(Mark One)
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x
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Maryland
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46-1406086
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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9 West 57th Street, Suite 4920, New York, NY
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10019
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(Address of principal executive offices)
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(Zip Code)
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(212) 588-6770
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(Registrant's telephone number, including area code)
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Securities registered pursuant to section 12(b) of the Act
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Title of Each Class
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Trading Symbols
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Name of exchange on which registered
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None
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Securities registered pursuant to section 12(g) of the Act:
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Common stock, $0.01 par value per share
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(Title of Class)
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Large accelerated filer ¨
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Accelerated filer ¨
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Non-accelerated filer x
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Smaller reporting company ¨
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Emerging growth company ¨
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Page
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•
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our business and investment strategy;
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•
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our ability to make investments in a timely manner or on acceptable terms;
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current credit market conditions and our ability to obtain long-term financing for our investments in a timely manner and on terms that are consistent with what we project when we invest;
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the effect of general market, real estate market, economic and political conditions;
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our ability to make scheduled payments on our debt obligations;
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our ability to generate sufficient cash flows to make distributions to our stockholders;
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our ability to generate sufficient debt and equity capital to fund additional investments;
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our ability to refinance our existing financing arrangements;
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the degree and nature of our competition;
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the availability of qualified personnel;
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we may be deemed to be an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and thus subject to regulation under the Investment Company Act; and
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our ability to maintain our qualification as a real estate investment trust ("REIT").
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to pay attractive and stable cash distributions to stockholders; and
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to preserve and return stockholders’ invested capital.
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•
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result in misstated financial reports, violations of loan covenants, missed reporting deadlines and/or missed permitting deadlines;
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•
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affect our ability to properly monitor our compliance with the rules and regulations regarding our qualification as a REIT;
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•
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result in the unauthorized access to, and destruction, loss, theft, misappropriation or release of, proprietary, confidential, sensitive or otherwise valuable information, which others could use to compete against us or for disruptive, destructive or otherwise harmful purposes and outcomes;
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require significant management attention and resources to remedy any damages that result;
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subject us to claims for breach of contract, damages, credits, penalties or termination of leases or other agreements; or
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•
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adversely impact our reputation among our borrowers and investors generally.
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any person who beneficially owns, directly or indirectly, 10% or more of the voting power of the corporation’s outstanding voting stock; or
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an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding stock of the corporation.
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80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and
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•
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two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.
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•
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limitations on capital structure;
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•
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restrictions on specified investments;
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•
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prohibitions on transactions with affiliates; and
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•
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compliance with reporting, record keeping, voting, proxy disclosure and other rules and regulations that would significantly change our operations.
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natural disasters, such as hurricanes, earthquakes and floods;
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acts of war or terrorism, including the consequences of terrorist attacks;
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adverse changes in national and local economic and real estate conditions;
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adverse changes in economic and market conditions related to pandemics and health crises, such as the recent outbreak of novel coronavirus (COVID-19);
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an oversupply of (or a reduction in demand for) space in the areas where particular properties securing our loans are located and the attractiveness of particular properties to prospective tenants;
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changes in interest rates and availability of permanent mortgage funds that my render the sale of property difficult or unattractive;
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changes in governmental laws and regulations, fiscal policies and zoning ordinances and the related costs of compliance therewith and the potential for liability under applicable laws;
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•
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costs of remediation and liabilities associated with environmental conditions affecting properties; and
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•
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the potential for uninsured or underinsured property losses; and
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periods of high interest rates and tight money supply.
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macroeconomic and local economic conditions;
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tenant mix;
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success of tenant businesses;
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property management decisions;
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property location and condition;
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property operating costs, including insurance premiums, real estate taxes and maintenance costs;
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competition from comparable types of properties;
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•
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effects on a particular industry applicable to the property, such as hotel vacancy rates;
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changes in governmental rules, regulations and fiscal policies, including environmental legislation;
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changes in laws that increase operating expenses or limit rents that may be charged;
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increases in costs associated with renovation and/or construction;
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any need to address environmental contamination at the property;
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the occurrence of any uninsured casualty at the property;
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changes in national, regional or local economic conditions and/or specific industry segments;
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declines in regional or local real estate values;
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branding, marketing and operational strategies;
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declines in regional or local rental or occupancy rates;
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•
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increases in interest rates;
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•
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real estate tax rates and other operating expenses;
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•
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acts of God;
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•
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adverse changes in market conditions, including those related to pandemics and health crises;
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•
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social unrest and civil disturbances; and
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•
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terrorism.
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interest rate hedging can be expensive, particularly during periods of rising and volatile interest rates;
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available interest rate hedging may not correspond directly with the interest rate risk for which protection is sought;
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the duration of the hedge may not match the duration of the related liability or asset;
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our hedging opportunities may be limited by the treatment of income from hedging transactions under the rules determining REIT qualification;
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the credit quality of the party owing money on the hedge may be downgraded to such an extent that it impairs our ability to sell or assign our side of the hedging transaction;
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•
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the party owing money in the hedging transaction may default on its obligation to pay; and
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we may purchase a hedge that turns out not to be necessary.
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In order to qualify as a REIT, we must distribute annually at least 90% of our "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to our stockholders. To the extent that we satisfy the distribution requirement but distribute less than 100% of our REIT taxable income, we will be subject to U.S. federal corporate income tax on our undistributed income.
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We will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions we pay in any calendar year are less than the sum of 85% of our ordinary income, 95% of our capital gain net income and 100% of our undistributed income from prior years.
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If we have net income from the sale of foreclosure property that we hold primarily for sale to customers in the ordinary course of business or other non-qualifying income from foreclosure property, we must pay a tax on that income at the highest corporate income tax rate.
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If we sell an asset, other than a foreclosure property, that we hold primarily for sale to customers in the ordinary course of business, our gain would be subject to the 100% “prohibited transaction” tax. We might be subject to this tax if we were to dispose of or securitize loans in a manner that is treated as a sale of loans for U.S. federal income tax purposes that is subject to the prohibited transaction tax.
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Any TRS of ours will be subject to U.S. federal corporate income tax on its taxable income, and non-arm’s length transactions between us and any TRS, could be subject to a 100% tax.
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We could, in certain circumstances, be required to pay an excise or penalty tax (which could be significant in amount) in order to utilize one or more relief provisions under the Code to maintain our qualification as a REIT.
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we may be required to accrue income from mortgage loans, mortgage-backed securities (“MBS”), and other types of debt securities or interests in debt securities before we receive any payments of interest or principal on such assets;
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we may acquire distressed debt investments that are subsequently modified by agreement with the borrower, which could cause us to have to recognize gain in certain circumstances;
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we may recognize substantial amounts of “cancellation of debt” income for U.S. federal income tax purposes (but not for GAAP purposes) due to discount repurchases of our liabilities, which could cause our REIT taxable income to exceed our GAAP income;
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we may deduct our capital losses only to the extent of our capital gains and not against our ordinary income, in computing our REIT taxable income for any given taxable year; and
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certain of our assets and liabilities are marked-to-market for GAAP purposes but not for tax purposes which could result in losses for GAAP purposes that are not recognized in computing our REIT taxable income; and under the “Tax
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•
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any investment is consistent with the its fiduciary obligations under ERISA and the Internal Revenue Code, or any other applicable governing authority in the case of a government plan; the investment is made in accordance with the documents and instruments governing the Benefit Plan, including the Benefit Plan’s investment policy;
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•
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the investment satisfies the prudence and diversification requirements of Sections 404(a)(1)(B) and 404(a)(1)(C) of ERISA, if applicable, and other applicable provisions of ERISA and the Internal Revenue Code;
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the investment will not impair the liquidity of the Benefit Plan;
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the investment will not produce unrelated business taxable income for the Benefit Plan;
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they will be able to value the assets of the Benefit Plan annually in accordance with the applicable provisions of ERISA and the Internal Revenue Code; and
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the investment will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Internal Revenue Code.
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Year Ended December 31,
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2019
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2018
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Distributions:
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Cash distributions paid
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$
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45,763
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$
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34,467
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Distributions reinvested
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13,901
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14,023
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Total distributions
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$
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59,664
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$
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48,490
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Source of distribution coverage:
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Net Income (Loss)
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$
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45,763
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76.7
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%
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$
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34,467
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71.1
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%
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Available cash on hand
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—
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—
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%
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—
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—
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%
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Common stock issued under DRIP
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13,901
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23.3
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%
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14,023
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28.9
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%
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Total sources of distributions
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$
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59,664
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100.0
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%
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$
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48,490
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100.0
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%
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Net income applicable to common stock (GAAP)
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$
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66,914
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$
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49,181
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Plan Category
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Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights
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Weighted-Average Exercise of Price of Outstanding Options, Warrants, and Rights
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Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans
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Equity compensation plans approved by security holders
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—
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—
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—
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Equity compensation plans not approved by security holders
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—
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—
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3,985,126
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Total
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—
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—
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3,985,126
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Class of Security
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Number of Shares
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Sale Price
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Common Stock
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4,601,904
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$76.9 Million
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Series A Preferred Stock
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11,247
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$56.2 Million (1)
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Series C Preferred Stock
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1,400
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$7.0 Million (1)
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Number of Shares Repurchased
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Average Price per Share
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Total Number of Shares Purchased as Part of Publicly Announced Plan or Programs
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Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plans or Programs
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January 1 - January 31, 2019
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387,530
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18.60
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387,530
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—
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February 1 - February 28, 2019
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—
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N/A
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—
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—
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March 1 - March 31, 2019
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—
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N/A
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|
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—
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|
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—
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April 1 - April 30, 2019
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—
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N/A
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|
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—
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|
|
—
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May 1 - May 31, 2019
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—
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|
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N/A
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|
|
—
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|
|
—
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June 1 - June 30, 2019
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—
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|
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N/A
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|
|
—
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|
|
—
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July 1 - July 31, 2019
|
|
354,323
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|
|
18.65
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|
|
354,323
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|
|
—
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August 1 - August 31, 2019
|
|
—
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|
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N/A
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|
|
—
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|
|
—
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|
September 1 - September 30, 2019
|
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—
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|
|
N/A
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|
|
—
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|
|
—
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|
October 1 - October 31, 2019
|
|
—
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|
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N/A
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|
|
—
|
|
|
—
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|
November 1 - November 30, 2019
|
|
—
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|
|
N/A
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|
|
—
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|
|
—
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|
December 1 - December 31, 2019
|
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—
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N/A
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|
|
—
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|
|
—
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|
Total
|
|
741,853
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|
|
|
|
741,853
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|
|
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|
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December 31,
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||||||
Balance sheet data (dollars in thousands)
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2019
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|
2018
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Commercial mortgage loans, held for investment, net
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|
$
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2,762,042
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$
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2,206,830
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Commercial mortgage loans, held-for-sale, measured at fair value
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|
112,562
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|
|
76,863
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Real estate securities, available for sale, measured at fair value
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386,316
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26,412
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Total assets
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3,540,620
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|
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2,606,078
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Collateralized loan obligations
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1,803,185
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|
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1,505,279
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||
Repurchase agreements - commercial mortgage loans
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|
252,543
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|
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149,440
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Other financing and loan participation - commercial mortgage loans
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|
—
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|
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9,902
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Repurchase agreements - real estate securities
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|
394,359
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|
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44,539
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Total liabilities
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2,514,705
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|
|
1,727,064
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Total stockholders' equity
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816,805
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|
|
733,228
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|
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Year Ended December 31,
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Operating data (dollars in thousands)
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2019
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2018
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2017
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2016
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2015
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||||||||||
Interest income:
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|
|
|
|
|
|
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|
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Interest income
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|
$
|
195,299
|
|
|
$
|
152,288
|
|
|
$
|
89,564
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|
|
$
|
79,404
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|
|
$
|
59,393
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Less: Interest expense
|
|
90,418
|
|
|
70,000
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|
|
32,359
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|
|
23,169
|
|
|
12,268
|
|
|||||
Net interest income
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|
104,881
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|
|
82,288
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|
|
57,205
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|
|
56,235
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|
|
47,125
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|
|||||
Revenue from real estate owned
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|
3,169
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total Income
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|
$
|
108,050
|
|
|
$
|
82,288
|
|
|
$
|
57,205
|
|
|
$
|
56,235
|
|
|
$
|
47,125
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
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||||||||||
Asset management and subordinated performance fee
|
|
16,226
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|
|
10,299
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|
|
9,273
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|
|
9,504
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|
|
7,615
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|
|||||
Acquisition fees and acquisition expenses
|
|
900
|
|
|
452
|
|
|
4,197
|
|
|
806
|
|
|
7,916
|
|
|||||
Administrative services expenses (1)
|
|
16,363
|
|
|
13,446
|
|
|
6,765
|
|
|
4,376
|
|
|
644
|
|
|||||
Other expenses
|
|
18,711
|
|
|
13,205
|
|
|
9,281
|
|
|
7,803
|
|
|
5,699
|
|
|||||
Total expenses
|
|
$
|
52,200
|
|
|
$
|
37,402
|
|
|
$
|
29,516
|
|
|
$
|
22,489
|
|
|
$
|
21,874
|
|
Other (income)/loss:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loan loss provision/(recovery)
|
|
3,007
|
|
|
3,370
|
|
|
(715
|
)
|
|
1,293
|
|
|
318
|
|
|||||
Realized (gain)/loss on sale of real estate securities
|
|
—
|
|
|
107
|
|
|
(172
|
)
|
|
1,906
|
|
|
—
|
|
|||||
Realized (gain)/loss on sale of commercial mortgage loan held-for-sale
|
|
25
|
|
|
9
|
|
|
(120
|
)
|
|
—
|
|
|
—
|
|
|||||
Realized (gain)/loss on sale of commercial mortgage loan, held-for-sale, measured at fair value
|
|
(37,832
|
)
|
|
(11,288
|
)
|
|
(4,523
|
)
|
|
—
|
|
|
—
|
|
|||||
Impairment losses on real estate securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
310
|
|
|
—
|
|
|||||
Unrealized (gain)/loss on commercial mortgage loans held-for-sale
|
|
—
|
|
|
—
|
|
|
(247
|
)
|
|
247
|
|
|
—
|
|
|||||
Unrealized (gain)/loss on commercial mortgage loans, held-for-sale, measured at fair value
|
|
(312
|
)
|
|
237
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Unrealized (gain)/loss on other real estate investments, measured at fair value
|
|
(47
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Unrealized (gain)/loss on derivatives
|
|
(1,722
|
)
|
|
1,374
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|||||
Realized (gain)/loss on derivatives
|
|
4,324
|
|
|
(1,827
|
)
|
|
(555
|
)
|
|
—
|
|
|
—
|
|
|||||
Total other (income)/loss
|
|
$
|
(32,557
|
)
|
|
$
|
(8,018
|
)
|
|
$
|
(6,315
|
)
|
|
$
|
3,756
|
|
|
$
|
318
|
|
Income/(loss) before taxes
|
|
88,407
|
|
|
52,904
|
|
|
34,004
|
|
|
29,990
|
|
|
24,933
|
|
|||||
Provision/(benefit) for income tax
|
|
4,483
|
|
|
79
|
|
|
225
|
|
|
—
|
|
|
—
|
|
|||||
Net income
|
|
$
|
83,924
|
|
|
$
|
52,825
|
|
|
$
|
33,779
|
|
|
$
|
29,990
|
|
|
$
|
24,933
|
|
Less: Preferred stock dividends
|
|
(15,337
|
)
|
|
(3,644
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Less: Undistributed earnings allocated to preferred stock
|
|
(1,673
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net income applicable to common stock
|
|
$
|
66,914
|
|
|
$
|
49,181
|
|
|
$
|
33,779
|
|
|
$
|
29,990
|
|
|
$
|
24,933
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic net income per share
|
|
$
|
1.60
|
|
|
$
|
1.44
|
|
|
$
|
1.06
|
|
|
$
|
0.95
|
|
|
$
|
1.03
|
|
Diluted net income per share
|
|
$
|
1.60
|
|
|
$
|
1.44
|
|
|
$
|
1.06
|
|
|
$
|
0.95
|
|
|
$
|
1.03
|
|
Basic weighted average shares outstanding
|
|
41,859,142
|
|
|
34,268,707
|
|
|
31,772,231
|
|
|
31,659,274
|
|
|
24,253,905
|
|
|||||
Diluted weighted average shares outstanding
|
|
41,871,646
|
|
|
36,779,735
|
|
|
31,784,889
|
|
|
31,666,504
|
|
|
24,259,169
|
|
|||||
Distributions per common share
|
|
$
|
1.44
|
|
|
$
|
1.44
|
|
|
$
|
1.80
|
|
|
$
|
2.06
|
|
|
$
|
2.06
|
|
•
|
The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinate mortgages, mezzanine loans and participations in such loans.
|
•
|
The real estate securities business focuses on investing in and asset managing commercial real estate securities primarily consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities.
|
•
|
The Conduit business operated through the Company's TRS, which is focused on generating superior risk-adjusted returns by originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit.
|
•
|
The real estate owned business represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase.
|
|
|
Year Ended December 31,
|
||||||||||||||||||||
|
|
2019
|
|
2018
|
||||||||||||||||||
|
|
Average Carrying Value(1)
|
|
Interest Income/Expense(2)
|
|
WA Yield/Financing Cost(3)
|
|
Average Carrying Value(1)
|
|
Interest Income/Expense(2)
|
|
WA Yield/Financing Cost(3)
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate debt
|
|
$
|
2,482,946
|
|
|
181,434
|
|
|
7.3
|
%
|
|
$
|
1,877,159
|
|
|
$
|
144,967
|
|
|
7.7
|
%
|
|
Real estate conduit
|
|
132,042
|
|
|
7,716
|
|
|
5.8
|
%
|
|
106,703
|
|
|
6,604
|
|
|
6.2
|
%
|
||||
Real estate securities
|
|
153,484
|
|
|
6,149
|
|
|
4.0
|
%
|
|
15,166
|
|
|
717
|
|
|
4.7
|
%
|
||||
Total
|
|
$
|
2,768,472
|
|
|
$
|
195,299
|
|
|
7.1
|
%
|
|
$
|
1,999,028
|
|
|
$
|
152,288
|
|
|
7.6
|
%
|
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase agreements - commercial mortgage loans
|
|
$
|
259,945
|
|
|
$
|
16,816
|
|
|
6.5
|
%
|
|
$
|
285,257
|
|
|
$
|
17,023
|
|
|
6.0
|
%
|
Other financing and loan participation - commercial mortgage loans
|
|
2,686
|
|
|
225
|
|
|
8.4
|
%
|
|
9,446
|
|
|
1,244
|
|
|
13.2
|
%
|
||||
Repurchase agreements - real estate securities
|
|
161,460
|
|
|
5,117
|
|
|
3.2
|
%
|
|
21,986
|
|
|
770
|
|
|
3.5
|
%
|
||||
Collateralized loan obligations
|
|
1,641,740
|
|
|
67,927
|
|
|
4.1
|
%
|
|
1,124,424
|
|
|
50,679
|
|
|
4.5
|
%
|
||||
Derivative instruments, at fair value
|
|
—
|
|
|
334
|
|
|
N/A
|
|
|
—
|
|
|
284
|
|
|
N/A
|
|
||||
Total
|
|
$
|
2,065,831
|
|
|
$
|
90,419
|
|
|
4.4
|
%
|
|
$
|
1,441,113
|
|
|
$
|
70,000
|
|
|
4.9
|
%
|
Net interest income/spread
|
|
|
|
$
|
104,880
|
|
|
2.7
|
%
|
|
|
|
$
|
82,288
|
|
|
2.7
|
%
|
||||
Average leverage %(4)
|
|
74.6
|
%
|
|
|
|
|
|
72.1
|
%
|
|
|
|
|
||||||||
Weighted average levered yield(5)
|
|
|
|
|
|
14.9
|
%
|
|
|
|
|
|
|
14.7
|
%
|
|
|
Year Ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Asset management and subordinated performance fee
|
|
$
|
16,226
|
|
|
$
|
10,299
|
|
Administrative services expenses
|
|
16,363
|
|
|
13,446
|
|
||
Acquisition fees and acquisition expenses
|
|
900
|
|
|
452
|
|
||
Professional fees
|
|
11,631
|
|
|
8,318
|
|
||
Other expenses
|
|
3,771
|
|
|
4,887
|
|
||
Real estate owned operating expense
|
|
2,802
|
|
|
—
|
|
||
Depreciation and amortization
|
|
507
|
|
|
—
|
|
||
Total expenses from operations
|
|
$
|
52,200
|
|
|
$
|
37,402
|
|
|
|
Year Ended December 31,
|
||||||||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||||||||
|
|
Average Carrying Value(1)
|
|
Interest Income/Expense(2)
|
|
WA Yield/Financing Cost(3)
|
|
Average Carrying Value(1)
|
|
Interest Income/Expense(2)
|
|
WA Yield/Financing Cost(3)
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate debt
|
|
$
|
1,877,159
|
|
|
$
|
144,967
|
|
|
7.7
|
%
|
|
$
|
1,208,603
|
|
|
$
|
87,014
|
|
|
7.2
|
%
|
Real estate conduit
|
|
106,703
|
|
|
6,604
|
|
|
6.2
|
%
|
|
23,221
|
|
|
1,199
|
|
|
5.2
|
%
|
||||
Real estate securities
|
|
15,166
|
|
|
717
|
|
|
4.7
|
%
|
|
19,016
|
|
|
1,351
|
|
|
7.1
|
%
|
||||
Total
|
|
1,999,028
|
|
|
152,288
|
|
|
7.6
|
%
|
|
1,250,840
|
|
|
89,564
|
|
|
7.2
|
%
|
||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repurchase agreements - commercial mortgage loans
|
|
$
|
285,257
|
|
|
$
|
17,023
|
|
|
6.0
|
%
|
|
$
|
300,199
|
|
|
$
|
14,142
|
|
|
4.7
|
%
|
Other financing and loan participation - commercial mortgage loans
|
|
9,446
|
|
|
1,244
|
|
|
13.2
|
%
|
|
20,086
|
|
|
1,213
|
|
|
N/A
|
|
||||
Repurchase agreements - real estate securities
|
|
21,986
|
|
|
770
|
|
|
3.5
|
%
|
|
50,379
|
|
|
1,499
|
|
|
3.0
|
%
|
||||
Collateralized loan obligations
|
|
1,124,424
|
|
|
50,679
|
|
|
4.5
|
%
|
|
406,262
|
|
|
15,385
|
|
|
3.8
|
%
|
||||
Derivative instruments, at fair value
|
|
—
|
|
|
284
|
|
|
N/A
|
|
|
—
|
|
|
120
|
|
|
N/A
|
|
||||
Total
|
|
$
|
1,441,113
|
|
|
$
|
70,000
|
|
|
4.9
|
%
|
|
$
|
776,926
|
|
|
$
|
32,359
|
|
|
4.2
|
%
|
Net interest income/spread
|
|
|
|
$
|
82,288
|
|
|
2.7
|
%
|
|
|
|
$
|
57,205
|
|
|
3.0
|
%
|
||||
Average leverage %(5)
|
|
72.1
|
%
|
|
|
|
|
|
62.1
|
%
|
|
|
|
|
||||||||
Weighted average levered yield(6)
|
|
|
|
|
|
14.7
|
%
|
|
|
|
|
|
12.1
|
%
|
|
|
Year Ended December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Asset management and subordinated performance fee
|
|
$
|
10,299
|
|
|
$
|
9,273
|
|
Administrative services expenses
|
|
13,446
|
|
|
6,765
|
|
||
Acquisition fees and acquisition expenses
|
|
452
|
|
|
4,197
|
|
||
Professional fees
|
|
8,318
|
|
|
5,444
|
|
||
Other expenses
|
|
4,887
|
|
|
3,837
|
|
||
Total expenses from operations
|
|
$
|
37,402
|
|
|
$
|
29,516
|
|
Loan Type
|
Property Type
|
Par Value
|
Interest Rate (1)
|
Effective Yield
|
Loan to Value (2)
|
Senior Debt 1
|
Retail
|
$9,450
|
1 month LIBOR + 4.50%
|
6.26%
|
69.2%
|
Senior Debt 2
|
Office
|
10,699
|
1 month LIBOR + 4.65%
|
6.41%
|
70.8%
|
Senior Debt 3
|
Industrial
|
33,655
|
1 month LIBOR + 4.00%
|
5.76%
|
65.0%
|
Senior Debt 4
|
Mixed Use
|
12,952
|
1 month LIBOR + 5.00%
|
6.76%
|
73.3%
|
Senior Debt 5
|
Office
|
14,080
|
1 month LIBOR + 4.45%
|
6.21%
|
64.2%
|
Senior Debt 6
|
Office
|
10,533
|
1 month LIBOR + 6.00%
|
7.76%
|
74.0%
|
Senior Debt 7
|
Multifamily
|
38,248
|
1 month LIBOR + 3.35%
|
5.11%
|
76.0%
|
Senior Debt 8
|
Office
|
27,662
|
1 month LIBOR + 4.15%
|
5.91%
|
69.5%
|
Senior Debt 9
|
Multifamily
|
34,875
|
1 month LIBOR + 3.75%
|
5.51%
|
71.2%
|
Senior Debt 10
|
Hospitality
|
10,599
|
1 month LIBOR + 5.00%
|
6.76%
|
61.6%
|
Senior Debt 11
|
Hospitality
|
5,930
|
1 month LIBOR + 3.50%
|
5.26%
|
77.0%
|
Senior Debt 12
|
Multifamily
|
18,985
|
1 month LIBOR + 3.62%
|
5.38%
|
69.5%
|
Senior Debt 13
|
Hospitality
|
57,075
|
1 month LIBOR + 5.19%
|
6.95%
|
51.8%
|
Senior Debt 14
|
Multifamily
|
58,590
|
1 month LIBOR + 4.50%
|
6.26%
|
22.4%
|
Senior Debt 15
|
Hospitality
|
10,250
|
1 month LIBOR + 5.25%
|
7.01%
|
60.7%
|
Senior Debt 16
|
Hospitality
|
23,000
|
1 month LIBOR + 4.41%
|
6.17%
|
48.1%
|
Senior Debt 17
|
Multifamily
|
19,280
|
1 month LIBOR + 3.60%
|
5.36%
|
80.5%
|
Senior Debt 18
|
Multifamily
|
12,155
|
1 month LIBOR + 3.30%
|
5.06%
|
70.9%
|
Senior Debt 19
|
Office
|
24,426
|
1 month LIBOR + 4.65%
|
6.41%
|
56.4%
|
Senior Debt 20
|
Hospitality
|
21,000
|
1 month LIBOR + 4.00%
|
5.76%
|
54.8%
|
Senior Debt 21
|
Office
|
20,340
|
1 month LIBOR + 3.70%
|
5.46%
|
58.9%
|
Senior Debt 22
|
Multifamily
|
20,741
|
1 month LIBOR + 4.25%
|
6.01%
|
75.0%
|
Senior Debt 23
|
Multifamily
|
42,000
|
1 month LIBOR + 3.70%
|
5.46%
|
63.7%
|
Senior Debt 24
|
Hospitality
|
19,975
|
1 month LIBOR + 4.95%
|
6.71%
|
52.6%
|
Senior Debt 25
|
Hospitality
|
27,541
|
1 month LIBOR + 4.00%
|
5.76%
|
68.0%
|
Senior Debt 26
|
Hospitality
|
21,495
|
1 month LIBOR + 4.40%
|
6.16%
|
72.7%
|
Senior Debt 27
|
Multifamily
|
33,663
|
1 month LIBOR + 3.00%
|
4.76%
|
83.6%
|
Senior Debt 28
|
Self Storage
|
4,120
|
1 month LIBOR + 4.05%
|
5.81%
|
45.5%
|
Senior Debt 29
|
Self Storage
|
6,496
|
1 month LIBOR + 4.05%
|
5.81%
|
55.8%
|
Senior Debt 30
|
Self Storage
|
7,606
|
1 month LIBOR + 5.05%
|
6.81%
|
57.6%
|
Senior Debt 31
|
Multifamily
|
90,499
|
1 month LIBOR + 3.50%
|
5.26%
|
71.8%
|
Senior Debt 32
|
Self Storage
|
2,400
|
1 month LIBOR + 4.05%
|
5.81%
|
37.6%
|
Senior Debt 33
|
Self Storage
|
6,310
|
1 month LIBOR + 5.05%
|
6.81%
|
59.1%
|
Senior Debt 34
|
Multifamily
|
22,775
|
1 month LIBOR + 3.15%
|
4.91%
|
79.7%
|
Senior Debt 35
|
Multifamily
|
11,590
|
1 month LIBOR + 3.75%
|
5.51%
|
85.9%
|
Senior Debt 36
|
Multifamily
|
66,000
|
1 month LIBOR + 3.75%
|
5.51%
|
76.8%
|
Senior Debt 37
|
Multifamily
|
17,250
|
1 month LIBOR + 3.95%
|
5.71%
|
70.0%
|
Senior Debt 38
|
Hospitality
|
22,355
|
1 month LIBOR + 4.00%
|
5.76%
|
68.8%
|
Senior Debt 39
|
Hospitality
|
34,000
|
1 month LIBOR + 4.50%
|
6.26%
|
36.2%
|
Senior Debt 40
|
Mixed Use
|
45,856
|
1 month LIBOR + 4.87%
|
6.63%
|
49.0%
|
Senior Debt 41
|
Multifamily
|
12,007
|
1 month LIBOR + 3.50%
|
5.26%
|
74.6%
|
Senior Debt 42
|
Multifamily
|
18,000
|
1 month LIBOR + 3.30%
|
5.06%
|
83.1%
|
Senior Debt 43
|
Office
|
20,900
|
1 month LIBOR + 3.75%
|
5.51%
|
70.0%
|
Senior Debt 44
|
Office
|
50,000
|
1 month LIBOR + 4.23%
|
6.00%
|
59.6%
|
Senior Debt 45
|
Self Storage
|
6,600
|
1 month LIBOR + 6.00%
|
7.76%
|
58.9%
|
Senior Debt 46
|
Multifamily
|
7,250
|
1 month LIBOR + 4.00%
|
5.76%
|
75.6%
|
Senior Debt 47
|
Multifamily
|
115,069
|
1 month LIBOR + 3.10%
|
4.86%
|
79.1%
|
Senior Debt 48
|
Office
|
13,298
|
1 month LIBOR + 3.40%
|
5.16%
|
67.5%
|
Senior Debt 49
|
Retail
|
29,500
|
6.25%
|
6.25%
|
68.5%
|
Senior Debt 50
|
Multifamily
|
25,500
|
1 month LIBOR + 3.50%
|
5.26%
|
73.3%
|
Senior Debt 51
|
Self Storage
|
12,125
|
1 month LIBOR + 5.50%
|
7.26%
|
68.1%
|
Senior Debt 52
|
Office
|
37,550
|
1 month LIBOR + 3.74%
|
5.50%
|
62.4%
|
Senior Debt 53
|
Multifamily
|
15,045
|
1 month LIBOR + 3.15%
|
4.91%
|
80.3%
|
Senior Debt 54
|
Multifamily
|
21,276
|
1 month LIBOR + 3.40%
|
5.16%
|
80.5%
|
Loan Type
|
Property Type
|
Par Value
|
Interest Rate (1)
|
Effective Yield
|
Loan to Value (2)
|
Senior Debt 55
|
Multifamily
|
29,900
|
1 month LIBOR + 3.35%
|
5.11%
|
73.0%
|
Senior Debt 56
|
Multifamily
|
38,928
|
1 month LIBOR + 3.10%
|
4.86%
|
75.5%
|
Senior Debt 57
|
Self Storage
|
17,400
|
1 month LIBOR + 4.00%
|
5.76%
|
69.5%
|
Senior Debt 58
|
Multifamily
|
10,020
|
1 month LIBOR + 3.45%
|
5.21%
|
76.8%
|
Senior Debt 59
|
Multifamily
|
73,620
|
1 month LIBOR + 3.45%
|
5.21%
|
76.3%
|
Senior Debt 60
|
Land
|
16,400
|
1 month LIBOR + 6.00%
|
7.76%
|
45.7%
|
Senior Debt 61
|
Hospitality
|
8,628
|
1 month LIBOR + 4.80%
|
6.56%
|
62.5%
|
Senior Debt 62
|
Retail
|
14,500
|
1 month LIBOR + 4.75%
|
6.51%
|
53.5%
|
Senior Debt 63
|
Industrial
|
11,358
|
1 month LIBOR + 3.95%
|
5.71%
|
66.4%
|
Senior Debt 64
|
Multifamily
|
87,700
|
1 month LIBOR + 2.99%
|
4.75%
|
46.0%
|
Senior Debt 65
|
Multifamily
|
48,500
|
1 month LIBOR + 3.75%
|
5.51%
|
69.5%
|
Senior Debt 66
|
Multifamily
|
31,906
|
1 month LIBOR + 3.25%
|
5.01%
|
73.8%
|
Senior Debt 67
|
Multifamily
|
52,031
|
1 month LIBOR + 5.20%
|
6.96%
|
70.7%
|
Senior Debt 68
|
Office
|
7,200
|
1 month LIBOR + 3.90%
|
5.66%
|
67.6%
|
Senior Debt 69
|
Hospitality
|
10,000
|
1 month LIBOR + 4.95%
|
6.71%
|
69.0%
|
Senior Debt 70
|
Manufactured Housing
|
8,356
|
1 month LIBOR + 3.90%
|
5.66%
|
60.3%
|
Senior Debt 71
|
Self Storage
|
4,710
|
1 month LIBOR + 5.00%
|
6.76%
|
66.7%
|
Senior Debt 72
|
Hospitality
|
7,620
|
1 month LIBOR + 3.44%
|
5.21%
|
44.8%
|
Senior Debt 73
|
Retail
|
14,250
|
1 month LIBOR + 3.95%
|
5.71%
|
61.2%
|
Senior Debt 74
|
Hospitality
|
21,000
|
1 month LIBOR + 4.14%
|
5.91%
|
56.0%
|
Senior Debt 75
|
Office
|
21,850
|
1 month LIBOR + 4.25%
|
6.01%
|
62.3%
|
Senior Debt 76
|
Multifamily
|
23,750
|
1 month LIBOR + 3.10%
|
4.86%
|
73.1%
|
Senior Debt 77
|
Multifamily
|
36,250
|
1 month LIBOR + 3.10%
|
4.86%
|
73.4%
|
Senior Debt 78
|
Retail
|
13,400
|
1 month LIBOR + 4.00%
|
5.76%
|
84.0%
|
Senior Debt 79
|
Office
|
41,293
|
1 month LIBOR + 3.50%
|
5.26%
|
71.0%
|
Senior Debt 80
|
Retail
|
8,500
|
1 month LIBOR + 5.00%
|
6.76%
|
51.6%
|
Senior Debt 81
|
Hospitality
|
8,180
|
1 month LIBOR + 4.50%
|
6.26%
|
68.7%
|
Senior Debt 82
|
Multifamily
|
18,100
|
1 month LIBOR + 3.40%
|
5.16%
|
76.4%
|
Senior Debt 83
|
Multifamily
|
28,250
|
1 month LIBOR + 3.40%
|
5.16%
|
77.2%
|
Senior Debt 84
|
Hospitality
|
19,900
|
1 month LIBOR + 3.48%
|
5.24%
|
61.8%
|
Senior Debt 85
|
Multifamily
|
18,553
|
1 month LIBOR + 3.10%
|
4.86%
|
67.4%
|
Senior Debt 86
|
Office
|
25,900
|
1 month LIBOR + 3.77%
|
5.54%
|
68.2%
|
Senior Debt 87
|
Hospitality
|
16,527
|
1 month LIBOR + 3.75%
|
5.51%
|
62.6%
|
Senior Debt 88
|
Hospitality
|
15,500
|
1 month LIBOR + 4.00%
|
5.76%
|
56.4%
|
Senior Debt 89
|
Hospitality
|
5,250
|
1 month LIBOR + 4.25%
|
6.01%
|
47.7%
|
Senior Debt 90
|
Hospitality
|
11,977
|
1 month LIBOR + 4.45%
|
6.21%
|
62.9%
|
Senior Debt 91
|
Multifamily
|
20,900
|
1 month LIBOR + 3.50%
|
5.26%
|
77.6%
|
Senior Debt 92
|
Hospitality
|
9,000
|
1 month LIBOR + 4.50%
|
6.26%
|
64.0%
|
Senior Debt 93
|
Multifamily
|
42,900
|
1 month LIBOR + 2.80%
|
4.56%
|
44.1%
|
Senior Debt 94
|
Retail
|
9,400
|
1 month LIBOR + 4.20%
|
5.96%
|
77.1%
|
Senior Debt 95
|
Manufactured Housing
|
12,200
|
1 month LIBOR + 3.65%
|
5.41%
|
48.4%
|
Senior Debt 96
|
Manufactured Housing
|
24,100
|
1 month LIBOR + 3.65%
|
5.41%
|
53.8%
|
Senior Debt 97
|
Multifamily
|
4,452
|
5.53%
|
5.53%
|
66.0%
|
Senior Debt 98
|
Multifamily
|
23,115
|
1 month LIBOR + 2.65%
|
4.41%
|
75.8%
|
Senior Debt 99
|
Office
|
29,750
|
1 month LIBOR + 3.35%
|
5.11%
|
54.3%
|
Senior Debt 100
|
Hospitality
|
34,914
|
1 month LIBOR + 3.99%
|
5.76%
|
31.0%
|
Senior Debt 101
|
Multifamily
|
11,490
|
1 month LIBOR + 2.65%
|
4.41%
|
71.6%
|
Senior Debt 102
|
Multifamily
|
34,733
|
1 month LIBOR + 2.75%
|
4.51%
|
79.3%
|
Senior Debt 103
|
Industrial
|
51,500
|
1 month LIBOR + 3.75%
|
5.51%
|
59.7%
|
Senior Debt 104
|
Office
|
21,825
|
1 month LIBOR + 3.50%
|
5.26%
|
70.9%
|
Senior Debt 105
|
Hospitality
|
7,100
|
1 month LIBOR + 4.00%
|
5.76%
|
70.3%
|
Senior Debt 106
|
Industrial
|
22,230
|
1 month LIBOR + 3.55%
|
5.31%
|
69.7%
|
Senior Debt 107
|
Multifamily
|
19,575
|
1 month LIBOR + 2.75%
|
4.51%
|
71.7%
|
Senior Debt 108
|
Multifamily
|
16,100
|
1 month LIBOR + 3.75%
|
5.51%
|
64.9%
|
Senior Debt 109
|
Multifamily
|
26,000
|
1 month LIBOR + 3.15%
|
4.91%
|
71.6%
|
Senior Debt 110
|
Retail
|
9,120
|
1 month LIBOR + 5.25%
|
7.01%
|
71.8%
|
Senior Debt 111
|
Multifamily
|
25,320
|
1 month LIBOR + 2.70%
|
4.46%
|
76.0%
|
Loan Type
|
Property Type
|
Par Value
|
Interest Rate (1)
|
Effective Yield
|
Loan to Value (2)
|
Senior Debt 112
|
Multifamily
|
7,150
|
1 month LIBOR + 4.75%
|
6.51%
|
75.3%
|
Senior Debt 113
|
Multifamily
|
25,000
|
1 month LIBOR + 3.00%
|
4.76%
|
75.5%
|
Senior Debt 114
|
Multifamily
|
8,550
|
1 month LIBOR + 2.80%
|
4.56%
|
69.2%
|
Senior Debt 115
|
Office
|
27,500
|
1 month LIBOR + 5.50%
|
7.26%
|
64.9%
|
Senior Debt 116
|
Hospitality
|
17,746
|
5.75%
|
5.75%
|
52.9%
|
Mezzanine Loan 1
|
Multifamily
|
3,480
|
9.50%
|
9.50%
|
84.3%
|
Mezzanine Loan 2
|
Office
|
9,966
|
10.00%
|
10.00%
|
78.7%
|
Mezzanine Loan 3
|
Multifamily
|
22,800
|
1 month LIBOR + 8.01%
|
9.77%
|
57.9%
|
Mezzanine Loan 4
|
Retail
|
3,500
|
10.00%
|
10.00%
|
59.7%
|
Mezzanine Loan 5
|
Multifamily
|
1,100
|
11.01%
|
11.01%
|
68.4%
|
Mezzanine Loan 6
|
Multifamily
|
1,000
|
11.00%
|
11.00%
|
68.9%
|
|
|
$2,771,299
|
|
5.60%
|
65.5%
|
Loan Type
|
Property Type
|
Par Value
|
Interest Rate
|
Effective Yield
|
Loan to Value (1)
|
TRS Senior Debt 1
|
Industrial
|
$23,625
|
4.70%
|
4.70%
|
74.1%
|
TRS Senior Debt 2
|
Retail
|
2,613
|
4.02%
|
4.02%
|
48.1%
|
TRS Senior Debt 3
|
Multifamily
|
43,250
|
4.07%
|
4.07%
|
61.7%
|
TRS Senior Debt 4
|
Multifamily
|
2,000
|
4.57%
|
4.57%
|
61.5%
|
TRS Senior Debt 5
|
Multifamily
|
3,000
|
4.77%
|
4.77%
|
66.7%
|
TRS Senior Debt 6
|
Multifamily
|
30,000
|
3.50%
|
3.50%
|
52.8%
|
TRS Senior Debt 7
|
Hospitality
|
8,000
|
4.80%
|
4.80%
|
69.6%
|
|
|
$112,488
|
|
4.1%
|
62.3%
|
As of December 31, 2019
|
|
|
|
|
|
|
|
|
|
|||||||
Repurchase Facility
|
Committed Financing
|
|
Amount Outstanding
|
|
Interest Expense(1)
|
|
Ending Weighted Average Interest Rate
|
|
Initial Term Maturity
|
|||||||
JPM Repo Facility (2)
|
$
|
300,000
|
|
|
$
|
107,526
|
|
|
$
|
6,862
|
|
|
4.51
|
%
|
|
1/30/2021
|
USB Repo Facility (3)
|
100,000
|
|
|
—
|
|
|
622
|
|
|
N/A
|
|
|
6/15/2020
|
|||
CS Repo Facility (4)
|
300,000
|
|
|
87,375
|
|
|
5,563
|
|
|
4.84
|
%
|
|
3/27/2020
|
|||
WF Repo Facility (5)
|
175,000
|
|
|
24,942
|
|
|
1,333
|
|
|
3.65
|
%
|
|
11/21/2020
|
|||
Barclays Revolver Facility (6)
|
100,000
|
|
|
—
|
|
|
976
|
|
|
N/A
|
|
|
9/20/2021
|
|||
Barclays Repo Facility (7)
|
300,000
|
|
|
32,700
|
|
|
1,260
|
|
|
3.80
|
%
|
|
3/15/2022
|
|||
Total
|
$
|
1,275,000
|
|
|
$
|
252,543
|
|
|
$
|
16,616
|
|
|
|
|
|
As of December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|||||||
Repurchase Facility
|
|
Committed Financing
|
|
Amount Outstanding
|
|
Interest Expense(1)
|
|
Ending Weighted Average Interest Rate
|
|
Initial Term Maturity
|
|||||||
JPM Repo Facility (2)
|
|
$
|
520,000
|
|
|
$
|
72,906
|
|
|
$
|
7,838
|
|
|
4.55
|
%
|
|
1/30/2020
|
GS Repo Facility (3)
|
|
—
|
|
|
—
|
|
|
470
|
|
|
N/A
|
|
|
12/27/2018
|
|||
USB Repo Facility (4)
|
|
100,000
|
|
|
—
|
|
|
594
|
|
|
4.71
|
%
|
|
6/15/2020
|
|||
CS Repo Facility (5)
|
|
300,000
|
|
|
76,534
|
|
|
6,594
|
|
|
4.69
|
%
|
|
6/19/2019
|
|||
WF Repo Facility (6)
|
|
175,000
|
|
|
—
|
|
|
86
|
|
|
4.71
|
%
|
|
11/21/2020
|
|||
Barclays Facility (7)
|
|
100,000
|
|
|
—
|
|
|
1,445
|
|
|
6.24
|
%
|
|
9/19/2019
|
|||
Total
|
|
$
|
1,195,000
|
|
|
$
|
149,440
|
|
|
$
|
17,027
|
|
|
|
|
|
As of December 31, 2019
|
|
|
|
|
|
|
Weighted Average
|
|||||||||
Counterparty
|
Amount Outstanding
|
|
Accrued Interest
|
|
Collateral Pledged (1)
|
|
Interest Rate
|
|
Days to Maturity
|
|||||||
JP Morgan Securities LLC
|
$
|
83,353
|
|
|
$
|
124
|
|
|
$
|
93,500
|
|
|
2.53
|
%
|
|
20
|
Wells Fargo Securities, LLC
|
178,304
|
|
|
1,199
|
|
|
209,873
|
|
|
2.94
|
%
|
|
11
|
|||
Barclays Capital Inc.
|
40,720
|
|
|
221
|
|
|
47,475
|
|
|
2.81
|
%
|
|
23
|
|||
Citigroup Global Markets, Inc.
|
91,982
|
|
|
413
|
|
|
103,453
|
|
|
2.69
|
%
|
|
19
|
|||
Total/Weighted Average
|
$
|
394,359
|
|
|
$
|
1,957
|
|
|
$
|
454,301
|
|
|
2.79
|
%
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|||||||
As of December 31,2018
|
|
|
|
|
|
|
Weighted Average
|
|||||||||
Counterparty
|
Amount Outstanding
|
|
Accrued Interest
|
|
Collateral Pledged (1)
|
|
Interest Rate
|
|
Days to Maturity
|
|||||||
JP Morgan Securities LLC
|
$
|
21,961
|
|
|
$
|
27
|
|
|
$
|
26,750
|
|
|
3.67
|
%
|
|
18
|
Wells Fargo Securities, LLC
|
22,578
|
|
|
47
|
|
|
28,223
|
|
|
3.93
|
%
|
|
11
|
|||
Total/Weighted Average
|
$
|
44,539
|
|
|
$
|
74
|
|
|
$
|
54,973
|
|
|
3.8
|
%
|
|
15
|
|
|
As of December 31, 2019
|
||||||||||||||||||||||||||||||
|
|
Amount Outstanding
|
|
Average Outstanding Balance
|
||||||||||||||||||||||||||||
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
||||||||||||||||
Repurchase Agreements, Commercial Mortgage Loans
|
|
$
|
370,889
|
|
|
$
|
132,870
|
|
|
$
|
111,937
|
|
|
$
|
252,543
|
|
|
$
|
357,850
|
|
|
$
|
337,970
|
|
|
$
|
132,126
|
|
|
$
|
214,812
|
|
Repurchase Agreements, Real Estate Securities
|
|
$
|
22,078
|
|
|
$
|
85,022
|
|
|
$
|
244,308
|
|
|
$
|
394,359
|
|
|
$
|
52,711
|
|
|
$
|
84,179
|
|
|
$
|
181,198
|
|
|
$
|
324,545
|
|
|
|
As of December 31, 2018
|
||||||||||||||||||||||||||||||
|
|
Amount Outstanding
|
|
Average Outstanding Balance
|
||||||||||||||||||||||||||||
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
||||||||||||||||
Repurchase Agreements, Commercial Mortgage Loans
|
|
$
|
501,310
|
|
|
$
|
304,975
|
|
|
$
|
565,329
|
|
|
$
|
149,440
|
|
|
$
|
313,509
|
|
|
$
|
222,339
|
|
|
$
|
456,636
|
|
|
$
|
183,689
|
|
Repurchase Agreements, Real Estate Securities
|
|
$
|
—
|
|
|
$
|
10,600
|
|
|
$
|
22,272
|
|
|
$
|
44,539
|
|
|
$
|
19,542
|
|
|
$
|
3,029
|
|
|
$
|
23,056
|
|
|
$
|
42,079
|
|
|
|
As of December 31, 2017
|
||||||||||||||||||||||||||||||
|
|
Amount Outstanding
|
|
Average Outstanding Balance
|
||||||||||||||||||||||||||||
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
||||||||||||||||
Repurchase Agreements, Commercial Mortgage Loans
|
|
$
|
340,948
|
|
|
$
|
177,495
|
|
|
$
|
319,386
|
|
|
$
|
65,690
|
|
|
$
|
280,468
|
|
|
$
|
387,988
|
|
|
$
|
237,017
|
|
|
$
|
295,849
|
|
Repurchase Agreements, Real Estate Securities
|
|
$
|
52,174
|
|
|
$
|
49,071
|
|
|
$
|
39,035
|
|
|
$
|
39,035
|
|
|
$
|
63,611
|
|
|
$
|
66,996
|
|
|
$
|
47,477
|
|
|
$
|
39,035
|
|
|
Total
|
|||||
|
Shares Issued
|
|
Proceeds
|
|||
Balance, December 31, 2018
|
7,534,358
|
|
|
$
|
124,335
|
|
January 2019
|
139,138
|
|
|
2,325
|
|
|
February 2019
|
655,296
|
|
|
10,950
|
|
|
March 2019
|
367,145
|
|
|
6,135
|
|
|
April 2019
|
557,309
|
|
|
9,314
|
|
|
May 2019
|
662,492
|
|
|
11,070
|
|
|
June 2019
|
48,033
|
|
|
803
|
|
|
July 2019
|
1,225,426
|
|
|
20,461
|
|
|
August 2019
|
80,790
|
|
|
1,350
|
|
|
September 2019
|
160,213
|
|
|
2,675
|
|
|
October 2019
|
201,975
|
|
|
3,375
|
|
|
November 2019
|
289,048
|
|
|
4,830
|
|
|
December 2019
|
215,039
|
|
|
3,602
|
|
|
Balance, December 31, 2019
|
12,136,262
|
|
|
$
|
201,225
|
|
|
Total
|
|||||
|
Shares Issued
|
|
Proceeds
|
|||
Balance, December 31, 2018
|
29,249
|
|
|
$
|
146,245
|
|
January 2019
|
—
|
|
|
—
|
|
|
February 2019
|
2,996
|
|
|
14,979
|
|
|
March 2019
|
—
|
|
|
—
|
|
|
April 2019
|
—
|
|
|
—
|
|
|
May 2019
|
—
|
|
|
—
|
|
|
June 2019
|
—
|
|
|
—
|
|
|
July 2019
|
6,253
|
|
|
31,325
|
|
|
August 2019
|
—
|
|
|
—
|
|
|
September 2019
|
—
|
|
|
—
|
|
|
October 2019
|
—
|
|
|
—
|
|
|
November 2019
|
—
|
|
|
—
|
|
|
December 2019
|
1,998
|
|
|
10,000
|
|
|
Balance, December 31, 2019
|
40,496
|
|
|
$
|
202,549
|
|
|
Total
|
|||||
|
Shares Issued
|
|
Proceeds
|
|||
Balance, December 31, 2018
|
—
|
|
|
$
|
—
|
|
January 2019
|
—
|
|
|
—
|
|
|
February 2019
|
—
|
|
|
—
|
|
|
March 2019
|
—
|
|
|
—
|
|
|
April 2019
|
—
|
|
|
—
|
|
|
May 2019
|
—
|
|
|
—
|
|
|
June 2019
|
—
|
|
|
—
|
|
|
July 2019
|
—
|
|
|
—
|
|
|
August 2019
|
—
|
|
|
—
|
|
|
September 2019
|
—
|
|
|
—
|
|
|
October 2019
|
1,000
|
|
|
5,000
|
|
|
November 2019
|
—
|
|
|
—
|
|
|
December 2019
|
400
|
|
|
2,000
|
|
|
Balance, December 31, 2019
|
1,400
|
|
|
$
|
7,000
|
|
Series A Preferred Stock
|
|
Shares
|
|
Amount
|
|||
Beginning Balance, December 31, 2018
|
|
29,249
|
|
|
$
|
145,786
|
|
Issuance of Preferred Stock
|
|
11,247
|
|
|
56,233
|
|
|
Dividends paid in Preferred Stock
|
|
4
|
|
|
24
|
|
|
Offering costs
|
|
—
|
|
|
—
|
|
|
Amortization of offering costs
|
|
—
|
|
|
101
|
|
|
Ending Balance, December 31, 2019
|
|
40,500
|
|
|
$
|
202,144
|
|
|
|
|
|
|
|||
|
|
Shares
|
|
Amount
|
|||
Beginning Balance, December 31, 2017
|
|
—
|
|
|
$
|
—
|
|
Issuance of Preferred Stock
|
|
29,249
|
|
|
146,245
|
|
|
Offering costs
|
|
—
|
|
|
(510
|
)
|
|
Amortization of offering costs
|
|
—
|
|
|
51
|
|
|
Ending Balance, December 31, 2018
|
|
29,249
|
|
|
$
|
145,786
|
|
Preferred C Stock
|
|
Shares
|
|
Amount
|
|||
Beginning Balance, December 31, 2018
|
|
—
|
|
|
$
|
—
|
|
Issuance of Preferred Stock
|
|
1,400
|
|
|
6,998
|
|
|
Dividends paid in Preferred Stock
|
|
—
|
|
|
—
|
|
|
Offering costs
|
|
—
|
|
|
(33
|
)
|
|
Amortization of offering costs
|
|
—
|
|
|
1
|
|
|
Ending Balance, December 31, 2019
|
|
1,400
|
|
|
$
|
6,966
|
|
Year Ended December 31, 2019
|
|
|
|
||||
Payment Date
|
Amount Paid in Cash
|
|
Amount Issued under DRIP
|
||||
January 4, 2019
|
$
|
3,576
|
|
|
$
|
1,171
|
|
February 1, 2019
|
3,657
|
|
|
1,168
|
|
||
March 1, 2019
|
3,333
|
|
|
1,053
|
|
||
April 1, 2019
|
3,749
|
|
|
1,167
|
|
||
May 1, 2019
|
3,678
|
|
|
1,143
|
|
||
June 3, 2019
|
3,870
|
|
|
1,182
|
|
||
July 1, 2019
|
3,796
|
|
|
1,141
|
|
||
August 2, 2019
|
4,033
|
|
|
1,181
|
|
||
September 3, 2019
|
4,051
|
|
|
1,182
|
|
||
October 1, 2019
|
3,951
|
|
|
1,138
|
|
||
November 1, 2019
|
4,093
|
|
|
1,194
|
|
||
December 2, 2019
|
3,976
|
|
|
1,181
|
|
||
Total
|
$
|
45,763
|
|
|
$
|
13,901
|
|
Year Ended December 31, 2018
|
|
|
|
||||
Payment Date |
Amount Paid in Cash
|
|
Amount Issued under DRIP
|
||||
January 3, 2018
|
$
|
2,649
|
|
|
$
|
1,242
|
|
February 1, 2018
|
2,665
|
|
|
1,233
|
|
||
March 1, 2018
|
2,386
|
|
|
1,098
|
|
||
April 1, 2018
|
2,664
|
|
|
1,200
|
|
||
May 1, 2018
|
2,593
|
|
|
1,152
|
|
||
June 1, 2018
|
2,694
|
|
|
1,184
|
|
||
July 2, 2018
|
2,637
|
|
|
1,143
|
|
||
August 1, 2018
|
2,939
|
|
|
1,179
|
|
||
September 2, 2018
|
3,156
|
|
|
1,166
|
|
||
October 4, 2018
|
3,309
|
|
|
1,124
|
|
||
November 1, 2018
|
3,433
|
|
|
1,165
|
|
||
December 3, 2018
|
3,342
|
|
|
1,137
|
|
||
Total
|
$
|
34,467
|
|
|
$
|
14,023
|
|
|
Year Ended December 31,
|
||||||||||||
|
2019
|
|
2018
|
||||||||||
Distributions:
|
|
|
|
|
|
|
|
||||||
Cash distributions paid
|
$
|
45,763
|
|
|
|
|
$
|
34,467
|
|
|
|
||
Distributions reinvested
|
13,901
|
|
|
|
|
14,023
|
|
|
|
||||
Total distributions
|
$
|
59,664
|
|
|
|
|
$
|
48,490
|
|
|
|
||
Source of distribution coverage:
|
|
|
|
|
|
|
|
||||||
Net Income (Loss)
|
$
|
45,763
|
|
|
76.7
|
%
|
|
$
|
34,467
|
|
|
71.1
|
%
|
Available cash on hand
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
||
Common stock issued under DRIP
|
13,901
|
|
|
23.3
|
%
|
|
14,023
|
|
|
28.9
|
%
|
||
Total sources of distributions
|
$
|
59,664
|
|
|
100.0
|
%
|
|
$
|
48,490
|
|
|
100.0
|
%
|
Net income applicable to common stock (GAAP)
|
$
|
66,914
|
|
|
|
|
$
|
49,181
|
|
|
|
|
|
Less than 1 year
|
|
1 to 3 years
|
|
3 to 5 years
|
|
More than 5 years
|
|
Total
|
||||||||||
Unfunded loan commitments (1)
|
|
$
|
90,519
|
|
|
$
|
157,724
|
|
|
$
|
14,087
|
|
|
$
|
—
|
|
|
$
|
262,330
|
|
Maturities of lease liabilities for operating lease
|
|
398
|
|
|
832
|
|
|
883
|
|
|
39,438
|
|
|
41,551
|
|
|||||
Repurchase agreements - commercial mortgage loans
|
|
112,317
|
|
|
140,226
|
|
|
—
|
|
|
—
|
|
|
252,543
|
|
|||||
Repurchase agreements - real estate securities
|
|
394,359
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
394,359
|
|
|||||
CLOs (2)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,822,345
|
|
|
1,822,345
|
|
|||||
Mortgage Note Payable
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,167
|
|
|
29,167
|
|
|||||
Total
|
|
$
|
597,593
|
|
|
$
|
298,782
|
|
|
$
|
14,970
|
|
|
$
|
1,890,950
|
|
|
$
|
2,802,295
|
|
•
|
The Company reimburses the Advisor’s costs of providing services pursuant to the Advisory Agreement, except the salaries and benefits paid by the Advisor to the Company's executive officers.
|
•
|
The Company pays the Advisor, or its affiliates, a monthly asset management fee equal to one-twelfth of 1.5% of stockholders' equity as calculated pursuant to the Advisory Agreement.
|
•
|
The Company will pay the Advisor an annual subordinated performance fee calculated on the basis of total return to stockholders, payable monthly in arrears, such that for any year in which total return on stockholders’ capital exceeds 6.0% per annum, the Advisor will be entitled to 15.0% of the excess total return; provided that in no event will the annual subordinated performance fee payable to the Advisor exceed 10.0% of the aggregate total return for such year.
|
•
|
Until September 2017, the Company paid the Advisor an acquisition fee of 1.0% of the principal amount funded by us to originate or acquire commercial mortgage loans and 1.0% of the anticipated net equity funded by the Company to acquire real estate securities.
|
•
|
The Company reimburses the Advisor for insourced expenses incurred by the Advisor on the Company's behalf related to selecting, evaluating, originating and acquiring investments in an amount up to 0.5% of the principal amount funded by the Company to originate or acquire commercial mortgage loans and up to 0.5% of the anticipated net equity funded by the Company to acquire real estate securities investments.
|
|
|
Year Ended December 31,
|
|
Payable as of December 31,
|
||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
||||||||||
Acquisition fees and expenses (1)
|
|
900
|
|
|
452
|
|
|
4,197
|
|
|
225
|
|
|
1
|
|
|||||
Administrative services expenses
|
|
16,363
|
|
|
13,446
|
|
|
6,765
|
|
|
1,238
|
|
|
1,224
|
|
|||||
Asset management and subordinated performance fee
|
|
16,226
|
|
|
10,299
|
|
|
9,273
|
|
|
3,326
|
|
|
1,072
|
|
|||||
Other related party expenses (2)
|
|
1,610
|
|
|
1,259
|
|
|
394
|
|
|
—
|
|
|
932
|
|
|||||
Total
|
|
$
|
35,099
|
|
|
$
|
25,456
|
|
|
$
|
20,629
|
|
|
$
|
4,789
|
|
|
$
|
3,229
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Funds From Operations:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
83,924
|
|
|
$
|
52,825
|
|
|
$
|
33,779
|
|
Funds from operations
|
|
$
|
83,924
|
|
|
$
|
52,825
|
|
|
$
|
33,779
|
|
Modified Funds From Operations:
|
|
|
|
|
|
|
||||||
Funds from operations
|
|
$
|
83,924
|
|
|
$
|
52,825
|
|
|
$
|
33,779
|
|
Amortization of premiums, discounts and fees on investments, net
|
|
(6,144
|
)
|
|
(4,572
|
)
|
|
(2,554
|
)
|
|||
Acquisition fees and acquisition expenses
|
|
900
|
|
|
452
|
|
|
4,197
|
|
|||
Unrealized (gain)/loss on financial instruments
|
|
(2,081
|
)
|
|
1,611
|
|
|
(230
|
)
|
|||
Loan loss (recovery)/provision
|
|
3,007
|
|
|
3,370
|
|
|
(715
|
)
|
|||
Modified funds from operations (1)
|
|
$
|
79,606
|
|
|
$
|
53,686
|
|
|
$
|
34,477
|
|
Exhibit No.
|
|
Description
|
3.1(1)
|
|
|
3.2(2)
|
|
|
3.3(3)
|
|
|
3.4(4)
|
|
|
3.5(5)
|
|
|
3.6(6)
|
|
|
4.1(7)
|
|
|
4.2(8)
|
|
|
4.3*
|
|
|
10.1(7)†
|
|
|
10.2(8)†
|
|
|
10.3(9)
|
|
|
10.4(10)
|
|
|
10.5(11)
|
|
|
10.6(12)
|
|
|
10.7(13)
|
|
|
10.8(14)
|
|
|
10.9(15)
|
|
|
10.10(16)
|
|
|
10.11(17)
|
|
|
10.12(18)
|
|
|
10.13(18)
|
|
10.14(18)
|
|
|
10.15(18)
|
|
|
10.16(19)
|
|
|
10.17(19)
|
|
|
10.18(20)
|
|
|
10.19(20)
|
|
|
10.20(21)
|
|
|
10.21(22)
|
|
|
10.22(23)
|
|
|
10.23(24)
|
|
|
10.24(25)
|
|
|
10.25(26)
|
|
|
10.26(26)
|
|
|
10.27(26)
|
|
|
10.28(26)
|
|
|
10.29(26)
|
|
|
10.30(27)
|
|
|
21*
|
|
|
23.1*
|
|
|
31.1*
|
|
|
31.2*
|
|
|
32*
|
|
|
101*
|
|
|
Benefit Street Partners Realty Trust, Inc.
|
|
|
By
|
/s/ Richard J. Byrne
|
|
|
Richard J. Byrne
|
|
|
Chief Executive Officer and President
|
Name
|
|
Capacity
|
|
Date
|
|
|
|
|
|
/s/ Richard J. Byrne
|
|
Chief Executive Officer and President
|
|
March 16, 2020
|
Richard J. Byrne
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ Jerome S. Baglien
|
|
Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer)
|
|
March 16, 2020
|
Jerome S. Baglien
|
|
|
|
|
|
|
|
|
|
/s/ Elizabeth K. Tuppeny
|
|
Lead Independent Director
|
|
March 16, 2020
|
Elizabeth K. Tuppeny
|
|
|
|
|
|
|
|
|
|
/s/ Buford Ortale
|
|
Director
|
|
March 16, 2020
|
Buford Ortale
|
|
|
|
|
|
|
|
|
|
/s/ Jamie Handwerker
|
|
Director
|
|
March 16, 2020
|
Jamie Handwerker
|
|
|
|
|
|
|
|
|
|
/s/ Peter McDonough
|
|
Director
|
|
March 16, 2020
|
Peter McDonough
|
|
|
|
|
|
Page
|
Financial Statement Schedule:
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
87,246
|
|
|
$
|
191,390
|
|
Restricted cash
|
21,876
|
|
|
13,029
|
|
||
Commercial mortgage loans, held for investment, net of allowance of $921 and $4,836
|
2,762,042
|
|
|
2,206,830
|
|
||
Commercial mortgage loans, held-for-sale, measured at fair value
|
112,562
|
|
|
76,863
|
|
||
Real estate securities, available for sale, measured at fair value
|
386,316
|
|
|
26,412
|
|
||
Derivative instruments, at fair value
|
1,119
|
|
|
846
|
|
||
Other real estate investments, measured at fair value
|
2,557
|
|
|
—
|
|
||
Receivable for loan repayment (1)
|
89,317
|
|
|
73,684
|
|
||
Accrued interest receivable
|
16,308
|
|
|
12,789
|
|
||
Prepaid expenses and other assets
|
5,322
|
|
|
4,235
|
|
||
Intangible lease asset, net of amortization
|
14,377
|
|
|
—
|
|
||
Operating right of use asset, net of amortization
|
5,979
|
|
|
—
|
|
||
Real estate owned, net of depreciation
|
35,333
|
|
|
—
|
|
||
Receivable for unsettled trades
|
266
|
|
|
—
|
|
||
Total assets
|
$
|
3,540,620
|
|
|
$
|
2,606,078
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Collateralized loan obligations
|
$
|
1,803,185
|
|
|
$
|
1,505,279
|
|
Repurchase agreements - commercial mortgage loans
|
252,543
|
|
|
149,440
|
|
||
Repurchase agreements - real estate securities
|
394,359
|
|
|
44,539
|
|
||
Mortgage note payable
|
29,167
|
|
|
—
|
|
||
Other financing and loan participation - commercial mortgage loans
|
—
|
|
|
9,902
|
|
||
Derivative instruments, at fair value
|
1,581
|
|
|
1,319
|
|
||
Interest payable
|
4,958
|
|
|
3,025
|
|
||
Distributions payable
|
6,912
|
|
|
5,834
|
|
||
Accounts payable and accrued expenses
|
10,925
|
|
|
4,497
|
|
||
Due to affiliates
|
4,789
|
|
|
3,229
|
|
||
Operating lease liability
|
6,136
|
|
|
—
|
|
||
Deferred rent revenue
|
150
|
|
|
—
|
|
||
Total liabilities
|
$
|
2,514,705
|
|
|
$
|
1,727,064
|
|
Commitment and contingencies (See Note 10)
|
|
|
|
|
|
||
Redeemable convertible preferred stock Series A, $0.01 par value, 60,000 authorized, 40,500 and 29,249 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively
|
$
|
202,144
|
|
|
$
|
145,786
|
|
Redeemable convertible preferred stock Series C, $0.01 par value, 20,000 authorized, 1,400 shares issued and outstanding as of December 31, 2019 and none issued or outstanding as of December 31, 2018
|
6,966
|
|
|
—
|
|
||
Equity:
|
|
|
|
||||
Preferred stock, $0.01 par value, 50,000,000 authorized, none issued and outstanding as of December 31, 2019 and December 31, 2018
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value, 949,999,000 shares authorized, 43,916,815 and 39,303,710 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively
|
441
|
|
|
395
|
|
||
Additional paid-in capital
|
903,310
|
|
|
827,558
|
|
||
Accumulated other comprehensive income (loss)
|
(978
|
)
|
|
(459
|
)
|
||
Accumulated deficit
|
(85,968
|
)
|
|
(94,266
|
)
|
||
Total stockholders' equity
|
$
|
816,805
|
|
|
$
|
733,228
|
|
Total liabilities, redeemable convertible preferred stock and stockholders' equity
|
$
|
3,540,620
|
|
|
$
|
2,606,078
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Interest income:
|
|
|
|
|
|
||||||
Interest income
|
$
|
195,299
|
|
|
$
|
152,288
|
|
|
$
|
89,564
|
|
Less: Interest expense
|
90,418
|
|
|
70,000
|
|
|
32,359
|
|
|||
Net interest income
|
104,881
|
|
|
82,288
|
|
|
57,205
|
|
|||
Revenue from real estate owned
|
3,169
|
|
|
—
|
|
|
—
|
|
|||
Total Income
|
$
|
108,050
|
|
|
$
|
82,288
|
|
|
$
|
57,205
|
|
|
|
|
|
|
|
||||||
Expenses:
|
|
|
|
|
|
||||||
Asset management and subordinated performance fee
|
16,226
|
|
|
10,299
|
|
|
9,273
|
|
|||
Acquisition fees and acquisition expenses
|
900
|
|
|
452
|
|
|
4,197
|
|
|||
Administrative services expenses
|
16,363
|
|
|
13,446
|
|
|
6,765
|
|
|||
Professional fees
|
11,631
|
|
|
8,318
|
|
|
5,444
|
|
|||
Real estate owned operating expenses
|
2,802
|
|
|
—
|
|
|
—
|
|
|||
Depreciation and Amortization
|
507
|
|
|
—
|
|
|
—
|
|
|||
Other expenses
|
3,771
|
|
|
4,887
|
|
|
3,837
|
|
|||
Total expenses
|
$
|
52,200
|
|
|
$
|
37,402
|
|
|
$
|
29,516
|
|
Other (income)/loss:
|
|
|
|
|
|
||||||
Loan loss provision/(recovery)
|
3,007
|
|
|
3,370
|
|
|
(715
|
)
|
|||
Realized (gain)/loss on sale of real estate securities
|
—
|
|
|
107
|
|
|
(172
|
)
|
|||
Realized (gain)/loss on sale of commercial mortgage loan held-for-sale
|
25
|
|
|
9
|
|
|
(120
|
)
|
|||
Realized (gain)/loss on sale of commercial mortgage loan, held-for-sale, measured at fair value
|
(37,832
|
)
|
|
(11,288
|
)
|
|
(4,523
|
)
|
|||
Unrealized (gain)/loss on commercial mortgage loans held-for-sale
|
—
|
|
|
—
|
|
|
(247
|
)
|
|||
Unrealized (gain)/loss on commercial mortgage loans, held-for-sale, measured at fair value
|
(312
|
)
|
|
237
|
|
|
—
|
|
|||
Unrealized (gain)/loss on other real estate investments, measured at fair value
|
(47
|
)
|
|
—
|
|
|
—
|
|
|||
Unrealized (gain)/loss on derivatives
|
(1,722
|
)
|
|
1,374
|
|
|
17
|
|
|||
Realized (gain)/loss on derivatives
|
4,324
|
|
|
(1,827
|
)
|
|
(555
|
)
|
|||
Total other (income)/loss
|
$
|
(32,557
|
)
|
|
$
|
(8,018
|
)
|
|
$
|
(6,315
|
)
|
Income/(loss) before taxes
|
88,407
|
|
|
52,904
|
|
|
34,004
|
|
|||
Provision/(benefit) for income tax
|
4,483
|
|
|
79
|
|
|
225
|
|
|||
Net income
|
$
|
83,924
|
|
|
$
|
52,825
|
|
|
$
|
33,779
|
|
Net income applicable to common stock
|
$
|
66,914
|
|
|
$
|
49,181
|
|
|
$
|
33,779
|
|
|
|
|
|
|
|
||||||
Basic net income per share
|
$
|
1.60
|
|
|
$
|
1.44
|
|
|
$
|
1.06
|
|
Diluted net income per share
|
$
|
1.60
|
|
|
$
|
1.44
|
|
|
$
|
1.06
|
|
Basic weighted average shares outstanding
|
41,859,142
|
|
|
34,268,707
|
|
|
31,772,231
|
|
|||
Diluted weighted average shares outstanding
|
41,871,646
|
|
|
36,779,735
|
|
|
31,784,889
|
|
|
Year Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
$
|
83,924
|
|
|
$
|
52,825
|
|
|
$
|
33,779
|
|
Unrealized gain/(loss) on available-for-sale securities
|
(978
|
)
|
|
(459
|
)
|
|
500
|
|
|||
Comprehensive income attributable to Benefit Street Partners Realty Trust, Inc.
|
$
|
82,946
|
|
|
$
|
52,366
|
|
|
$
|
34,279
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Number of Shares
|
|
Par Value
|
|
Additional Paid-In Capital
|
|
Accumulated Other Comprehensive Loss
|
|
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
|
)
|
|
(20,535
|
)
|
|
—
|
|
|
—
|
|
|
(20,546
|
)
|
|||||
Common stock issued through distribution reinvestment plan
|
1,016,165
|
|
|
12
|
|
|
20,039
|
|
|
—
|
|
|
—
|
|
|
20,051
|
|
|||||
Share-based compensation
|
5,984
|
|
|
—
|
|
|
97
|
|
|
—
|
|
|
—
|
|
|
97
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,779
|
|
|
33,779
|
|
|||||
Distributions declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(57,192
|
)
|
|
(57,192
|
)
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
500
|
|
|
—
|
|
|
500
|
|
|||||
Balance, December 31, 2017
|
31,834,072
|
|
|
$
|
320
|
|
|
$
|
704,101
|
|
|
$
|
—
|
|
|
$
|
(94,082
|
)
|
|
$
|
610,339
|
|
Issuance of common stock
|
7,533,834
|
|
|
75
|
|
|
124,260
|
|
|
—
|
|
|
—
|
|
|
124,335
|
|
|||||
Common stock repurchases
|
(809,023
|
)
|
|
(8
|
)
|
|
(15,077
|
)
|
|
—
|
|
|
—
|
|
|
(15,085
|
)
|
|||||
Common stock issued through distribution reinvestment plan
|
739,052
|
|
|
8
|
|
|
14,015
|
|
|
—
|
|
|
—
|
|
|
14,023
|
|
|||||
Share-based compensation
|
5,775
|
|
|
—
|
|
|
157
|
|
|
—
|
|
|
—
|
|
|
157
|
|
|||||
Offering costs
|
—
|
|
|
—
|
|
|
102
|
|
|
—
|
|
|
—
|
|
|
102
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,825
|
|
|
52,825
|
|
|||||
Distributions declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(53,009
|
)
|
|
(53,009
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
(459
|
)
|
|
—
|
|
|
(459
|
)
|
|||||
Balance, December 31, 2018
|
39,303,710
|
|
|
$
|
395
|
|
|
$
|
827,558
|
|
|
$
|
(459
|
)
|
|
$
|
(94,266
|
)
|
|
$
|
733,228
|
|
Issuance of common stock
|
4,601,904
|
|
|
46
|
|
|
76,846
|
|
|
—
|
|
|
—
|
|
|
76,892
|
|
|||||
Common stock repurchases
|
(741,853
|
)
|
|
(7
|
)
|
|
(13,806
|
)
|
|
—
|
|
|
—
|
|
|
(13,813
|
)
|
|||||
Common stock issued through distribution reinvestment plan
|
746,654
|
|
|
7
|
|
|
13,903
|
|
|
—
|
|
|
—
|
|
|
13,910
|
|
|||||
Share-based compensation
|
6,400
|
|
|
—
|
|
|
156
|
|
|
—
|
|
|
—
|
|
|
156
|
|
|||||
Offering Cost
|
—
|
|
|
—
|
|
|
(1,347
|
)
|
|
—
|
|
|
—
|
|
|
(1,347
|
)
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83,924
|
|
|
83,924
|
|
|||||
Distributions declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(75,626
|
)
|
|
(75,626
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
(519
|
)
|
|
—
|
|
|
(519
|
)
|
|||||
Balance, December 31, 2019
|
43,916,815
|
|
|
$
|
441
|
|
|
$
|
903,310
|
|
|
$
|
(978
|
)
|
|
$
|
(85,968
|
)
|
|
$
|
816,805
|
|
|
For the Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
83,924
|
|
|
$
|
52,825
|
|
|
$
|
33,779
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Premium amortization and (discount accretion), net
|
(6,144
|
)
|
|
(4,572
|
)
|
|
(2,554
|
)
|
|||
Accretion of deferred commitment fees
|
(2,754
|
)
|
|
(1,577
|
)
|
|
(1,372
|
)
|
|||
Amortization of deferred financing costs
|
9,584
|
|
|
12,681
|
|
|
4,650
|
|
|||
Share-based compensation
|
156
|
|
|
157
|
|
|
97
|
|
|||
Unrealized (gain)/loss on commercial mortgage loans held-for-sale
|
(359
|
)
|
|
237
|
|
|
(247
|
)
|
|||
Unrealized (gain)/losses on derivative instruments
|
(1,722
|
)
|
|
1,374
|
|
|
17
|
|
|||
Loan loss (recovery)/provision
|
3,007
|
|
|
3,370
|
|
|
(715
|
)
|
|||
Realized (gain)/loss on sale of real estate securities
|
—
|
|
|
107
|
|
|
—
|
|
|||
Impairment losses on real estate securities
|
—
|
|
|
—
|
|
|
—
|
|
|||
Origination of commercial mortgage loans, held-for-sale
|
(1,020,702
|
)
|
|
(621,597
|
)
|
|
(156,101
|
)
|
|||
Proceeds from sale of commercial mortgage loans, held-for-sale
|
975,243
|
|
|
573,010
|
|
|
132,093
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Accrued interest receivable
|
(765
|
)
|
|
(3,060
|
)
|
|
(2,197
|
)
|
|||
Prepaid expenses and other assets
|
(4,020
|
)
|
|
(4,133
|
)
|
|
(5,441
|
)
|
|||
Accounts payable and accrued expenses
|
6,428
|
|
|
(13
|
)
|
|
3,341
|
|
|||
Due to affiliates
|
1,560
|
|
|
(3,192
|
)
|
|
2,357
|
|
|||
Interest payable
|
1,933
|
|
|
1,481
|
|
|
647
|
|
|||
Net cash (used in)/provided by operating activities
|
$
|
45,369
|
|
|
$
|
7,098
|
|
|
$
|
8,354
|
|
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Origination and purchase of commercial mortgage loans, held for investment
|
$
|
(1,321,644
|
)
|
|
$
|
(1,598,786
|
)
|
|
$
|
(836,961
|
)
|
Purchase of real estate owned
|
(42,018
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from sale of commercial mortgage loans, held for sale
|
—
|
|
|
16,910
|
|
|
121,658
|
|
|||
Principal repayments received on commercial mortgage loans, held for investment
|
756,141
|
|
|
753,921
|
|
|
333,249
|
|
|||
Purchase of real estate securities
|
(369,911
|
)
|
|
(39,510
|
)
|
|
—
|
|
|||
Purchase of other real estate investments
|
(2,511
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from sale of real estate securities
|
—
|
|
|
12,456
|
|
|
34,888
|
|
|||
Principal repayments received on real estate securities
|
9,369
|
|
|
—
|
|
|
15,000
|
|
|||
Purchase of derivative instruments
|
1,333
|
|
|
(804
|
)
|
|
(592
|
)
|
|||
Net cash (used in)/provided by investing activities
|
$
|
(969,241
|
)
|
|
$
|
(855,813
|
)
|
|
$
|
(332,758
|
)
|
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Proceeds from issuances of common stock
|
$
|
75,545
|
|
|
$
|
124,335
|
|
|
$
|
—
|
|
Proceeds from issuances of redeemable convertible preferred stock
|
63,197
|
|
|
146,245
|
|
|
—
|
|
|||
Common stock repurchases
|
(13,813
|
)
|
|
(15,085
|
)
|
|
(20,546
|
)
|
|||
Reimbursements/(payments) of offering costs and fees related to stock issuances
|
—
|
|
|
(887
|
)
|
|
—
|
|
|||
Borrowings under collateralized loan obligation
|
639,899
|
|
|
1,161,002
|
|
|
700,862
|
|
|||
Repayments of collateralized loan obligation
|
(343,191
|
)
|
|
(478,177
|
)
|
|
(143,086
|
)
|
|||
Borrowings on repurchase agreements - commercial mortgage loans
|
1,035,524
|
|
|
1,833,838
|
|
|
652,978
|
|
|||
Repayments of repurchase agreements - commercial mortgage loans
|
(932,420
|
)
|
|
(1,750,088
|
)
|
|
(844,952
|
)
|
|||
Borrowings on repurchase agreements - real estate securities
|
1,570,331
|
|
|
280,837
|
|
|
499,290
|
|
Repayments of repurchase agreements - real estate securities
|
(1,220,511
|
)
|
|
(275,332
|
)
|
|
(526,894
|
)
|
|||
Proceeds from other financing and loan participation - commercial mortgage loans
|
—
|
|
|
10,000
|
|
|
36,200
|
|
|||
Repayments on other financing and loan participation - commercial mortgage loans
|
(10,000
|
)
|
|
(26,182
|
)
|
|
(10,017
|
)
|
|||
Borrowing on mortgage note payable
|
29,167
|
|
|
—
|
|
|
—
|
|
|||
Payments of deferred financing costs
|
(4,540
|
)
|
|
(12,128
|
)
|
|
(11,964
|
)
|
|||
Distributions paid
|
(60,613
|
)
|
|
(36,952
|
)
|
|
(38,828
|
)
|
|||
Net cash (used in)/provided by financing activities:
|
$
|
828,575
|
|
|
$
|
961,426
|
|
|
$
|
293,043
|
|
Net change in cash, cash equivalents and restricted cash
|
$
|
(95,297
|
)
|
|
$
|
112,711
|
|
|
$
|
(31,361
|
)
|
Cash, cash equivalents and restricted cash, beginning of period
|
204,419
|
|
|
91,708
|
|
|
123,069
|
|
|||
Cash, cash equivalents and restricted cash, end of period
|
$
|
109,122
|
|
|
$
|
204,419
|
|
|
$
|
91,708
|
|
|
|
|
|
|
|
||||||
Supplemental disclosures of cash flow information:
|
|
|
|
|
|
||||||
Taxes paid
|
$
|
—
|
|
|
$
|
355
|
|
|
$
|
—
|
|
Interest paid
|
78,901
|
|
|
53,029
|
|
|
27,062
|
|
|||
Supplemental disclosures of non-cash flow information:
|
|
|
|
|
|
||||||
Common stock issued through distribution reinvestment plan
|
13,903
|
|
|
14,023
|
|
|
20,051
|
|
|||
Loans transferred to commercial real estate loans, held-for-sale, transferred at fair value
|
—
|
|
|
16,750
|
|
|
100,005
|
|
|||
Distribution payable
|
6,912
|
|
|
5,834
|
|
|
3,917
|
|
|||
Commercial mortgage loans transferred from HFS to HFI
|
10,072
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
||||||
Reconciliation of cash, cash equivalents and restricted cash at end of period:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
87,246
|
|
|
$
|
191,390
|
|
|
$
|
83,711
|
|
Restricted cash
|
21,876
|
|
|
13,029
|
|
|
7,997
|
|
|||
Cash, cash equivalents and restricted cash, end of period
|
$
|
109,122
|
|
|
$
|
204,419
|
|
|
$
|
91,708
|
|
|
|
|
|
|
|
•
|
The real estate debt business which is focused on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinate mortgages, mezzanine loans and participations in such loans.
|
•
|
The real estate securities business which is focused on investing in and asset managing commercial real estate securities primarily consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities.
|
•
|
The commercial Conduit business in the Company's TRS, which is focused on originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market.
|
•
|
The real estate owned business represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase.
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Senior loans
|
$
|
2,721,325
|
|
|
$
|
2,198,555
|
|
Mezzanine loans
|
41,638
|
|
|
13,111
|
|
||
Total gross carrying value of loans
|
2,762,963
|
|
|
2,211,666
|
|
||
Less: Allowance for loan losses (1)
|
921
|
|
|
4,836
|
|
||
Total commercial mortgage loans, held-for-investment, net
|
$
|
2,762,042
|
|
|
$
|
2,206,830
|
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Beginning of period
|
$
|
4,836
|
|
|
$
|
1,466
|
|
Loan loss provision/(recovery)
|
3,007
|
|
|
3,370
|
|
||
Charge-offs
|
(6,922
|
)
|
|
—
|
|
||
Ending allowance for loan losses
|
$
|
921
|
|
|
$
|
4,836
|
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||
Loan Type
|
|
Par Value
|
|
Percentage
|
|
Par Value
|
|
Percentage
|
||||||
Multifamily
|
|
$
|
1,491,971
|
|
|
53.9
|
%
|
|
$
|
1,001,540
|
|
|
45.2
|
%
|
Office
|
|
414,772
|
|
|
15.0
|
%
|
|
357,819
|
|
|
16.1
|
%
|
||
Hospitality
|
|
446,562
|
|
|
16.1
|
%
|
|
347,080
|
|
|
15.6
|
%
|
||
Industrial
|
|
118,743
|
|
|
4.3
|
%
|
|
65,871
|
|
|
3.0
|
%
|
||
Retail
|
|
111,620
|
|
|
4.0
|
%
|
|
262,622
|
|
|
11.8
|
%
|
||
Mixed Use
|
|
58,808
|
|
|
2.1
|
%
|
|
120,647
|
|
|
5.4
|
%
|
||
Self Storage
|
|
67,767
|
|
|
2.4
|
%
|
|
49,957
|
|
|
2.2
|
%
|
||
Land
|
|
16,400
|
|
|
0.6
|
%
|
|
16,400
|
|
|
0.7
|
%
|
||
Manufactured Housing
|
|
44,656
|
|
|
1.6
|
%
|
|
—
|
|
|
—
|
%
|
||
Total
|
|
$
|
2,771,299
|
|
|
100
|
%
|
|
$
|
2,221,936
|
|
|
100
|
%
|
|
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||
Loan Type
|
|
Par Value
|
|
Percentage
|
|
Par Value
|
|
Percentage
|
||||||
Multifamily
|
|
$
|
78,250
|
|
|
69.6
|
%
|
|
$
|
34,000
|
|
|
44.1
|
%
|
Industrial
|
|
23,625
|
|
|
21.0
|
%
|
|
—
|
|
|
—
|
%
|
||
Hospitality
|
|
8,000
|
|
|
7.1
|
%
|
|
27,800
|
|
|
36.1
|
%
|
||
Retail
|
|
2,613
|
|
|
2.3
|
%
|
|
—
|
|
|
—
|
%
|
||
Office
|
|
—
|
|
|
—
|
%
|
|
15,300
|
|
|
19.8
|
%
|
||
Total
|
|
$
|
112,488
|
|
|
100.0
|
%
|
|
$
|
77,100
|
|
|
100.0
|
%
|
Investment Rating
|
|
Summary Description
|
1
|
|
Investment exceeding fundamental performance expectations and/or capital gain expected. Trends and risk factors since time of investment are favorable.
|
2
|
|
Performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable.
|
3
|
|
Performing investments requiring closer monitoring. Trends and risk factors show some deterioration.
|
4
|
|
Underperforming investment with the potential of some interest loss but still expecting a positive return on investment. Trends and risk factors are negative.
|
5
|
|
Underperforming investment with expected loss of interest and some principal.
|
December 31, 2019
|
|
December 31, 2018
|
||||||||||||||
Risk Rating
|
|
Number of Loans
|
|
Par Value
|
|
Risk Rating
|
|
Number of Loans
|
|
Par Value
|
||||||
1
|
|
—
|
|
|
$
|
—
|
|
|
1
|
|
2
|
|
|
23,250
|
|
|
2
|
|
113
|
|
|
2,452,330
|
|
|
2
|
|
87
|
|
|
1,965,186
|
|
||
3
|
|
8
|
|
|
298,994
|
|
|
3
|
|
9
|
|
|
202,400
|
|
||
4
|
|
1
|
|
|
19,975
|
|
|
4
|
|
1
|
|
|
14,300
|
|
||
5
|
|
—
|
|
|
—
|
|
|
5
|
|
1
|
|
|
16,800
|
|
||
|
|
122
|
|
|
$
|
2,771,299
|
|
|
|
|
100
|
|
|
$
|
2,221,936
|
|
|
Year Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Balance at Beginning of Year
|
$
|
2,206,830
|
|
|
$
|
1,402,046
|
|
Acquisitions and originations
|
1,326,983
|
|
|
1,608,512
|
|
||
Principal repayments
|
(771,774
|
)
|
|
(778,520
|
)
|
||
Discount accretion/premium amortization
|
6,264
|
|
|
4,648
|
|
||
Loans transferred from/(to) commercial real estate loans, held-for-sale
|
10,100
|
|
|
(16,750
|
)
|
||
Net fees capitalized into carrying value of loans
|
(5,339
|
)
|
|
(9,736
|
)
|
||
Loan Loss recovery/(provision)
|
(3,007
|
)
|
|
(3,370
|
)
|
||
Charge-off from allowance
|
6,922
|
|
|
—
|
|
||
Transfer on deed in lieu of foreclosure to real estate owned
|
(14,937
|
)
|
|
—
|
|
||
Balance at End of Period
|
$
|
2,762,042
|
|
|
$
|
2,206,830
|
|
December 31, 2019
|
||||||||
Type
|
|
Interest Rate
|
|
Maturity
|
|
Par Value
|
|
Fair Value
|
CMBS 1
|
|
4.7%
|
|
5/15/2028
|
|
$13,250
|
|
$13,274
|
CMBS 2
|
|
3.8%
|
|
6/15/2032
|
|
12,131
|
|
12,151
|
CMBS 3
|
|
4.1%
|
|
2/15/2036
|
|
40,000
|
|
40,186
|
CMBS 4
|
|
3.7%
|
|
5/15/2036
|
|
18,500
|
|
18,535
|
CMBS 5
|
|
3.1%
|
|
4/15/2034
|
|
15,000
|
|
15,019
|
CMBS 6
|
|
3.2%
|
|
5/15/2037
|
|
13,500
|
|
13,525
|
CMBS 7
|
|
3.4%
|
|
5/15/2037
|
|
15,000
|
|
15,028
|
CMBS 8
|
|
3.2%
|
|
6/15/2037
|
|
7,000
|
|
7,013
|
CMBS 9
|
|
3.6%
|
|
2/15/2036
|
|
9,600
|
|
9,641
|
CMBS 10
|
|
3.5%
|
|
8/15/2036
|
|
10,000
|
|
10,027
|
CMBS 11
|
|
3.6%
|
|
6/15/2037
|
|
8,000
|
|
8,015
|
CMBS 12
|
|
3.3%
|
|
7/15/2038
|
|
13,000
|
|
13,022
|
CMBS 13
|
|
3.3%
|
|
9/15/2037
|
|
32,000
|
|
32,074
|
CMBS 14
|
|
3.7%
|
|
9/15/2037
|
|
24,000
|
|
24,084
|
CMBS 15
|
|
3.3%
|
|
10/19/2038
|
|
50,000
|
|
50,094
|
CMBS 16
|
|
3.7%
|
|
10/19/2038
|
|
26,000
|
|
26,029
|
CMBS 17
|
|
3.2%
|
|
6/15/2034
|
|
15,000
|
|
15,022
|
CMBS 18
|
|
3.5%
|
|
6/15/2034
|
|
6,500
|
|
6,509
|
CMBS 19
|
|
3.9%
|
|
6/15/2034
|
|
12,000
|
|
12,022
|
CMBS 20
|
|
3.1%
|
|
12/15/2029
|
|
20,000
|
|
20,021
|
CMBS 21
|
|
3.4%
|
|
12/15/2029
|
|
25,000
|
|
25,025
|
|
|
|
|
|
|
|
|
|
December 31, 2018
|
||||||||
Type
|
|
Interest Rate
|
|
Maturity
|
|
Par Value
|
|
Fair Value
|
CMBS 1
|
|
5.4%
|
|
5/15/2022
|
|
$13,250
|
|
$13,164
|
CMBS 2
|
|
4.6%
|
|
6/26/2025
|
|
13,500
|
|
13,248
|
|
|
Amortized Cost
|
|
Unrealized Gain
|
|
Unrealized Loss
|
|
Fair Value
|
||||||||
December 31, 2019
|
|
$
|
387,294
|
|
|
$
|
1
|
|
|
$
|
(979
|
)
|
|
$
|
386,316
|
|
December 31, 2018
|
|
$
|
26,871
|
|
|
$
|
—
|
|
|
(459
|
)
|
|
$
|
26,412
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Unrealized gain/(loss) available-for-sale securities
|
|
$
|
(978
|
)
|
|
$
|
(459
|
)
|
|
$
|
19
|
|
Reclassification of net (gain)/loss on available-for-sale securities included in net income (loss)
|
|
—
|
|
|
—
|
|
|
481
|
|
|||
Unrealized gain/(loss) available-for-sale securities, net of reclassification adjustment
|
|
$
|
(978
|
)
|
|
$
|
(459
|
)
|
|
$
|
500
|
|
As of December 31, 2019
|
|
|
|
|
|
|
|
|
||||||||||||||||
Acquisition Date
|
|
Property Type
|
|
Primary Location(s)
|
|
Land
|
|
Building and Improvements
|
|
Furniture, Fixtures and Equipment
|
|
Accumulated Depreciation
|
|
Real Estate Owned, net
|
||||||||||
August 2019 (1)(2)
|
|
Hotel
|
|
Chicago, IL
|
|
$
|
—
|
|
|
$
|
8,110
|
|
|
$
|
—
|
|
|
$
|
(86
|
)
|
|
$
|
8,024
|
|
October 2019 (1)
|
|
Office
|
|
Jeffersonville, IN
|
|
1,887
|
|
|
25,554
|
|
|
—
|
|
|
(133
|
)
|
|
27,309
|
|
|||||
|
|
|
|
|
|
$
|
1,887
|
|
|
$
|
33,664
|
|
|
$
|
—
|
|
|
$
|
(219
|
)
|
|
$
|
35,333
|
|
Acquisition Date
|
|
Property Type
|
|
Primary Location(s)
|
|
Operating Right of Use Asset Gross
|
|
Accumulated Amortization
|
|
Operating Right of Use Asset, net of Amortization
|
||||||
August 2019
|
|
Hotel
|
|
Chicago, IL
|
|
$
|
6,109
|
|
|
$
|
(130
|
)
|
|
$
|
5,979
|
|
|
|
|
|
|
|
$
|
6,109
|
|
|
$
|
(130
|
)
|
|
$
|
5,979
|
|
Minimum Future Lease Payments
|
|
December 31, 2019
|
||
2020
|
|
$
|
398
|
|
2021
|
|
410
|
|
|
2022
|
|
422
|
|
|
2023
|
|
435
|
|
|
2024
|
|
448
|
|
|
2025 and beyond
|
|
39,438
|
|
|
Total undiscounted lease payments
|
|
$
|
41,551
|
|
Less: Amount representing interest
|
|
(35,415
|
)
|
|
Present value of lease liability
|
|
$
|
6,136
|
|
Acquisition Date
|
|
Property Type
|
|
Primary Location(s)
|
|
Intangible Lease Asset Gross
|
|
Accumulated Amortization
|
|
Intangible Lease Asset, net of Amortization
|
||||||
October 2019
|
|
Office
|
|
Jeffersonville, IN
|
|
$
|
14,509
|
|
|
$
|
(131
|
)
|
|
$
|
14,377
|
|
|
|
|
|
|
|
$
|
14,509
|
|
|
$
|
(131
|
)
|
|
$
|
14,377
|
|
Minimum Rent
|
|
December 31, 2019
|
||
2020
|
|
$
|
2,530
|
|
2021
|
|
2,568
|
|
|
2022
|
|
2,607
|
|
|
2023
|
|
2,646
|
|
|
2024
|
|
2,686
|
|
|
2025 and beyond
|
|
36,895
|
|
|
Total minimum rent
|
|
$
|
49,932
|
|
Amortization Expense
|
|
December 31, 2019
|
|
|
2020
|
|
$
|
(825
|
)
|
2021
|
|
(825
|
)
|
|
2022
|
|
(825
|
)
|
|
2023
|
|
(825
|
)
|
|
2024
|
|
(825
|
)
|
As of December 31, 2019
|
|
|
|
|
|
|
|
|
|
|||||||
Repurchase Facility
|
Committed Financing
|
|
Amount Outstanding
|
|
Interest Expense(1)
|
|
Ending Weighted Average Interest Rate
|
|
Initial Term Maturity
|
|||||||
JPM Repo Facility (2)
|
$
|
300,000
|
|
|
$
|
107,526
|
|
|
$
|
6,862
|
|
|
4.51
|
%
|
|
1/30/2021
|
USB Repo Facility (3)
|
100,000
|
|
|
—
|
|
|
622
|
|
|
N/A
|
|
|
6/15/2020
|
|||
CS Repo Facility (4)
|
300,000
|
|
|
87,375
|
|
|
5,563
|
|
|
4.84
|
%
|
|
3/27/2020
|
|||
WF Repo Facility (5)
|
175,000
|
|
|
24,942
|
|
|
1,333
|
|
|
3.65
|
%
|
|
11/21/2020
|
|||
Barclays Revolver Facility (6)
|
100,000
|
|
|
—
|
|
|
976
|
|
|
N/A
|
|
|
9/20/2021
|
|||
Barclays Repo Facility (7)
|
300,000
|
|
|
32,700
|
|
|
1,260
|
|
|
3.80
|
%
|
|
3/15/2022
|
|||
Total
|
$
|
1,275,000
|
|
|
$
|
252,543
|
|
|
$
|
16,616
|
|
|
|
|
|
As of December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|||||||
Repurchase Facility
|
|
Committed Financing
|
|
Amount Outstanding
|
|
Interest Expense(1)
|
|
Ending Weighted Average Interest Rate
|
|
Initial Term Maturity
|
|||||||
JPM Repo Facility (2)
|
|
$
|
520,000
|
|
|
$
|
72,906
|
|
|
$
|
7,838
|
|
|
4.55
|
%
|
|
1/30/2020
|
GS Repo Facility (3)
|
|
—
|
|
|
—
|
|
|
470
|
|
|
N/A
|
|
|
12/27/2018
|
|||
USB Repo Facility (4)
|
|
100,000
|
|
|
—
|
|
|
594
|
|
|
4.71
|
%
|
|
6/15/2020
|
|||
CS Repo Facility (5)
|
|
300,000
|
|
|
76,534
|
|
|
6,594
|
|
|
4.69
|
%
|
|
6/19/2019
|
|||
WF Repo Facility (6)
|
|
175,000
|
|
|
—
|
|
|
86
|
|
|
4.71
|
%
|
|
11/21/2020
|
|||
Barclays Facility (7)
|
|
100,000
|
|
|
—
|
|
|
1,445
|
|
|
6.24
|
%
|
|
9/19/2019
|
|||
Total
|
|
$
|
1,195,000
|
|
|
$
|
149,440
|
|
|
$
|
17,027
|
|
|
|
|
|
As of December 31, 2019
|
|
|
|
|
|
|
Weighted Average
|
||||||
Counterparty
|
Amount Outstanding
|
|
Accrued Interest
|
|
Collateral Pledged (1)
|
|
Interest Rate
|
|
Days to Maturity
|
||||
JP Morgan Securities LLC
|
83,353
|
|
|
124
|
|
|
93,500
|
|
|
2.53
|
%
|
|
20
|
Wells Fargo Securities, LLC
|
178,304
|
|
|
1,199
|
|
|
209,873
|
|
|
2.94
|
%
|
|
11
|
Barclays Capital Inc.
|
40,720
|
|
|
221
|
|
|
47,475
|
|
|
2.81
|
%
|
|
23
|
Citigroup Global Markets, Inc.
|
91,982
|
|
|
413
|
|
|
103,453
|
|
|
2.69
|
%
|
|
19
|
Total/Weighted Average
|
394,359
|
|
|
1,957
|
|
|
454,301
|
|
|
2.79
|
%
|
|
16
|
|
|
|
|
|
|
|
|
|
|
||||
As of December 31,2018
|
|
|
|
|
|
|
Weighted Average
|
||||||
Counterparty
|
Amount Outstanding
|
|
Accrued Interest
|
|
Collateral Pledged (1)
|
|
Interest Rate
|
|
Days to Maturity
|
||||
JP Morgan Securities LLC
|
21,961
|
|
|
27
|
|
|
26,750
|
|
|
3.67
|
%
|
|
18
|
Wells Fargo Securities, LLC
|
22,578
|
|
|
47
|
|
|
28,223
|
|
|
3.93
|
%
|
|
11
|
Total/Weighted Average
|
44,539
|
|
|
74
|
|
|
54,973
|
|
|
3.80
|
%
|
|
15
|
CLO Facility
|
|
Tranche
|
|
Par Value Issued
|
|
Par Value Outstanding (1)
|
|
Interest Rate
|
|
Maturity Date
|
||||
2017-FL2 Issuer
|
|
Tranche A
|
|
$
|
237,970
|
|
|
$
|
—
|
|
|
1M LIBOR + 82
|
|
10/15/2034
|
2017-FL2 Issuer
|
|
Tranche A-S
|
|
36,357
|
|
|
—
|
|
|
1M LIBOR + 110
|
|
10/15/2034
|
||
2017-FL2 Issuer
|
|
Tranche B
|
|
26,441
|
|
|
—
|
|
|
1M LIBOR + 140
|
|
10/15/2034
|
||
2017-FL2 Issuer
|
|
Tranche C
|
|
25,339
|
|
|
—
|
|
|
1M LIBOR + 215
|
|
10/15/2034
|
||
2017-FL2 Issuer
|
|
Tranche D
|
|
35,255
|
|
|
21,444
|
|
|
1M LIBOR + 345
|
|
10/15/2034
|
||
2018-FL3 Issuer
|
|
Tranche A
|
|
286,700
|
|
|
286,700
|
|
|
1M LIBOR + 105
|
|
10/15/2034
|
||
2018-FL3 Issuer
|
|
Tranche A-S
|
|
77,775
|
|
|
77,775
|
|
|
1M LIBOR + 135
|
|
10/15/2034
|
||
2018-FL3 Issuer
|
|
Tranche B
|
|
41,175
|
|
|
41,175
|
|
|
1M LIBOR + 165
|
|
10/15/2034
|
||
2018-FL3 Issuer
|
|
Tranche C
|
|
39,650
|
|
|
39,650
|
|
|
1M LIBOR + 255
|
|
10/15/2034
|
||
2018-FL3 Issuer
|
|
Tranche D
|
|
42,700
|
|
|
42,700
|
|
|
1M LIBOR + 345
|
|
10/15/2034
|
||
2018-FL4 Issuer
|
|
Tranche A
|
|
416,827
|
|
|
416,827
|
|
|
1M LIBOR + 105
|
|
9/15/2035
|
||
2018-FL4 Issuer
|
|
Tranche A-S
|
|
73,813
|
|
|
73,813
|
|
|
1M LIBOR + 130
|
|
9/15/2035
|
||
2018-FL4 Issuer
|
|
Tranche B
|
|
56,446
|
|
|
56,446
|
|
|
1M LIBOR + 160
|
|
9/15/2035
|
||
2018-FL4 Issuer
|
|
Tranche C
|
|
68,385
|
|
|
68,385
|
|
|
1M LIBOR + 210
|
|
9/15/2035
|
||
2018-FL4 Issuer
|
|
Tranche D
|
|
57,531
|
|
|
57,531
|
|
|
1M LIBOR + 275
|
|
9/15/2035
|
||
2019-FL5 Issuer
|
|
Tranche A
|
|
407,025
|
|
|
407,025
|
|
|
1M LIBOR + 115
|
|
5/15/2029
|
||
2019-FL5 Issuer
|
|
Tranche A-S
|
|
76,950
|
|
|
76,950
|
|
|
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
|
|
|
24,300
|
|
|
1M LIBOR + 240
|
|
5/15/2029
|
||
2019-FL5 Issuer
|
|
Tranche E
|
|
20,250
|
|
|
20,250
|
|
|
1M LIBOR + 285
|
|
5/15/2029
|
||
|
|
|
|
$
|
2,186,563
|
|
|
$
|
1,822,345
|
|
|
|
|
|
CLO Facility
|
|
Tranche
|
|
Par Value Issued
|
|
Par Value Outstanding (1)
|
|
Interest Rate
|
|
Maturity Date
|
||||
2017-FL1 Issuer
|
|
Tranche A
|
|
$
|
223,600
|
|
|
$
|
48,557
|
|
|
1M LIBOR + 135
|
|
6/15/2027
|
2017-FL1 Issuer
|
|
Tranche B
|
|
48,000
|
|
|
48,000
|
|
|
1M LIBOR + 240
|
|
6/15/2027
|
||
2017-FL1 Issuer
|
|
Tranche C
|
|
67,900
|
|
|
67,900
|
|
|
1M LIBOR + 425
|
|
6/15/2027
|
||
2017-FL2 Issuer
|
|
Tranche A
|
|
237,970
|
|
|
76,785
|
|
|
1M LIBOR + 82
|
|
10/15/2034
|
||
2017-FL2 Issuer
|
|
Tranche A-S
|
|
36,357
|
|
|
36,357
|
|
|
1M LIBOR + 110
|
|
10/15/2034
|
||
2017-FL2 Issuer
|
|
Tranche B
|
|
26,441
|
|
|
26,441
|
|
|
1M LIBOR + 140
|
|
10/15/2034
|
||
2017-FL2 Issuer
|
|
Tranche C
|
|
25,339
|
|
|
25,339
|
|
|
1M LIBOR + 215
|
|
10/15/2034
|
||
2017-FL2 Issuer
|
|
Tranche D
|
|
35,255
|
|
|
35,255
|
|
|
1M LIBOR + 345
|
|
10/15/2034
|
||
2018-FL3 Issuer
|
|
Tranche A
|
|
286,700
|
|
|
286,700
|
|
|
1M LIBOR + 105
|
|
3/15/2028
|
||
2018-FL3 Issuer
|
|
Tranche A-S
|
|
77,775
|
|
|
77,775
|
|
|
1M LIBOR + 135
|
|
3/15/2028
|
||
2018-FL3 Issuer
|
|
Tranche B
|
|
41,175
|
|
|
41,175
|
|
|
1M LIBOR + 165
|
|
3/15/2028
|
||
2018-FL3 Issuer
|
|
Tranche C
|
|
39,650
|
|
|
39,650
|
|
|
1M LIBOR + 255
|
|
3/15/2028
|
||
2018-FL3 Issuer
|
|
Tranche D
|
|
42,700
|
|
|
42,700
|
|
|
1M LIBOR + 345
|
|
3/15/2028
|
||
2018-FL4 Issuer
|
|
Tranche A
|
|
416,827
|
|
|
416,827
|
|
|
1M LIBOR + 105
|
|
9/15/2035
|
||
2018-FL4 Issuer
|
|
Tranche A-S
|
|
73,813
|
|
|
73,813
|
|
|
1M LIBOR + 130
|
|
9/15/2035
|
||
2018-FL4 Issuer
|
|
Tranche B
|
|
56,446
|
|
|
56,446
|
|
|
1M LIBOR + 160
|
|
9/15/2035
|
||
2018-FL4 Issuer
|
|
Tranche C
|
|
68,385
|
|
|
68,385
|
|
|
1M LIBOR + 210
|
|
9/15/2035
|
||
2018-FL4 Issuer
|
|
Tranche D
|
|
57,531
|
|
|
57,531
|
|
|
1M LIBOR + 275
|
|
9/15/2035
|
||
|
|
|
|
$
|
1,861,864
|
|
|
$
|
1,525,636
|
|
|
|
|
|
Assets (dollars in thousands)
|
|
December 31, 2019
|
|
December 31, 2018
|
||||
Cash and cash equivalents (1)
|
|
$
|
89,946
|
|
|
$
|
74,157
|
|
Commercial mortgage loans, held for investment, net (2)
|
|
2,294,663
|
|
|
1,921,428
|
|
||
Accrued interest receivable
|
|
6,254
|
|
|
6,353
|
|
||
Total Assets
|
|
$
|
2,390,863
|
|
|
$
|
2,001,938
|
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
||||
Notes payable (3)(4)
|
|
$
|
2,064,601
|
|
|
$
|
1,712,129
|
|
Accrued interest payable
|
|
2,576
|
|
|
3,163
|
|
||
Total Liabilities
|
|
$
|
2,067,177
|
|
|
$
|
1,715,292
|
|
|
Year Ended December 31,
|
||||||||||
Numerator
|
2019
|
|
2018
|
|
2017
|
||||||
Net income
|
$
|
83,924
|
|
|
$
|
52,825
|
|
|
$
|
33,779
|
|
Less: Preferred stock dividends
|
15,337
|
|
|
3,644
|
|
|
—
|
|
|||
Less: Undistributed earnings allocated to preferred stock
|
1,673
|
|
|
—
|
|
|
—
|
|
|||
Net income attributable to common shareholders (for basic and diluted earnings per share)
|
66,914
|
|
|
49,181
|
|
|
33,779
|
|
|||
|
|
|
|
|
|
||||||
Denominator
|
|
|
|
|
|
||||||
Weighted-average common shares outstanding for basic earnings per share
|
41,859,142
|
|
|
34,268,707
|
|
|
31,772,231
|
|
|||
Effect of dilutive shares:
|
|
|
|
|
|
||||||
Unvested restricted shares
|
12,504
|
|
|
14,229
|
|
|
12,658
|
|
|||
Weighted-average common shares outstanding for diluted earnings per share
|
41,871,646
|
|
|
36,779,735
|
|
|
31,784,889
|
|
|||
|
|
|
|
|
|
||||||
Basic earnings per share
|
$
|
1.60
|
|
|
$
|
1.44
|
|
|
$
|
1.06
|
|
Diluted earnings per share
|
$
|
1.60
|
|
|
$
|
1.44
|
|
|
$
|
1.06
|
|
Series A Preferred Stock
|
|
Shares
|
|
Amount
|
|||
Beginning Balance, December 31, 2018
|
|
29,249
|
|
|
$
|
145,786
|
|
Issuance of Preferred Stock
|
|
11,247
|
|
|
56,233
|
|
|
Dividends paid in Preferred Stock
|
|
4
|
|
|
24
|
|
|
Offering costs
|
|
—
|
|
|
—
|
|
|
Amortization of offering costs
|
|
—
|
|
|
101
|
|
|
Ending Balance, December 31, 2019
|
|
40,500
|
|
|
$
|
202,144
|
|
|
|
|
|
|
|||
|
|
Shares
|
|
Amount
|
|||
Beginning Balance, December 31, 2017
|
|
—
|
|
|
$
|
—
|
|
Issuance of Preferred Stock
|
|
29,249
|
|
|
146,245
|
|
|
Offering costs
|
|
—
|
|
|
(510
|
)
|
|
Amortization of offering costs
|
|
—
|
|
|
51
|
|
|
Ending Balance, December 31, 2018
|
|
29,249
|
|
|
$
|
145,786
|
|
Series C Preferred Stock
|
|
Shares
|
|
Amount
|
|||
Beginning Balance, December 31, 2018
|
|
—
|
|
|
$
|
—
|
|
Issuance of Preferred Stock
|
|
1,400
|
|
|
6,998
|
|
|
Dividends paid in Preferred Stock
|
|
—
|
|
|
—
|
|
|
Offering costs
|
|
—
|
|
|
(33
|
)
|
|
Amortization of offering costs
|
|
—
|
|
|
1
|
|
|
Ending Balance, December 31, 2019
|
|
1,400
|
|
|
$
|
6,966
|
|
|
|
Number of Requests
|
|
Number of Shares Repurchased
|
|
Average Price per Share
|
||||
Cumulative as of December 31, 2018
|
|
3,845
|
|
|
2,800,414
|
|
|
$
|
20.65
|
|
January 1 - January 31, 2019(1)
|
|
845
|
|
|
387,530
|
|
|
18.60
|
|
|
February 1 - February 28, 2019
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
March 1 - March 31, 2019
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
April 1 - April 30, 2019
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
May 1 - May 31, 2019
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
June 1 - June 30, 2019
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
July 1 - July 31, 2019(2)
|
|
1,188
|
|
|
354,323
|
|
|
18.65
|
|
|
August 1 - August 31, 2019
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
September 1 - September 30, 2019
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
October 1 - October 31, 2019
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
November 1 - November 30, 2019
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
December 1 - December 31, 2019
|
|
—
|
|
|
—
|
|
|
N/A
|
|
|
Cumulative as of December 31, 2019
|
|
5,878
|
|
|
3,542,267
|
|
|
$
|
20.23
|
|
|
|
Year Ended December 31,
|
|
Payable as of December 31,
|
||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2019
|
|
2018
|
||||||||||
Acquisition fees and acquisition expenses (1)
|
|
$
|
900
|
|
|
$
|
452
|
|
|
$
|
4,197
|
|
|
$
|
225
|
|
|
$
|
1
|
|
Administrative services expenses
|
|
16,363
|
|
|
13,446
|
|
|
6,765
|
|
|
1,238
|
|
|
1,224
|
|
|||||
Asset management and subordinated performance fee
|
|
16,226
|
|
|
10,299
|
|
|
9,273
|
|
|
3,326
|
|
|
1,072
|
|
|||||
Other related party expenses(2)
|
|
1,610
|
|
|
1,259
|
|
|
394
|
|
|
—
|
|
|
932
|
|
|||||
Total related party fees and reimbursements
|
|
$
|
35,099
|
|
|
$
|
25,456
|
|
|
$
|
20,629
|
|
|
$
|
4,789
|
|
|
$
|
3,229
|
|
•
|
Level I - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.
|
•
|
Level II - Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.
|
•
|
Level III - Unobservable inputs that reflect the entity's own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques.
|
|
Total
|
|
Level I
|
|
Level II
|
|
Level III
|
||||||||
December 31, 2019
|
|
|
|
|
|
|
|
||||||||
Assets, at fair value
|
|
|
|
|
|
|
|
||||||||
Real estate securities, available for sale, measured at fair value
|
$
|
386,316
|
|
|
$
|
—
|
|
|
$
|
386,316
|
|
|
$
|
—
|
|
Commercial mortgage loans, held-for-sale, measured at fair value
|
112,562
|
|
|
—
|
|
|
—
|
|
|
112,562
|
|
||||
Other real estate investments, measured at fair value
|
2,557
|
|
|
—
|
|
|
—
|
|
|
2,557
|
|
||||
Credit default swaps
|
59
|
|
|
—
|
|
|
59
|
|
|
—
|
|
||||
Interest rate swaps
|
325
|
|
|
—
|
|
|
325
|
|
|
—
|
|
||||
Treasury note futures
|
735
|
|
|
735
|
|
|
—
|
|
|
—
|
|
||||
Total assets, at fair value
|
$
|
502,554
|
|
|
$
|
735
|
|
|
$
|
386,700
|
|
|
$
|
115,119
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities at FV
|
|
|
|
|
|
|
|
||||||||
Credit default swaps
|
$
|
1,581
|
|
|
$
|
—
|
|
|
$
|
1,581
|
|
|
$
|
—
|
|
Total liabilities, at fair value
|
1,581
|
|
|
—
|
|
|
1,581
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
||||||||
Assets, at fair value
|
|
|
|
|
|
|
|
||||||||
Real estate securities, available for sale, measured at fair value
|
$
|
26,412
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
26,412
|
|
Commercial mortgage loans, held-for-sale, measured at fair value
|
76,863
|
|
|
—
|
|
|
|
|
76,863
|
|
|||||
Credit default swaps
|
640
|
|
|
—
|
|
|
640
|
|
|
—
|
|
||||
Interest rate swaps
|
206
|
|
|
—
|
|
|
206
|
|
|
—
|
|
||||
Total assets, at fair value
|
$
|
104,121
|
|
|
$
|
—
|
|
|
$
|
846
|
|
|
$
|
103,275
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities, at fair value
|
|
|
|
|
|
|
|
||||||||
Interest rate swaps
|
$
|
256
|
|
|
$
|
—
|
|
|
$
|
256
|
|
|
$
|
—
|
|
Treasury note futures
|
1,063
|
|
|
1,063
|
|
|
—
|
|
|
—
|
|
||||
Total liabilities, at fair value
|
$
|
1,319
|
|
|
$
|
1,063
|
|
|
$
|
256
|
|
|
$
|
—
|
|
Asset Category
|
Fair Value
|
Valuation Methodologies
|
Unobservable Inputs (1)
|
Weighted Average (2)
|
Range
|
||
December 31, 2019
|
|
|
|
|
|
||
Commercial mortgage loans, held-for-sale, measured at fair value
|
$
|
112,562
|
|
Discounted Cash Flow
|
Yield
|
4.9%
|
4.7% - 5.2%
|
Other real estate investments, measured at fair value
|
2,557
|
|
Discounted Cash Flow
|
Yield
|
12.4%
|
11.4% - 13.4%
|
|
December 31, 2018
|
|
|
|
|
|
||
Commercial mortgage loans, held-for-sale, measured at fair value
|
$
|
76,863
|
|
Discounted Cash Flow
|
Yield
|
6.3%
|
4.7% - 11.3%
|
Real estate securities, available for sale, measured at fair value
|
26,412
|
|
Broker Quotes
|
Yield
|
5.5%
|
4.0% - 6.0%
|
|
|
December 31, 2019
|
||||||||||
|
|
Commercial mortgage loans, held-for-sale, measured at fair value
|
|
Real estate securities, available for sale, measured at fair value
|
|
Other real estate investments, measured at fair value
|
||||||
Beginning balance, January 1, 2019
|
|
$
|
76,863
|
|
|
$
|
26,412
|
|
|
$
|
—
|
|
Transfers into Level III
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total realized and unrealized gain (loss) included in earnings:
|
|
|
|
|
|
|
||||||
Realized gain (loss) on sale of real estate securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Realized gain (loss) on sale of commercial mortgage loan held-for-sale
|
|
37,832
|
|
|
—
|
|
|
—
|
|
|||
Unrealized gain (loss) on commercial mortgage loans held-for-sale and other real estate investments
|
|
312
|
|
|
—
|
|
|
47
|
|
|||
Net accretion
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Unrealized gain (loss) included in OCI (1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Purchases
|
|
1,015,677
|
|
|
—
|
|
|
2,510
|
|
|||
Sales / paydowns
|
|
(1,008,050
|
)
|
|
—
|
|
|
—
|
|
|||
Cash repayments / receipts
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Transfers out of Level III
|
|
(10,072
|
)
|
|
(26,412
|
)
|
|
—
|
|
|||
December 31, 2019 balance
|
|
$
|
112,562
|
|
|
$
|
—
|
|
|
$
|
2,557
|
|
|
|
|
|
|
|
|
||||||
|
|
December 31, 2018
|
||||||||||
|
|
Commercial mortgage loans, held-for-sale, measured at fair value
|
|
Real estate securities, available for sale, measured at fair value
|
|
Other real estate investments, measured at fair value
|
||||||
Beginning balance, January 1, 2018
|
|
$
|
28,531
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Transfers into Level III
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total realized and unrealized gain (loss) included in earnings:
|
|
|
|
|
|
|
||||||
Realized gain (loss) on sale of real estate securities
|
|
—
|
|
|
(107
|
)
|
|
—
|
|
|||
Realized gain (loss) on sale of commercial mortgage loan held-for-sale
|
|
11,288
|
|
|
—
|
|
|
—
|
|
|||
Unrealized gain (loss) on commercial mortgage loans held-for-sale and other real estate investments
|
|
(237
|
)
|
|
—
|
|
|
—
|
|
|||
Net Accretion
|
|
—
|
|
|
(76
|
)
|
|
—
|
|
|||
Unrealized gains (losses) included in OCI (1)
|
|
—
|
|
|
(459
|
)
|
|
—
|
|
|||
Purchases
|
|
617,916
|
|
|
39,510
|
|
|
—
|
|
|||
Sales / paydowns
|
|
(580,635
|
)
|
|
(12,456
|
)
|
|
—
|
|
|||
Cash repayments / receipts
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Transfers out of Level III
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
December 31, 2018 balance
|
|
$
|
76,863
|
|
|
$
|
26,412
|
|
|
$
|
—
|
|
|
|
|
Level
|
|
Carrying Amount
|
|
Fair Value
|
||||
December 31, 2019
|
|
|
|
|
|
|
|
||||
Commercial mortgage loans, held-for-investment (1)
|
Asset
|
|
III
|
|
$
|
2,762,963
|
|
|
$
|
2,784,650
|
|
Collateralized loan obligation
|
Liability
|
|
III
|
|
1,803,185
|
|
|
1,822,386
|
|
||
Mortgage note payable
|
Liability
|
|
III
|
|
29,167
|
|
|
29,167
|
|
||
December 31, 2018
|
|
|
|
|
|
|
|
||||
Commercial mortgage loans, held-for-investment (1)
|
Asset
|
|
III
|
|
$
|
2,211,666
|
|
|
$
|
2,213,650
|
|
Collateralized loan obligation
|
Liability
|
|
III
|
|
1,505,279
|
|
|
1,518,127
|
|
||
Other financing and loan participation - commercial mortgage loans
|
Liability
|
|
III
|
|
9,902
|
|
|
9,902
|
|
|
|
|
|
Fair Value
|
||||||||
Contract type
|
|
Notional
|
|
Assets
|
|
Liabilities
|
||||||
As of December 31, 2019
|
|
|
|
|
|
|
||||||
Credit default swaps
|
|
$
|
94,300
|
|
|
$
|
59
|
|
|
$
|
1,581
|
|
Interest rate swaps
|
|
42,546
|
|
|
325
|
|
|
—
|
|
|||
Treasury note futures
|
|
74,000
|
|
|
735
|
|
|
—
|
|
|||
Total
|
|
$
|
210,846
|
|
|
$
|
1,119
|
|
|
$
|
1,581
|
|
|
|
|
|
|
|
|
||||||
As of December 31, 2018
|
|
|
|
|
|
|
||||||
Credit default swaps
|
|
$
|
45,000
|
|
|
$
|
640
|
|
|
$
|
—
|
|
Interest rate swaps
|
|
37,965
|
|
|
206
|
|
|
256
|
|
|||
Treasury note futures
|
|
49,000
|
|
|
—
|
|
|
1,063
|
|
|||
Total
|
|
$
|
131,965
|
|
|
$
|
846
|
|
|
$
|
1,319
|
|
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
||||||||||||
Contract type
|
|
Unrealized
(Gain)/Loss
|
|
Realized
(Gain)/Loss
|
|
Unrealized
(Gain)/Loss
|
|
Realized
(Gain)/Loss
|
||||||||
Credit default swaps
|
|
$
|
456
|
|
|
$
|
2,230
|
|
|
$
|
(139
|
)
|
|
$
|
(229
|
)
|
Interest rate swaps
|
|
(380
|
)
|
|
(269
|
)
|
|
351
|
|
|
136
|
|
||||
Treasury note futures
|
|
(1,798
|
)
|
|
1,962
|
|
|
1,162
|
|
|
(1,734
|
)
|
||||
Options
|
|
—
|
|
|
401
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
(1,722
|
)
|
|
$
|
4,324
|
|
|
$
|
1,374
|
|
|
$
|
(1,827
|
)
|
|
|
|
|
|
|
|
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 Pledged (1)
|
|
Net Amount
|
||||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative instruments, at fair value
|
|
$
|
1,119
|
|
|
$
|
—
|
|
|
$
|
1,119
|
|
|
$
|
—
|
|
|
$
|
10,895
|
|
|
$
|
—
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative instruments, at fair value
|
|
$
|
846
|
|
|
$
|
—
|
|
|
$
|
846
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
846
|
|
|
|
|
|
|
|
|
|
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 Pledged (1)
|
|
Net Amount
|
||||||||||||
December 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Repurchase agreements, commercial mortgage loans
|
|
$
|
252,543
|
|
|
$
|
—
|
|
|
$
|
252,543
|
|
|
$
|
394,229
|
|
|
$
|
5,011
|
|
|
$
|
—
|
|
Repurchase agreements, real estate securities
|
|
394,359
|
|
|
—
|
|
|
394,359
|
|
|
455,301
|
|
|
1,657
|
|
|
—
|
|
||||||
Derivative instruments, at fair value
|
|
1,581
|
|
|
—
|
|
|
1,581
|
|
|
—
|
|
|
3,679
|
|
|
—
|
|
||||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Repurchase agreements, commercial mortgage loans
|
|
$
|
149,440
|
|
|
$
|
—
|
|
|
$
|
149,440
|
|
|
$
|
203,846
|
|
|
$
|
5,010
|
|
|
$
|
—
|
|
Repurchase agreements, real estate securities
|
|
44,539
|
|
|
—
|
|
|
44,539
|
|
|
54,973
|
|
|
305
|
|
|
—
|
|
||||||
Derivative instruments, at fair value
|
|
1,319
|
|
|
—
|
|
|
1,319
|
|
|
—
|
|
|
7,232
|
|
|
—
|
|
•
|
The real estate debt business focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinate mortgages, mezzanine loans and participations in such loans.
|
•
|
The real estate securities business focuses on investing in and asset managing commercial real estate securities primarily consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities.
|
•
|
The commercial real estate Conduit business operated through the Company's TRS, which is focused on generating risk-adjusted returns by originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market at a profit.
|
•
|
The real estate owned business represents real estate acquired by the Company through foreclosure, deed in lieu of foreclosure, or purchase.
|
December 31, 2019
|
|
Total
|
|
Real Estate Debt and Other Real Estate
|
|
Real Estate Securities
|
|
TRS
|
|
Real Estate Owned
|
||||||||||
Interest income
|
|
$
|
195,299
|
|
|
$
|
181,434
|
|
|
$
|
6,149
|
|
|
$
|
7,716
|
|
|
$
|
—
|
|
Revenue from real estate owned
|
|
3,169
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,169
|
|
|||||
Interest expense
|
|
90,418
|
|
|
83,597
|
|
|
2,911
|
|
|
3,670
|
|
|
240
|
|
|||||
Net income
|
|
83,924
|
|
|
61,936
|
|
|
3,238
|
|
|
19,130
|
|
|
(380
|
)
|
|||||
Total assets as of December 31, 2019
|
|
3,540,620
|
|
|
2,964,233
|
|
|
388,170
|
|
|
131,193
|
|
|
57,024
|
|
|||||
December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
|
$
|
152,288
|
|
|
$
|
144,967
|
|
|
$
|
717
|
|
|
$
|
6,604
|
|
|
$
|
—
|
|
Interest expense
|
|
70,000
|
|
|
65,521
|
|
|
770
|
|
|
3,709
|
|
|
—
|
|
|||||
Net income
|
|
52,825
|
|
|
50,041
|
|
|
(160
|
)
|
|
2,944
|
|
|
—
|
|
|||||
Total assets as of December 31, 2018
|
|
2,606,078
|
|
|
2,492,440
|
|
|
26,474
|
|
|
87,164
|
|
|
—
|
|
|||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income
|
|
$
|
89,564
|
|
|
$
|
87,014
|
|
|
$
|
1,351
|
|
|
$
|
1,199
|
|
|
$
|
—
|
|
Interest expense
|
|
32,359
|
|
|
30,407
|
|
|
1,254
|
|
|
698
|
|
|
—
|
|
|||||
Net income
|
|
33,779
|
|
|
33,184
|
|
|
269
|
|
|
326
|
|
|
—
|
|
|||||
Total assets as of December 31, 2017
|
|
1,583,661
|
|
|
1,517,021
|
|
|
389
|
|
|
66,251
|
|
|
—
|
|
|
Years Ended December 31,
|
||||||||||
|
2019
|
|
2018
|
|
2017
|
||||||
Current expense (benefit)
|
|
|
|
|
|
||||||
U.S. Federal
|
$
|
4,076
|
|
|
$
|
68
|
|
|
$
|
140
|
|
State and local
|
397
|
|
|
12
|
|
|
61
|
|
|||
Total current expense (benefit)
|
4,473
|
|
|
80
|
|
|
201
|
|
|||
Deferred expense (benefit)
|
|
|
|
|
|
||||||
U.S. Federal
|
$
|
10
|
|
|
$
|
(1
|
)
|
|
$
|
18
|
|
State and local
|
—
|
|
|
—
|
|
|
6
|
|
|||
Total deferred expense (benefit)
|
10
|
|
|
(1
|
)
|
|
24
|
|
|||
Provision for income tax expense (benefit)
|
$
|
4,483
|
|
|
$
|
79
|
|
|
$
|
225
|
|
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
2019
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
$
|
26,145
|
|
|
$
|
22,356
|
|
|
$
|
29,349
|
|
|
$
|
27,031
|
|
Net income applicable to common stock
|
16,108
|
|
|
11,036
|
|
|
20,460
|
|
|
19,310
|
|
||||
Net income
|
19,890
|
|
|
14,526
|
|
|
25,913
|
|
|
23,595
|
|
||||
Basic net income per share
|
$
|
0.40
|
|
|
$
|
0.27
|
|
|
$
|
0.48
|
|
|
$
|
0.44
|
|
Diluted net income per share
|
$
|
0.40
|
|
|
$
|
0.27
|
|
|
$
|
0.48
|
|
|
$
|
0.44
|
|
Basic weighted average shares outstanding
|
39,798,215
|
|
|
41,226,805
|
|
|
42,795,038
|
|
|
43,549,406
|
|
||||
Diluted weighted average shares outstanding
|
39,811,304
|
|
|
41,239,548
|
|
|
42,807,773
|
|
|
43,560,937
|
|
||||
2018
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
$
|
10,734
|
|
|
$
|
19,738
|
|
|
$
|
25,823
|
|
|
$
|
25,993
|
|
Net income applicable to common stock
|
5,296
|
|
|
12,086
|
|
|
17,745
|
|
|
14,054
|
|
||||
Net income
|
5,296
|
|
|
12,102
|
|
|
19,000
|
|
|
16,427
|
|
||||
Basic net income per share
|
$
|
0.17
|
|
|
$
|
0.38
|
|
|
$
|
0.49
|
|
|
$
|
0.37
|
|
Diluted net income per share
|
$
|
0.17
|
|
|
$
|
0.38
|
|
|
$
|
0.49
|
|
|
$
|
0.37
|
|
Basic weighted average shares outstanding
|
31,670,518
|
|
|
31,762,199
|
|
|
35,468,648
|
|
|
38,088,364
|
|
||||
Diluted weighted average shares outstanding
|
31,684,832
|
|
|
31,820,527
|
|
|
38,942,428
|
|
|
44,504,418
|
|
||||
2017
|
|
|
|
|
|
|
|
||||||||
Net interest income
|
$
|
13,451
|
|
|
$
|
13,126
|
|
|
$
|
13,350
|
|
|
$
|
17,278
|
|
Net income applicable to common stock
|
6,049
|
|
|
6,281
|
|
|
6,975
|
|
|
14,474
|
|
||||
Net income
|
6,049
|
|
|
6,281
|
|
|
6,975
|
|
|
14,474
|
|
||||
Basic net income per share
|
$
|
0.19
|
|
|
$
|
0.20
|
|
|
$
|
0.22
|
|
|
$
|
0.46
|
|
Diluted net income per share
|
$
|
0.19
|
|
|
$
|
0.20
|
|
|
$
|
0.22
|
|
|
$
|
0.46
|
|
Basic weighted average shares outstanding
|
31,740,256
|
|
|
31,850,897
|
|
|
31,741,679
|
|
|
34,754,734
|
|
||||
Diluted weighted average shares outstanding
|
31,750,045
|
|
|
31,860,444
|
|
|
31,756,503
|
|
|
31,769,048
|
|
Description
|
|
Property Type
|
|
Face Amount
|
|
Carrying Amount
|
|
Interest
Rate
|
|
Payment
Terms
|
|
Maturity Date
|
||||
Senior Debt 1
|
|
Retail
|
|
$
|
9,450
|
|
|
$
|
9,450
|
|
|
1 month LIBOR + 4.50%
|
|
Interest Only
|
|
9/9/2020
|
Senior Debt 2
|
|
Office
|
|
10,699
|
|
|
10,699
|
|
|
1 month LIBOR + 4.65%
|
|
Interest Only
|
|
6/9/2020
|
||
Senior Debt 3
|
|
Industrial
|
|
33,655
|
|
|
33,655
|
|
|
1 month LIBOR + 4.00%
|
|
Interest Only
|
|
11/9/2020
|
||
Senior Debt 4
|
|
Mixed Use
|
|
12,952
|
|
|
12,952
|
|
|
1 month LIBOR + 5.00%
|
|
Interest Only
|
|
4/9/2020
|
||
Senior Debt 5
|
|
Office
|
|
14,080
|
|
|
14,066
|
|
|
1 month LIBOR + 4.45%
|
|
Interest Only
|
|
9/9/2020
|
||
Senior Debt 6
|
|
Office
|
|
10,533
|
|
|
10,533
|
|
|
1 month LIBOR + 6.00%
|
|
Amortizing Balloon
|
|
10/9/2020
|
||
Senior Debt 7
|
|
Multifamily
|
|
38,248
|
|
|
38,249
|
|
|
1 month LIBOR + 3.35%
|
|
Amortizing Balloon
|
|
1/9/2022
|
||
Senior Debt 8
|
|
Office
|
|
27,662
|
|
|
27,662
|
|
|
1 month LIBOR + 4.15%
|
|
Amortizing Balloon
|
|
10/9/2020
|
||
Senior Debt 9
|
|
Multifamily
|
|
34,875
|
|
|
34,875
|
|
|
1 month LIBOR + 3.75%
|
|
Interest Only
|
|
11/9/2020
|
||
Senior Debt 10
|
|
Hospitality
|
|
10,599
|
|
|
10,569
|
|
|
1 month LIBOR + 5.00%
|
|
Interest Only
|
|
11/9/2020
|
||
Senior Debt 11
|
|
Hospitality
|
|
5,930
|
|
|
5,930
|
|
|
1 month LIBOR + 3.50%
|
|
Amortizing Balloon
|
|
12/9/2021
|
||
Senior Debt 12
|
|
Multifamily
|
|
18,985
|
|
|
18,983
|
|
|
1 month LIBOR + 3.62%
|
|
Interest Only
|
|
4/9/2020
|
||
Senior Debt 13
|
|
Hospitality
|
|
57,075
|
|
|
57,075
|
|
|
1 month LIBOR + 5.19%
|
|
Interest Only
|
|
6/9/2019
|
||
Senior Debt 14
|
|
Multifamily
|
|
58,590
|
|
|
58,117
|
|
|
1 month LIBOR + 4.50%
|
|
Interest Only
|
|
12/31/2021
|
||
Senior Debt 15
|
|
Hospitality
|
|
10,250
|
|
|
10,221
|
|
|
1 month LIBOR + 5.25%
|
|
Interest Only
|
|
2/9/2021
|
||
Senior Debt 16
|
|
Hospitality
|
|
23,000
|
|
|
22,890
|
|
|
1 month LIBOR + 4.41%
|
|
Interest Only
|
|
1/9/2021
|
||
Senior Debt 17
|
|
Multifamily
|
|
19,280
|
|
|
19,273
|
|
|
1 month LIBOR + 3.60%
|
|
Interest Only
|
|
2/9/2020
|
||
Senior Debt 18
|
|
Multifamily
|
|
12,155
|
|
|
12,151
|
|
|
1 month LIBOR + 3.30%
|
|
Interest Only
|
|
2/9/2020
|
||
Senior Debt 19
|
|
Office
|
|
24,426
|
|
|
24,429
|
|
|
1 month LIBOR + 4.65%
|
|
Interest Only
|
|
2/9/2020
|
||
Senior Debt 20
|
|
Hospitality
|
|
21,000
|
|
|
20,951
|
|
|
1 month LIBOR + 4.00%
|
|
Interest Only
|
|
2/9/2021
|
||
Senior Debt 21
|
|
Office
|
|
20,340
|
|
|
20,326
|
|
|
1 month LIBOR + 3.70%
|
|
Interest Only
|
|
3/9/2020
|
||
Senior Debt 22
|
|
Multifamily
|
|
20,741
|
|
|
20,671
|
|
|
1 month LIBOR + 4.25%
|
|
Interest Only
|
|
3/9/2021
|
||
Senior Debt 23
|
|
Multifamily
|
|
42,000
|
|
|
41,907
|
|
|
1 month LIBOR + 3.70%
|
|
Interest Only
|
|
3/9/2021
|
||
Senior Debt 24
|
|
Hospitality
|
|
19,975
|
|
|
19,958
|
|
|
1 month LIBOR + 4.95%
|
|
Interest Only
|
|
4/9/2020
|
||
Senior Debt 25
|
|
Hospitality
|
|
27,541
|
|
|
27,460
|
|
|
1 month LIBOR + 4.00%
|
|
Interest Only
|
|
4/9/2021
|
||
Senior Debt 26
|
|
Hospitality
|
|
21,495
|
|
|
21,438
|
|
|
1 month LIBOR + 4.40%
|
|
Interest Only
|
|
4/9/2021
|
||
Senior Debt 27
|
|
Multifamily
|
|
33,663
|
|
|
33,624
|
|
|
1 month LIBOR + 3.00%
|
|
Interest Only
|
|
5/9/2021
|
||
Senior Debt 28
|
|
Self Storage
|
|
4,120
|
|
|
4,110
|
|
|
1 month LIBOR + 4.05%
|
|
Interest Only
|
|
5/9/2021
|
||
Senior Debt 29
|
|
Self Storage
|
|
6,496
|
|
|
6,480
|
|
|
1 month LIBOR + 4.05%
|
|
Interest Only
|
|
5/9/2021
|
||
Senior Debt 30
|
|
Self Storage
|
|
7,606
|
|
|
7,585
|
|
|
1 month LIBOR + 5.05%
|
|
Interest Only
|
|
5/9/2021
|
||
Senior Debt 31
|
|
Multifamily
|
|
90,499
|
|
|
90,322
|
|
|
1 month LIBOR + 3.50%
|
|
Interest Only
|
|
6/9/2020
|
||
Senior Debt 32
|
|
Self Storage
|
|
2,400
|
|
|
2,392
|
|
|
1 month LIBOR + 4.05%
|
|
Interest Only
|
|
6/9/2021
|
||
Senior Debt 33
|
|
Self Storage
|
|
6,310
|
|
|
6,293
|
|
|
1 month LIBOR + 5.05%
|
|
Interest Only
|
|
6/9/2021
|
||
Senior Debt 34
|
|
Multifamily
|
|
22,775
|
|
|
22,698
|
|
|
1 month LIBOR + 3.15%
|
|
Interest Only
|
|
6/9/2021
|
||
Senior Debt 35
|
|
Multifamily
|
|
11,590
|
|
|
11,572
|
|
|
1 month LIBOR + 3.75%
|
|
Interest Only
|
|
7/9/2020
|
||
Senior Debt 36
|
|
Multifamily
|
|
66,000
|
|
|
65,768
|
|
|
1 month LIBOR + 3.75%
|
|
Interest Only
|
|
8/9/2020
|
||
Senior Debt 37
|
|
Multifamily
|
|
17,250
|
|
|
17,222
|
|
|
1 month LIBOR + 3.95%
|
|
Interest Only
|
|
7/9/2020
|
||
Senior Debt 38
|
|
Hospitality
|
|
22,355
|
|
|
22,291
|
|
|
1 month LIBOR + 4.00%
|
|
Interest Only
|
|
7/9/2021
|
||
Senior Debt 39
|
|
Hospitality
|
|
34,000
|
|
|
33,939
|
|
|
1 month LIBOR + 4.50%
|
|
Interest Only
|
|
8/9/2020
|
||
Senior Debt 40
|
|
Mixed Use
|
|
45,856
|
|
|
45,874
|
|
|
1 month LIBOR + 4.87%
|
|
Interest Only
|
|
7/9/2020
|
Description
|
|
Property Type
|
|
Face Amount
|
|
Carrying Amount
|
|
Interest
Rate
|
|
Payment
Terms
|
|
Maturity Date
|
||||
Senior Debt 41
|
|
Multifamily
|
|
12,007
|
|
|
11,994
|
|
|
1 month LIBOR + 3.50%
|
|
Interest Only
|
|
8/9/2020
|
||
Senior Debt 42
|
|
Multifamily
|
|
18,000
|
|
|
17,965
|
|
|
1 month LIBOR + 3.30%
|
|
Interest Only
|
|
9/9/2020
|
||
Senior Debt 43
|
|
Office
|
|
20,900
|
|
|
20,855
|
|
|
1 month LIBOR + 3.75%
|
|
Interest Only
|
|
9/9/2020
|
||
Senior Debt 44
|
|
Office
|
|
50,000
|
|
|
49,984
|
|
|
1 month LIBOR + 4.23%
|
|
Interest Only
|
|
3/9/2020
|
||
Senior Debt 45
|
|
Self Storage
|
|
6,600
|
|
|
6,592
|
|
|
1 month LIBOR + 6.00%
|
|
Interest Only
|
|
9/9/2020
|
||
Senior Debt 46
|
|
Multifamily
|
|
7,250
|
|
|
7,237
|
|
|
1 month LIBOR + 4.00%
|
|
Interest Only
|
|
9/9/2020
|
||
Senior Debt 47
|
|
Multifamily
|
|
115,069
|
|
|
114,809
|
|
|
1 month LIBOR + 3.10%
|
|
Interest Only
|
|
9/9/2020
|
||
Senior Debt 48
|
|
Office
|
|
13,298
|
|
|
13,267
|
|
|
1 month LIBOR + 3.40%
|
|
Amortizing Balloon
|
|
9/9/2020
|
||
Senior Debt 49
|
|
Retail
|
|
29,500
|
|
|
29,401
|
|
|
6.25%
|
|
Interest Only
|
|
9/9/2023
|
||
Senior Debt 50
|
|
Multifamily
|
|
25,500
|
|
|
25,505
|
|
|
1 month LIBOR + 3.50%
|
|
Interest Only
|
|
4/9/2020
|
||
Senior Debt 51
|
|
Self Storage
|
|
12,125
|
|
|
12,088
|
|
|
1 month LIBOR + 5.50%
|
|
Interest Only
|
|
10/9/2020
|
||
Senior Debt 52
|
|
Office
|
|
37,550
|
|
|
37,464
|
|
|
1 month LIBOR + 3.74%
|
|
Interest Only
|
|
10/9/2020
|
||
Senior Debt 53
|
|
Multifamily
|
|
15,045
|
|
|
15,016
|
|
|
1 month LIBOR + 3.15%
|
|
Interest Only
|
|
11/9/2020
|
||
Senior Debt 54
|
|
Multifamily
|
|
21,276
|
|
|
21,227
|
|
|
1 month LIBOR + 3.40%
|
|
Interest Only
|
|
11/9/2020
|
||
Senior Debt 55
|
|
Multifamily
|
|
29,900
|
|
|
29,834
|
|
|
1 month LIBOR + 3.35%
|
|
Interest Only
|
|
11/9/2020
|
||
Senior Debt 56
|
|
Multifamily
|
|
38,928
|
|
|
38,821
|
|
|
1 month LIBOR + 3.10%
|
|
Interest Only
|
|
12/9/2020
|
||
Senior Debt 57
|
|
Self Storage
|
|
17,400
|
|
|
17,358
|
|
|
1 month LIBOR + 4.00%
|
|
Interest Only
|
|
11/9/2020
|
||
Senior Debt 58
|
|
Multifamily
|
|
10,020
|
|
|
9,986
|
|
|
1 month LIBOR + 3.45%
|
|
Interest Only
|
|
12/9/2021
|
||
Senior Debt 59
|
|
Multifamily
|
|
73,620
|
|
|
73,322
|
|
|
1 month LIBOR + 3.45%
|
|
Interest Only
|
|
12/9/2021
|
||
Senior Debt 60
|
|
Land
|
|
16,400
|
|
|
16,359
|
|
|
1 month LIBOR + 6.00%
|
|
Interest Only
|
|
12/11/2020
|
||
Senior Debt 61
|
|
Hospitality
|
|
8,628
|
|
|
8,597
|
|
|
1 month LIBOR + 4.80%
|
|
Amortizing Balloon
|
|
1/9/2022
|
||
Senior Debt 62
|
|
Retail
|
|
14,500
|
|
|
14,434
|
|
|
1 month LIBOR + 4.75%
|
|
Interest Only
|
|
1/9/2021
|
||
Senior Debt 63
|
|
Industrial
|
|
11,358
|
|
|
11,312
|
|
|
1 month LIBOR + 3.95%
|
|
Interest Only
|
|
1/9/2021
|
||
Senior Debt 64
|
|
Multifamily
|
|
87,700
|
|
|
88,002
|
|
|
1 month LIBOR + 2.99%
|
|
Interest Only
|
|
1/9/2022
|
||
Senior Debt 65
|
|
Multifamily
|
|
48,500
|
|
|
48,388
|
|
|
1 month LIBOR + 3.75%
|
|
Interest Only
|
|
1/9/2021
|
||
Senior Debt 66
|
|
Multifamily
|
|
31,906
|
|
|
31,844
|
|
|
1 month LIBOR + 3.25%
|
|
Interest Only
|
|
2/9/2021
|
||
Senior Debt 67
|
|
Multifamily
|
|
52,031
|
|
|
51,773
|
|
|
1 month LIBOR + 5.20%
|
|
Interest Only
|
|
8/9/2021
|
||
Senior Debt 68
|
|
Office
|
|
7,200
|
|
|
7,179
|
|
|
1 month LIBOR + 3.90%
|
|
Interest Only
|
|
2/9/2021
|
||
Senior Debt 69
|
|
Hospitality
|
|
10,000
|
|
|
9,976
|
|
|
1 month LIBOR + 4.95%
|
|
Interest Only
|
|
9/9/2020
|
||
Senior Debt 70
|
|
Manufactured Housing
|
|
8,356
|
|
|
8,307
|
|
|
1 month LIBOR + 3.90%
|
|
Interest Only
|
|
3/9/2022
|
||
Senior Debt 71
|
|
Self Storage
|
|
4,710
|
|
|
4,703
|
|
|
1 month LIBOR + 5.00%
|
|
Interest Only
|
|
4/9/2020
|
||
Senior Debt 72
|
|
Hospitality
|
|
7,620
|
|
|
7,552
|
|
|
1 month LIBOR + 3.44%
|
|
Interest Only
|
|
4/9/2021
|
||
Senior Debt 73
|
|
Retail
|
|
14,250
|
|
|
14,294
|
|
|
1 month LIBOR + 3.95%
|
|
Interest Only
|
|
4/9/2021
|
||
Senior Debt 74
|
|
Hospitality
|
|
21,000
|
|
|
20,928
|
|
|
1 month LIBOR + 4.14%
|
|
Interest Only
|
|
5/9/2021
|
||
Senior Debt 75
|
|
Office
|
|
21,850
|
|
|
21,848
|
|
|
1 month LIBOR + 4.25%
|
|
Interest Only
|
|
7/9/2020
|
||
Senior Debt 76
|
|
Multifamily
|
|
23,750
|
|
|
23,678
|
|
|
1 month LIBOR + 3.10%
|
|
Interest Only
|
|
5/9/2022
|
||
Senior Debt 77
|
|
Multifamily
|
|
36,250
|
|
|
36,145
|
|
|
1 month LIBOR + 3.10%
|
|
Interest Only
|
|
5/9/2022
|
||
Senior Debt 78
|
|
Retail
|
|
13,400
|
|
|
13,360
|
|
|
1 month LIBOR + 4.00%
|
|
Interest Only
|
|
11/9/2020
|
||
Senior Debt 79
|
|
Office
|
|
41,293
|
|
|
41,104
|
|
|
1 month LIBOR + 3.50%
|
|
Interest Only
|
|
5/9/2022
|
||
Senior Debt 80
|
|
Retail
|
|
8,500
|
|
|
8,473
|
|
|
1 month LIBOR + 5.00%
|
|
Interest Only
|
|
12/9/2020
|
||
Senior Debt 81
|
|
Hospitality
|
|
8,180
|
|
|
8,126
|
|
|
1 month LIBOR + 4.50%
|
|
Interest Only
|
|
6/9/2022
|
||
Senior Debt 82
|
|
Multifamily
|
|
18,100
|
|
|
18,091
|
|
|
1 month LIBOR + 3.40%
|
|
Interest Only
|
|
6/9/2021
|
||
Senior Debt 83
|
|
Multifamily
|
|
28,250
|
|
|
28,236
|
|
|
1 month LIBOR + 3.40%
|
|
Interest Only
|
|
6/9/2021
|
||
Senior Debt 84
|
|
Hospitality
|
|
19,900
|
|
|
19,817
|
|
|
1 month LIBOR + 3.48%
|
|
Interest Only
|
|
6/9/2022
|
||
Senior Debt 85
|
|
Multifamily
|
|
18,553
|
|
|
18,469
|
|
|
1 month LIBOR + 3.10%
|
|
Interest Only
|
|
6/9/2022
|
Description
|
|
Property Type
|
|
Face Amount
|
|
Carrying Amount
|
|
Interest
Rate
|
|
Payment
Terms
|
|
Maturity Date
|
||||
Senior Debt 86
|
|
Office
|
|
25,900
|
|
|
25,623
|
|
|
1 month LIBOR + 3.77%
|
|
Interest Only
|
|
6/9/2022
|
||
Senior Debt 87
|
|
Hospitality
|
|
16,527
|
|
|
16,404
|
|
|
1 month LIBOR + 3.75%
|
|
Interest Only
|
|
8/9/2022
|
||
Senior Debt 88
|
|
Hospitality
|
|
15,500
|
|
|
15,428
|
|
|
1 month LIBOR + 4.00%
|
|
Interest Only
|
|
10/9/2022
|
||
Senior Debt 89
|
|
Hospitality
|
|
5,250
|
|
|
5,229
|
|
|
1 month LIBOR + 4.25%
|
|
Interest Only
|
|
7/9/2021
|
||
Senior Debt 90
|
|
Hospitality
|
|
11,977
|
|
|
11,911
|
|
|
1 month LIBOR + 4.45%
|
|
Interest Only
|
|
8/9/2022
|
||
Senior Debt 91
|
|
Multifamily
|
|
20,900
|
|
|
20,899
|
|
|
1 month LIBOR + 3.50%
|
|
Interest Only
|
|
8/9/2020
|
||
Senior Debt 92
|
|
Hospitality
|
|
9,000
|
|
|
8,948
|
|
|
1 month LIBOR + 4.50%
|
|
Interest Only
|
|
8/9/2021
|
||
Senior Debt 93
|
|
Multifamily
|
|
42,900
|
|
|
42,830
|
|
|
1 month LIBOR + 2.80%
|
|
Interest Only
|
|
8/9/2021
|
||
Senior Debt 94
|
|
Retail
|
|
9,400
|
|
|
9,356
|
|
|
1 month LIBOR + 4.20%
|
|
Interest Only
|
|
9/9/2022
|
||
Senior Debt 95
|
|
Manufactured Housing
|
|
12,200
|
|
|
12,142
|
|
|
1 month LIBOR + 3.65%
|
|
Interest Only
|
|
10/9/2022
|
||
Senior Debt 96
|
|
Manufactured Housing
|
|
24,100
|
|
|
23,989
|
|
|
1 month LIBOR + 3.65%
|
|
Interest Only
|
|
9/9/2022
|
||
Senior Debt 97
|
|
Multifamily
|
|
4,452
|
|
|
3,906
|
|
|
5.53%
|
|
Amortizing Balloon
|
|
2/6/2027
|
||
Senior Debt 98
|
|
Multifamily
|
|
23,115
|
|
|
23,005
|
|
|
1 month LIBOR + 2.65%
|
|
Interest Only
|
|
9/9/2021
|
||
Senior Debt 99
|
|
Office
|
|
29,750
|
|
|
29,643
|
|
|
1 month LIBOR + 3.35%
|
|
Interest Only
|
|
9/9/2022
|
||
Senior Debt 100
|
|
Hospitality
|
|
34,914
|
|
|
34,752
|
|
|
1 month LIBOR + 3.99%
|
|
Amortizing Balloon
|
|
11/9/2021
|
||
Senior Debt 101
|
|
Multifamily
|
|
11,490
|
|
|
11,413
|
|
|
1 month LIBOR + 2.65%
|
|
Interest Only
|
|
11/9/2022
|
||
Senior Debt 102
|
|
Multifamily
|
|
34,733
|
|
|
34,604
|
|
|
1 month LIBOR + 2.75%
|
|
Interest Only
|
|
11/9/2023
|
||
Senior Debt 103
|
|
Industrial
|
|
51,500
|
|
|
51,093
|
|
|
1 month LIBOR + 3.75%
|
|
Interest Only
|
|
12/9/2021
|
||
Senior Debt 104
|
|
Office
|
|
21,825
|
|
|
21,682
|
|
|
1 month LIBOR + 3.50%
|
|
Interest Only
|
|
12/9/2022
|
||
Senior Debt 105
|
|
Hospitality
|
|
7,100
|
|
|
7,064
|
|
|
1 month LIBOR + 4.00%
|
|
Interest Only
|
|
12/9/2022
|
||
Senior Debt 106
|
|
Industrial
|
|
22,230
|
|
|
22,104
|
|
|
1 month LIBOR + 3.55%
|
|
Interest Only
|
|
12/9/2023
|
||
Senior Debt 107
|
|
Multifamily
|
|
19,575
|
|
|
19,477
|
|
|
1 month LIBOR + 2.75%
|
|
Interest Only
|
|
12/9/2022
|
||
Senior Debt 108
|
|
Multifamily
|
|
16,100
|
|
|
16,103
|
|
|
1 month LIBOR + 3.75%
|
|
Interest Only
|
|
12/9/2020
|
||
Senior Debt 109
|
|
Multifamily
|
|
26,000
|
|
|
25,854
|
|
|
1 month LIBOR + 3.15%
|
|
Interest Only
|
|
12/9/2022
|
||
Senior Debt 110
|
|
Retail
|
|
9,120
|
|
|
9,122
|
|
|
1 month LIBOR + 5.25%
|
|
Interest Only
|
|
8/9/2020
|
||
Senior Debt 111
|
|
Multifamily
|
|
25,320
|
|
|
25,230
|
|
|
1 month LIBOR + 2.70%
|
|
Interest Only
|
|
12/9/2022
|
||
Senior Debt 112
|
|
Multifamily
|
|
7,150
|
|
|
7,088
|
|
|
1 month LIBOR + 4.75%
|
|
Interest Only
|
|
12/9/2022
|
||
Senior Debt 113
|
|
Multifamily
|
|
25,000
|
|
|
24,874
|
|
|
1 month LIBOR + 3.00%
|
|
Interest Only
|
|
1/7/2022
|
||
Senior Debt 114
|
|
Multifamily
|
|
8,550
|
|
|
8,497
|
|
|
1 month LIBOR + 2.80%
|
|
Interest Only
|
|
1/9/2023
|
||
Senior Debt 115
|
|
Office
|
|
27,500
|
|
|
27,308
|
|
|
1 month LIBOR + 5.50%
|
|
Interest Only
|
|
1/9/2024
|
||
Senior Debt 116
|
|
Hospitality
|
|
17,746
|
|
|
17,367
|
|
|
5.75%
|
|
Amortizing Balloon
|
|
10/6/2021
|
||
Mezzanine Loan 1
|
|
Multifamily
|
|
3,480
|
|
|
3,490
|
|
|
9.50%
|
|
Interest Only
|
|
7/1/2024
|
||
Mezzanine Loan 2
|
|
Office
|
|
9,966
|
|
|
9,639
|
|
|
10.00%
|
|
Amortizing Balloon
|
|
9/6/2024
|
||
Mezzanine Loan 3
|
|
Multifamily
|
|
22,800
|
|
|
22,880
|
|
|
1 month LIBOR + 8.01%
|
|
Interest Only
|
|
1/9/2022
|
||
Mezzanine Loan 4
|
|
Retail
|
|
3,500
|
|
|
3,501
|
|
|
10.00%
|
|
Interest Only
|
|
2/6/2029
|
||
Mezzanine Loan 5
|
|
Multifamily
|
|
1,100
|
|
|
1,122
|
|
|
11.01%
|
|
Interest Only
|
|
12/6/2028
|
||
Mezzanine Loan 6
|
|
Multifamily
|
|
1,000
|
|
|
1,006
|
|
|
11.00%
|
|
Interest Only
|
|
11/6/2028
|
||
|
|
|
|
$
|
2,771,299
|
|
|
$
|
2,762,963
|
|
|
|
|
|
|
|
•
|
five or fewer individuals (as defined in the Code to include specified private foundations, employee benefit plans and trusts and charitable trusts) may not own, directly or indirectly, more than 50% in value of our outstanding shares during the last half of a taxable year, other than our first REIT taxable year; and
|
•
|
100 or more persons must beneficially own our shares during at least 335 days of a taxable year of twelve months or during a proportionate part of a shorter taxable year.
|
•
|
with respect to transfers only, result in our stock being beneficially owned by fewer than 100 persons, determined without reference to any rules of attribution;
|
•
|
result in our being “closely held” within the meaning of Code Section 856(h) (regardless of whether the ownership interest is held during the last half of a taxable year);
|
•
|
result in our owning, directly or indirectly, more than 9.8% of the ownership interests in any tenant or subtenant; or
|
•
|
otherwise result in our disqualification as a REIT.
|
•
|
any person who beneficially owns 10% or more of the voting power of the corporation’s outstanding voting stock; or
|
•
|
an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of the voting power of the then outstanding stock of the corporation.
|
•
|
80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and
|
•
|
two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder.
|
•
|
owned by the acquiring person;
|
•
|
owned by our officers; and
|
•
|
owned by our employees who are also directors.
|
•
|
one-tenth or more, but less than one-third of all voting power;
|
•
|
one-third or more, but less than a majority of all voting power; or
|
•
|
a majority or more of all voting power.
|
•
|
a classified board,
|
•
|
a two-thirds vote requirement for removing a director,
|
•
|
a requirement that the number of directors be fixed only by vote of the directors,
|
•
|
a requirement that a vacancy on the board of directors be filled only by affirmative vote of a majority of the remaining directors in office and for the remainder of the full term of the class of directors in which the vacancy occurred, and
|
•
|
a majority requirement for the calling of a special meeting of stockholders.
|
Name
|
Jurisdiction of Incorporation/Formation
|
Benefit Street Partners Realty Trust, Inc.
|
Maryland
|
Benefit Street Partners Realty Operating Partnership, L.P.
|
Delaware
|
Benefit Street Partners Realty Trust TRS, LLC
|
Delaware
|
BSPRT CMBS Finance, LLC
|
Delaware
|
BSPRT Finance Counterparty, LLC
|
Delaware
|
BSPRT Finance Sub-Lender I, LLC
|
Delaware
|
BSPRT Finance Sub-Lender II, LLC
|
Delaware
|
BSPRT Finance Sub-Lender III, LLC
|
Delaware
|
Benefit Street Partners Realty Trust LP, LLC
|
Delaware
|
BSPRT High Yield Securities, LLC
|
Delaware
|
BSPRT JPM Loan, LLC
|
Delaware
|
BSPRT USB Loan, LLC
|
Delaware
|
BSPRT BB Loan, LLC
|
Delaware
|
BSPRT CS Loan, LLC
|
Delaware
|
BSPRT CRE Equity, LLC
|
Delaware
|
BSPRT CRE Finance, LLC
|
Delaware
|
BSPRT WFB Loan, LLC
|
Delaware
|
BSPRT BB Float, LLC
|
Delaware
|
BSPRT BB Fixed, LLC
|
Delaware
|
BSPRT 2017-FL2 Seller, LLC
|
Delaware
|
BSPRT 2017-FL2 Holder, LLC
|
Delaware
|
BSPRT 2017-FL2 Issuer, Ltd.
|
Cayman
|
BSPRT 2017-FL2 Co-Issuer, LLC
|
Delaware
|
BSPRT 2018-FL3 Seller, LLC
|
Delaware
|
BSPRT 2018-FL3 Holder, LLC
|
Delaware
|
BSPRT 2018-FL3 Issuer, Ltd.
|
Cayman
|
BSPRT 2018-FL3 Co-Issuer, LLC
|
Delaware
|
BSPRT 2018-FL4 Seller, LLC
|
Delaware
|
BSPRT 2018-FL4 Holder, LLC
|
Delaware
|
BSPRT 2018-FL4 Issuer, Ltd.
|
Cayman
|
BSPRT 2018-FL4 Co-Issuer, LLC
|
Delaware
|
BSPRT 2019-FL5 Seller, LLC
|
Delaware
|
BSPRT 2019-FL5 Holder, LLC
|
Delaware
|
BSPRT 2019-FL5 Issuer, Ltd.
|
Cayman
|
BSPRT 2019-FL5 Co-Issuer, LLC
|
Delaware
|
BSPRT USB Fixed, LLC
|
Delaware
|
BSPRT CRE JAX Pref, LLC
|
Delaware
|
BSPRT Northbrook, LLC
|
Delaware
|
BSPRT GPO Owner, LLC
|
Delaware
|
BSPRT OP Sub I, LLC
|
Delaware
|
BSPRT CRE Dupont Pref, LLC
|
Delaware
|
BSPRT Pickwick, LLC
|
Delaware
|
Date:
|
|
March 16, 2020
|
|
/s/ Richard J. Byrne_____________
Richard J. Byrne
Chief Executive Officer and President
(Principal Executive Officer)
|
Date:
|
|
March 16, 2020
|
|
/s/ Jerome S. Baglien______________
Jerome S. Baglien
Chief Financial Officer and Treasurer
(Principal Financial and Accounting Officer)
|
Date:
|
|
March 16, 2020
|
|
/s/ Richard J. Byrne_________________
Richard J. Byrne
Chief Executive Officer and President
(Principal Executive Officer)
/s/ Jerome S. Baglien_________________
Jerome S. Baglien
Chief Financial Officer and Treasurer
(Principal Financial and Accounting Officer)
|