{ "docId": "019de518-0415-7479-b310-04ebf4b1f01b", "docSlug": "41c0b59d61e742700a136866f7580577", "documentTitle": "Franklin BSP Realty Trust | Results Presentation Deck | 28 slides", "authorId": "franklin-bsp-realty-trust", "authorName": "Franklin BSP Realty Trust", "documentKindSlug": "deck", "documentKindLabel": "Deck", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-02-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 28, "pageCount": 28, "prevPage": 27, "nextPage": null, "slideType": "appendix_methodology", "function": "establish_context", "density": "overcrowded", "nDataPoints": 0, "notes": null, "elementsJson": null, "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019de518-0415-7479-b310-04ebf4b1f01b/28", "deckHref": "/decks/019de518-0415-7479-b310-04ebf4b1f01b", "deckJsonHref": "/decks/019de518-0415-7479-b310-04ebf4b1f01b.json", "deckAnchorHref": "/decks/019de518-0415-7479-b310-04ebf4b1f01b#slide-28", "components": [ { "bbox": { "h": 0.05, "w": 0.18, "x": 0.79, "y": 0.04 }, "kind": "image", "text": null, "attrs": null, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e6769f5f-3cc8-4afc-8a8e-848d3cc25b7c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.19, "w": 0.95, "x": 0.03, "y": 0.28 }, "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 Company 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 been 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 believes dividends are one of the principal reasons stockholders may invest in its common stock. Further, Distributable Earnings helps investors evaluate performance excluding the effects of certain transactions and GAAP adjustments that the Company does not believe are necessarily indicative of current loan portfolio performance and the Company's operations and is one of the performance metrics the Company's board of directors considers when dividends are declared. The Company believes Run-Rate Distributable Earnings is a 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 adjustable-rate mortgage securities acquired from Capstead Mortgage Corporation, which the Company has liquidated from its portfolio.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "92040cfc-c939-45fc-a484-981ed7695760", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.95, "x": 0.03, "y": 0.13 }, "kind": "paragraph", "text": "Distributable Earnings is a non-GAAP measure, which the Company defines as GAAP net income (loss), adjusted for (i) non-cash CLO amortization acceleration and amortization over the expected useful life of the Company's CLOs, (ii) unrealized gains and losses on loans, derivatives and ARMs, including CECL reserves and impairments, (iii) non-cash equity compensation expense, (iv) depreciation and amortization, (v) subordinated performance fee accruals/(reversal), (vi) loan workout charges, (vii) realized gains and losses on debt extinguishment and CLO calls, (viii) realized cash loss on a specific real estate owned (\"REO\") investment, (ix) impairments of acquisition assets related to the Capstead merger and (x) certain other non-cash items. Further, Run-Rate Distributable Earnings, a non-GAAP measure, presents Distributable Earnings before (i) trading and derivative gain/loss on ARMs and (ii) realized cash gain/loss adjustments on REO.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9c51eab1-708f-401b-a0ba-af31ae529798", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.95, "x": 0.03, "y": 0.45 }, "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 methodology for calculating Distributable Earnings and Run-Rate Distributable Earnings may differ from the methodologies employed by other companies and thus may not be comparable to the Distributable Earnings reported by other companies.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b08aa84c-3d2a-4d2d-afc6-83752392e0d0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.02, "x": 0.95, "y": 0.95 }, "kind": "source-note", "text": "28", "attrs": { "numbered": true }, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "365d8b66-670f-4e60-be49-00fea215ff64", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.22, "x": 0.03, "y": 0.04 }, "kind": "title", "text": "Definitions", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "50988885-9687-466a-b0ba-f62f4aef6f90", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 28, "from": 11, "beatId": "3ce089a6-457a-49c5-8cdb-b3240581edf2", "arcName": "Monroe's Motivated Sequence", "arcSlug": "monroes-sequence", "beatName": "Action", "beatSlug": "monroes-sequence-action", "evidence": "The deck concludes with portfolio details, appendix data, and methodology", "position": 3, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }