{ "docId": "019de516-eca0-77ce-879c-a7404e4c1e7a", "docSlug": "4af50355b4c59bf70f5f8f84a380173d", "documentTitle": "Franklin BSP Realty Trust | Results Presentation Deck | 28 slides", "authorId": "franklin-bsp-realty-trust", "authorName": "Franklin BSP Realty Trust", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2023-10-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 28, "pageCount": 28, "prevPage": 27, "nextPage": null, "slideType": "disclaimer", "function": "establish_context", "density": "dense", "nDataPoints": 0, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de516-eca0-77ce-879c-a7404e4c1e7a/28", "deckHref": "/decks/019de516-eca0-77ce-879c-a7404e4c1e7a", "deckJsonHref": "/decks/019de516-eca0-77ce-879c-a7404e4c1e7a.json", "deckAnchorHref": "/decks/019de516-eca0-77ce-879c-a7404e4c1e7a#slide-28", "components": [ { "bbox": { "h": 0.195, "w": 0.94917, "x": 0.025, "y": 0.1325 }, "kind": "paragraph", "text": "Distributable Earnings and Run-Rate Distributable Earnings\nDistributable Earnings is a non-GAAP measure, which the Company defines as GAAP net income (loss), adjusted for (i) non-cash CLO amortization acceleration and amortization\nover the expected useful life of the Company's CLOs, (ii) unrealized gains and losses on loans, derivatives and residential adjustable-rate mortgage pass-through securities (\"ARM\nAgency Securities\" or \"ARMS\"), including CECL reserves and impairments, (iii) non-cash equity compensation expense, (iv) depreciation and amortization, (v) subordinated\nperformance fee accruals/(reversal), (vi) loan workout charges, (vii) realized gains and losses on debt extinguishment, (viii) certain other non-cash items, and (ix) impairments of\nacquisition assets related to the Capstead merger. Further, Run-Rate Distributable Earnings, a non-GAAP measure, presents Distributable Earnings before trading and derivative\ngain/loss on ARMS.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "56b184f6-016f-4395-980a-13ae16588c26", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05833, "w": 0.94917, "x": 0.025, "y": 0.455 }, "kind": "paragraph", "text": "Distributable Earnings and Run-Rate Distributable Earnings do not represent net income (loss) and should not be considered as an alternative to GAAP net income (loss). The\nmethodology for calculating Distributable Earnings and Run-Rate Distributable Earnings may differ from the methodologies employed by other companies and thus may not be\ncomparable to the Distributable Earnings reported by other companies.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c7835311-f737-4f1d-9f94-8c517db670bb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.195, "w": 0.94917, "x": 0.025, "y": 0.28333 }, "kind": "paragraph", "text": "The Company believes that Distributable Earnings and Run-Rate Distributable Earnings provide meaningful information to consider in addition to the disclosed GAAP results. The\nCompany believes Distributable Earnings is a useful financial metric for existing and potential future holders of its common stock as historically, over time, Distributable Earnings has\nbeen an indicator of dividends per share. As a REIT, the Company generally must distribute annually at least 90% of its taxable income, subject to certain adjustments, and therefore\nbelieves dividends are one of the principal reasons stockholders may invest in its common stock. Further, Distributable Earnings helps investors evaluate performance excluding the\neffects of certain transactions and GAAP adjustments that the Company does not believe are necessarily indicative of current loan portfolio performance and the Company's\noperations and is one of the performance metrics the Company's board of directors considers when dividends are declared. The Company believes Run-Rate Distributable Earnings is\na useful financial metric because it presents the Distributable Earnings of its core businesses, net of the impacts of the realized trading and derivative gain/loss on the residential\nadjustable-rate mortgage securities acquired from Capstead Mortgage Corporation, which the Company has liquidated from its portfolio.", "attrs": {}, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e5c7c2a9-91f2-4123-b4d7-a3c9002eebb3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01667, "w": 0.025, "x": 0.95333, "y": 0.95 }, "kind": "source-note", "text": "28", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c6c1e42b-718d-43c4-a1a7-c86b052ad509", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04333, "w": 0.29917, "x": 0.03083, "y": 0.04083 }, "kind": "title", "text": "Definitions", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3d1b05b5-f06a-4c66-b27f-026f91b0a172", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 28, "from": 16, "beatId": "7da9f280-9b47-42ab-9b24-97b150b3af12", "arcName": "The Sparkline", "arcSlug": "sparkline", "beatName": "Appendix", "beatSlug": null, "evidence": "The document includes a detailed appendix with additional data and information.", "position": 3, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }