 46,858 | 2,363 | 20.2% | ||||||||||||||||||||||||||||||||
Real estate securities | 280,233 | 3,568 | 5.1% | 407,699 | 4,779 | 4.7% | ||||||||||||||||||||||||||||||||
Total | $ | 5,423,156 | $ | 130,536 | 9.6% | $ | 5,715,761 | $ | 118,103 | 8.3% | ||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Repurchase Agreements - commercial mortgage loans | $ | 671,580 | $ | 14,533 | 8.7% | $ | 729,330 | $ | 14,120 | 7.7% | ||||||||||||||||||||||||||||
Other financing and loan participation - commercial mortgage loans | 72,160 | 1,440 | 8.0% | 59,508 | 310 | 2.1% | ||||||||||||||||||||||||||||||||
Repurchase Agreements - real estate securities | 274,935 | 3,446 | 5.0% | 394,491 | 4,350 | 4.4% | ||||||||||||||||||||||||||||||||
Collateralized loan obligations | 3,110,153 | 49,537 | 6.4% | 3,180,163 | 43,485 | 5.5% | ||||||||||||||||||||||||||||||||
Unsecured debt | 98,708 | 2,119 | 8.6% | 98,683 | 1,999 | 8.1% | ||||||||||||||||||||||||||||||||
Total | $ | 4,227,536 | $ | 71,075 | 6.7% | $ | 4,462,175 | $ | 64,264 | 5.8% | ||||||||||||||||||||||||||||
Net interest income/spread | $ | 59,461 | 2.9% | $ | 53,839 | 2.5% | ||||||||||||||||||||||||||||||||
Average leverage % (5) | 78.0 | % | 78.1 | % | ||||||||||||||||||||||||||||||||||
Weighted average levered yield (6) | 19.9 | % | 17.2 | % |
Three Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Asset management and subordinated performance fee | $ | 2,299 | $ | 1,066 | ||||
Acquisition fees and acquisition expenses | 1,685 | 255 | ||||||
Professional fees | 1,348 | 2,154 | ||||||
Administrative services expenses | 1,480 | 2,480 | ||||||
Other expenses | 1,411 | 686 | ||||||
Total expenses | $ | 8,223 | $ | 6,641 |
Three Months Ended | ||||||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||
Asset management and subordinated performance fee | $ | 8,085 | $ | 6,381 | ||||||||||
Administrative services expenses | 4,029 | 3,526 | ||||||||||||
Acquisition expenses | 378 | 364 | ||||||||||||
Professional fees | 4,814 | 4,278 | ||||||||||||
Share-based compensation expense | 1,022 | 669 | ||||||||||||
Depreciation and amortization | 1,805 | 1,522 | ||||||||||||
Other expenses | 2,166 | 1,723 | ||||||||||||
Total expenses from operations | $ | 22,299 | $ | 18,463 |
Nine Months Ended September 30, | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
Average Carrying Value(1) | Interest Income / Expense(2) | WA Yield / Financing Cost(3)(4) | Average Carrying Value(1) | Interest Income / Expense(2) | WA Yield / Financing Cost(3)(4) | |||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Real estate debt | $ | 1,157,015 | $ | 60,566 | 7.0 | % | $ | 1,133,211 | $ | 55,973 | 6.6 | % | ||||||||||
Real estate securities | 25,424 | 1,351 | 7.1 | % | 128,474 | 4,790 | 5.0 | % | ||||||||||||||
Total | $ | 1,182,439 | $ | 61,917 | 7.0 | % | $ | 1,261,685 | $ | 60,763 | 6.4 | % | ||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Repurchase agreements - commercial mortgage loans | $ | 301,665 | $ | 10,511 | 4.6 | % | $ | 248,436 | $ | 9,019 | 4.8 | % | ||||||||||
Other financing - commercial mortgage loans | 17,555 | 712 | 5.4 | % | — | — | n/a | |||||||||||||||
Repurchase agreements - real estate securities | 54,928 | 1,254 | 3.0 | % | 119,054 | 2,035 | 2.3 | % | ||||||||||||||
Collateralized loan obligations | 335,683 | 9,513 | 3.8 | % | 287,351 | 6,424 | 3.0 | % | ||||||||||||||
Total | $ | 709,831 | $ | 21,990 | 4.1 | % | $ | 654,841 | $ | 17,478 | 3.6 | % | ||||||||||
Net interest income/spread | $ | 39,927 | 2.9 | % | $ | 43,285 | 2.8 | % | ||||||||||||||
Average leverage %(5) | 60.0 | % | 51.9 | % | ||||||||||||||||||
Weighted average levered yield(6) | 8.7 | % | 7.9 | % |
Nine Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Asset management and subordinated performance fee | $ | 6,952 | $ | 7,091 | ||||
Acquisition fees and acquisition expenses | 4,175 | 635 | ||||||
Professional fees | 3,320 | 4,226 | ||||||
Administrative services expenses | 3,285 | 3,835 | ||||||
Other expenses | 2,773 | 2,092 | ||||||
Total expenses from operations | $ | 20,505 | $ | 17,879 |
CLO Name | Debt Amount | Reinvestment End Date | ||||||||||||
BSPRT 2019 FL5 | $141 million | Ended | ||||||||||||
BSPRT 2021 FL6 | $585 million | 9/15/23 | ||||||||||||
BSPRT 2021 FL7 | $722 million | 12/15/23 | ||||||||||||
BSPRT 2022 FL8 | $960 million | 2/15/24 | ||||||||||||
BSPRT 2022 FL9 | $671 million | 7/15/24 |
As of March 31, 2023 | ||||||||||||||||||||||||||||||||
Repurchase Facility | Committed Financing | Amount Outstanding | Interest Expense (1) | Ending Weighted Average Interest Rate | Term Maturity | |||||||||||||||||||||||||||
JPM Repo Facility (2) | $ | 500,000 | $ | 261,741 | $ | 5,608 | 7.95 | % | 10/6/2024 | |||||||||||||||||||||||
Atlas Repo Facility (3) | 600,000 | 71,896 | 2,115 | 7.42 | % | 3/15/2024 | ||||||||||||||||||||||||||
WF Repo Facility (4) | 500,000 | 100,846 | 2,239 | 7.68 | % | 11/21/2023 | ||||||||||||||||||||||||||
Barclays Revolver Facility (5) | 250,000 | — | 215 | N/A | 9/20/2023 | |||||||||||||||||||||||||||
Barclays Repo Facility (6) | 500,000 | 169,938 | 3,528 | 7.23 | % | 3/14/2025 | ||||||||||||||||||||||||||
Total | $ | 2,350,000 | $ | 604,421 | $ | 13,705 |
As of December 31, 2022 | |||||||||||||||||||||||||||||
Repurchase Facility | Committed Financing | Amount Outstanding | Interest Expense(1) | Ending Weighted Average Interest Rate | Term Maturity | ||||||||||||||||||||||||
JPM Repo Facility | $ | 500,000 | $ | 275,423 | $ | 11,773 | 7.42 | % | 10/6/2024 | ||||||||||||||||||||
Credit Suisse Repo Facility | 600,000 | 168,046 | 8,676 | 7.12 | % | 10/31/2023 | |||||||||||||||||||||||
WF Repo Facility | 500,000 | 79,807 | 7,492 | 7.11 | % | 11/21/2023 | |||||||||||||||||||||||
Barclays Revolver Facility | 250,000 | — | 1,267 | N/A | 9/20/2023 | ||||||||||||||||||||||||
Barclays Repo Facility | 500,000 | 157,583 | 8,997 | 6.75 | % | 3/14/2025 | |||||||||||||||||||||||
Total | $ | 2,350,000 | $ | 680,859 | $ | 38,205 |
As of March 31, 2023 | As of December 31, 2022 | |||||||||||||||||||||||||
Borrowings Outstanding | Weighted Average Rate | Borrowings Outstanding | Weighted Average Rate | |||||||||||||||||||||||
Junior subordinated notes maturing in: | ||||||||||||||||||||||||||
October 2035 ($17,500 face amount) | $ | 17,018 | 8.88 | % | $ | 34,508 | 8.25 | % | ||||||||||||||||||
December 2035 ($40,000 face amount) | 39,522 | 8.48 | % | 39,513 | 8.39 | % | ||||||||||||||||||||
September 2036 ($25,000 face amount) | 24,680 | 8.48 | % | 24,674 | 8.39 | % | ||||||||||||||||||||
$ | 81,220 | 8.56 | % | $ | 98,695 | 8.34 | % |
Amount | Weighted Average | ||||||||||||||||
Counterparty | Outstanding | Accrued Interest | Collateral Pledged (*) | Interest Rate | Days to Maturity | ||||||||||||
As of September 30, 2017 | |||||||||||||||||
J.P. Morgan Securities LLC | $ | 39,035 | $ | 74 | $ | 55,764 | 2.97 | % | 6 | ||||||||
Total/Weighted Average | $ | 39,035 | $ | 74 | $ | 55,764 | 2.97 | % | 6 | ||||||||
As of December 31, 2016 | |||||||||||||||||
J.P. Morgan Securities LLC | $ | 59,122 | $ | 96 | $ | 92,658 | 2.55 | % | 6 | ||||||||
Citigroup Global Markets, Inc. | 3,879 | 1 | 4,850 | 2.11 | % | 26 | |||||||||||
Wells Fargo Securities, LLC | 3,638 | 4 | 4,850 | 2.05 | % | 13 | |||||||||||
Total/Weighted Average | $ | 66,639 | $ | 101 | $ | 102,358 | 2.50 | % | 8 |
Weighted Average | |||||||||||||||||||||||||||||
Counterparty | Amount Outstanding | Interest Expense | Collateral Pledged (1) | Interest Rate | Days to Maturity | ||||||||||||||||||||||||
As of March 31, 2023 | |||||||||||||||||||||||||||||
JP Morgan Securities LLC | $ | 62,980 | $ | 1,091 | $ | 69,985 | 5.80 | % | 17 | ||||||||||||||||||||
Barclays Capital Inc. | 44,954 | 622 | 56,819 | 5.84 | % | 13 | |||||||||||||||||||||||
Total/Weighted Average | $ | 107,934 | $ | 1,713 | $ | 126,804 | 5.82 | % | 15 | ||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||
JP Morgan Securities LLC | $ | 103,513 | $ | 1,281 | $ | 120,751 | 5.34 | % | 22 | ||||||||||||||||||||
Barclays Capital Inc. | 119,351 | 1,646 | 144,778 | 5.18 | % | 50 | |||||||||||||||||||||||
Total/Weighted Average | $ | 222,864 | $ | 2,927 | $ | 265,529 | 5.25 | % | 37 |
Amount Outstanding | Accrued Interest Receivable | Collateral Carrying Amount | Weighted Average Borrowing Rates | |||||||||||||||||||||||
As of March 31, 2023 | ||||||||||||||||||||||||||
Repurchase arrangements secured by Agency securities with maturities of 30 days or less | $ | 121,000 | $ | 371 | $ | 126,749 | 4.81 | % | ||||||||||||||||||
As of December 31, 2022 | ||||||||||||||||||||||||||
Repurchase arrangements secured by Agency securities with maturities of 30 days or less | $ | 172,144 | $ | 544 | $ | 180,400 | 4.25 | % | ||||||||||||||||||
Repurchase arrangements secured by Agency securities with maturities of 31 to 90 days | 45,000 | 114 | 47,210 | 4.51 | % | |||||||||||||||||||||
$ | 217,144 | $ | 658 | $ | 227,610 | 4.30 | % |
As of March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount Outstanding | Average Outstanding Balance | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Q1 | Q1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase Agreements, Commercial Mortgage Loans | $ | 604,421 | $ | 725,300 | |||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase Agreements, Real Estate Securities | $ | 107,934 | $ | 217,389 | |||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase Agreements, Real Estate Securities held as trading | $ | 121,000 | $ | 149,387 | |||||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount Outstanding | Average Outstanding Balance | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Q1 | Q1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase Agreements, Commercial Mortgage Loans | $ | 522,890 | $ | 813,144 | |||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase Agreements, Real Estate Securities | $ | 54,610 | $ | 44,744 | |||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase Agreements, Real Estate Securities held as trading | 1,659,931 | 3,055,413 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, 2023 | ||||||||||||||
Payment Date | Amount Paid in Cash | Amount Issued under DRIP | ||||||||||||
January 10, 2023 | $ | 29,462 | $ | — | ||||||||||
Nine Months Ended September 30, 2017 Payment Date | Amount Paid in Cash | Amount Issued under DRIP | ||||||||
January 3, 2017 | $ | 3,575 | $ | 2,007 | ||||||
February 1, 2017 | 3,560 | 1,957 | ||||||||
March 1, 2017 | 3,231 | 1,770 | ||||||||
April 1, 2017 | 3,621 | 1,926 | ||||||||
May 1, 2017 | 3,536 | 1,846 | ||||||||
June 1, 2017 | 3,692 | 1,887 | ||||||||
July 3, 2017 | 3,607 | 1,809 | ||||||||
August 1, 2017 | 3,755 | 1,854 | ||||||||
September 1, 2017 | 2,751 | 1,293 | ||||||||
Total | $ | 31,328 | $ | 16,349 |
Three Months Ended March 31, 2022 | ||||||||||||||
Payment Date | Amount Paid in Cash | Amount Issued under DRIP | ||||||||||||
January 7, 2022 | $ | 12,435 | $ | 91 | ||||||||||
Nine Months Ended September 30, 2016 Payment Date | Amount Paid in Cash | Amount Issued under DRIP | ||||||||
January 4, 2016 | $ | 3,225 | $ | 2,324 | ||||||
February 2, 2016 | 3,337 | 2,159 | ||||||||
March 2, 2016 | 3,057 | 2,099 | ||||||||
April 1, 2016 | 3,342 | 2,188 | ||||||||
May 2, 2016 | 3,296 | 2,068 | ||||||||
June 1, 2016 | 3,446 | 2,112 | ||||||||
July 1, 2016 | 3,361 | 2,034 | ||||||||
August 3, 2016 | 3,423 | 2,070 | ||||||||
September 1, 2016 | 3,465 | 2,045 | ||||||||
Total | $ | 29,952 | $ | 19,099 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||
Cash distributions paid | $ | 10,113 | $ | 10,249 | $ | 31,328 | $ | 29,952 | ||||||||||||||||||||
Distributions reinvested | 4,956 | 6,149 | 16,349 | 19,099 | ||||||||||||||||||||||||
Total distributions | $ | 15,069 | $ | 16,398 | $ | 47,677 | $ | 49,051 | ||||||||||||||||||||
Source of distribution coverage: | ||||||||||||||||||||||||||||
Cash flows provided by operations | $ | 4,324 | 28.7 | % | $ | 8,349 | 50.9 | % | $ | 20,394 | 42.8 | % | $ | 27,553 | 56.2 | % | ||||||||||||
Available cash on hand | 5,789 | 38.4 | % | 1,900 | 11.6 | % | 10,934 | 22.9 | % | 2,399 | 4.9 | % | ||||||||||||||||
Common stock issued under DRIP | 4,956 | 32.9 | % | 6,149 | 37.5 | % | 16,349 | 34.3 | % | 19,099 | 38.9 | % | ||||||||||||||||
Total sources of distributions | $ | 15,069 | 100.0 | % | $ | 16,398 | 100.0 | % | $ | 47,677 | 100.0 | % | $ | 49,051 | 100.0 | % | ||||||||||||
Cash flows provided by operations (GAAP) | $ | 4,324 | $ | 8,349 | $ | 20,394 | $ | 27,553 | ||||||||||||||||||||
Net income (GAAP) | $ | 6,975 | $ | 5,373 | $ | 19,305 | $ | 23,653 |
For the Period from November 15, 2012 (date of inception) to September 30, 2017 | ||||
Distributions paid: | ||||
Common stockholders in cash | $ | 106,406 | ||
Common stockholders pursuant to DRIP / offering proceeds | 66,773 | |||
Total distributions paid | $ | 173,179 | ||
Reconciliation of net income: | ||||
Net interest income | $ | 157,300 | ||
Realized loss on sale of real estate securities | (1,734 | ) | ||
Realized loss on loans held for sale | (1,475 | ) | ||
Acquisition fees | (17,283 | ) | ||
Other operating expenses | (56,522 | ) | ||
Net income | 80,286 | |||
Cash flows provided by operations | $ | 84,312 |
Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | Total | |||||||||||||||||||||||||
Unfunded loan commitments (1) | $ | 45,889 | $ | 435,917 | $ | 9,452 | $ | — | $ | 491,258 | |||||||||||||||||||
Repurchase agreements - commercial mortgage loans | 100,846 | 503,575 | — | — | 604,421 | ||||||||||||||||||||||||
Repurchase agreements - real estate securities | 234,683 | — | — | — | 234,683 | ||||||||||||||||||||||||
CLOs (2) | — | — | — | 3,078,294 | 3,078,294 | ||||||||||||||||||||||||
Mortgage Note Payable | — | — | — | 23.998 | 23.998 | ||||||||||||||||||||||||
Unsecured debt | — | — | — | 81,220 | 81,220 | ||||||||||||||||||||||||
Other financing and loan participation - commercial mortgage loans | 58,692 | — | 20,429 | — | 79,121 | ||||||||||||||||||||||||
Total | $ | 440,110 | $ | 939,492 | $ | 29,881 | $ | 3,159,538 | $ | 4,569,021 |
Three Months Ended September 30, | Nine Months Ended September 30, | Payable as of | |||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | September 30, 2017 | December 31, 2016 | ||||||||||||||||||
Total compensation and reimbursement for services provided by the Former Advisor, its affiliates, entities under common control with the Former Advisor and the Former Dealer Manager | — | — | — | — | 480 | 480 | |||||||||||||||||
Acquisition fees and expenses(1) | 3,014 | 255 | 8,968 | 635 | 212 | — | |||||||||||||||||
Administrative services expenses | 1,480 | 2,480 | 3,285 | 3,835 | 1,480 | 1,000 | |||||||||||||||||
Advisory and investment banking fee | — | — | — | 6 | — | — | |||||||||||||||||
Asset management and subordinated performance fee | 2,299 | 1,066 | 6,952 | 7,091 | 2,299 | 2,439 | |||||||||||||||||
Other related party expenses | 87 | 6 | 183 | 56 | 112 | 145 | |||||||||||||||||
Total | $ | 6,880 | $ | 3,807 | $ | 19,388 | $ | 11,623 | $ | 4,583 | $ | 4,064 |
Three Months Ended March 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
GAAP Net Income (Loss) | $ | 43,839 | $ | (22,507) | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
CLO amortization acceleration (1) | (1,468) | (977) | |||||||||||||||||||||
Unrealized (gain)/loss on financial instruments (2) | 1,312 | 5,898 | |||||||||||||||||||||
Unrealized (gain)/loss - ARMs | (734) | 27,462 | |||||||||||||||||||||
Subordinate performance fee | (594) | — | |||||||||||||||||||||
Non-Cash Compensation Expense | 1,022 | — | |||||||||||||||||||||
Depreciation and amortization | 1,805 | 1,295 | |||||||||||||||||||||
Increase/(decrease) in provision for credit losses | 4,360 | (955) | |||||||||||||||||||||
Loan workout charges (3) | — | 1,900 | |||||||||||||||||||||
Realized gain on debt extinguishment | (4,767) | — | |||||||||||||||||||||
Realized trading and derivatives (gain)/loss on ARMs | (2,234) | 28,029 | |||||||||||||||||||||
Run Rate Distributable Earnings (4) | $ | 42,541 | $ | 40,145 | |||||||||||||||||||
Realized trading and derivatives gain/(loss) on ARMs | 2,234 | (28,029) | |||||||||||||||||||||
Distributable Earnings | $ | 44,775 | $ | 12,116 | |||||||||||||||||||
7.5% Cumulative Redeemable Preferred Stock, Series E Dividend | 4,842 | 4,842 | |||||||||||||||||||||
Noncontrolling interests in joint ventures net income/(loss) | 9 | — | |||||||||||||||||||||
Depreciation and amortization attributed to noncontrolling interests of joint ventures | 360 | — | |||||||||||||||||||||
Distributable Earnings to Common | $ | 39,564 | $ | 7,274 | |||||||||||||||||||
Average Common Stock & Common Stock Equivalents | 1,422,565 | 1,519,569 | |||||||||||||||||||||
GAAP Net Income (Loss) ROE | 11.0% | (7.2)% | |||||||||||||||||||||
Run-Rate Distributable Earnings ROE | 10.5% | 9.3% | |||||||||||||||||||||
Distributable Earnings ROE | 11.1% | 1.9% | |||||||||||||||||||||
GAAP Net Income/(Loss) Per Share, Diluted | $ | 0.44 | $ | (0.99) | |||||||||||||||||||
GAAP Net Income/(Loss) Per Share, Fully Converted (5) | $ | 0.44 | $ | (0.30) | |||||||||||||||||||
Run-Rate Distributable Earnings Per Share, Fully Converted (5) | $ | 0.42 | $ | 0.39 | |||||||||||||||||||
Distributable Earnings Per Share, Fully Converted (5) | $ | 0.44 | $ | 0.08 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
Funds From Operations: | |||||||||||||||||
Net income (GAAP) | $ | 6,975 | $ | 5,373 | $ | 19,305 | $ | 23,653 | |||||||||
Funds from operations | $ | 6,975 | $ | 5,373 | $ | 19,305 | $ | 23,653 | |||||||||
Modified Funds From Operations: | |||||||||||||||||
Funds from operations | $ | 6,975 | $ | 5,373 | $ | 19,305 | $ | 23,653 | |||||||||
Accretion of premiums, discounts and fees on investments, net | (458 | ) | (619 | ) | (1,617 | ) | (1,761 | ) | |||||||||
Acquisition fees | 1,685 | 255 | 4,175 | 635 | |||||||||||||
Unrealized (gain) loss on commercial mortgage loans held-for-sale | 27 | — | (220 | ) | — | ||||||||||||
Loan loss (recovery)/provision | (641 | ) | (113 | ) | (222 | ) | 721 | ||||||||||
Unrealized (gains)/losses on derivatives | (583 | ) | — | (583 | ) | — | |||||||||||
Income tax (benefit)/expense | (291 | ) | — | (291 | ) | — | — | ||||||||||
Modified funds from operations | $ | 6,714 | $ | 4,896 | $ | 20,547 | $ | 23,248 |
Estimated Percentage Change in Interest Income Net of Interest Expense | Estimated Percentage Change in Interest Income Net of Interest Expense | |||||||||||||||||||
Change in Interest Rates | September 30, 2017 | December 31, 2016 | Change in Interest Rates | March 31, 2023 | December 31, 2022 | |||||||||||||||
(-) 25 Basis Points | (1.86 | )% | (1.94 | )% | (-) 25 Basis Points | (1.54) | % | (1.78) | % | |||||||||||
Base Interest Rate | — | % | — | % | Base Interest Rate | — | % | — | % | |||||||||||
(+) 50 Basis Points | 3.31 | % | 3.89 | % | (+) 50 Basis Points | 3.03 | % | 3.49 | % | |||||||||||
(+) 100 Basis Points | 6.75 | % | 7.78 | % | (+) 100 Basis Points | 6.06 | % | 6.98 | % |
Total number of shares purchased | Average price paid per share (2) | Total number of shares purchased as part of publicly announced plans or programs (1) | Approximate dollar value of shares that may yet be purchased under the plans or programs (1) | ||||||||||||||||||||
January 1, 2023 - January 31, 2023 | — | $ | — | — | $ | — | |||||||||||||||||
February 1, 2023 - February 28, 2023 | — | — | — | — | |||||||||||||||||||
March 1, 2023 - March 31, 2023 | 313,411 | 11.70 | 313,411 | 44,754,508 | |||||||||||||||||||
Total | 313,411 | $ | 11.70 | 313,411 | $ | 44,754,508 |
Exhibit No. | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
10.1*† | ||||||||
31.2* | ||||||||
32* | ||||||||
101* | ||||||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Franklin BSP Realty Trust, Inc. | |||||||||||
May 3, 2023 | |||||||||||
Name: Richard J. Byrne | |||||||||||
Title: Chief Executive Officer and President | |||||||||||
(Principal Executive Officer) | |||||||||||
By | /s/ Jerome S. Baglien | ||||||||||
Name: Jerome S. Baglien | |||||||||||
Title: Chief Financial Officer, Chief Operating Officer and Treasurer | |||||||||||
(Principal Financial | |||||||||||