Franklin Bsp Realty Trust, Inc. Announces Closing of Approximately $900 Million Collateralized Loan Obligation
September 28, 2023 at 04:30 pm EDT
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Franklin BSP Realty Trust, Inc. announced the closing of BSPRT 2023-FL10, an approximately $900 million managed Commercial Real Estate Collateralized Loan Obligation (?FL10 CRE CLO?). This was FBRT?s tenth CLO completed since June 2017. The FL10 CRE CLO features an 18-month reinvestment period with an initial advance rate of 85.5% and a weighted average interest rate of Term SOFR+275% before accounting for discount and transaction costs.
Franklin BSP Realty Trust, Inc. is a real estate finance company. The Company primarily originates, acquires, and manages a diversified portfolio of commercial real estate debt investments secured by properties located within and outside the United States. Its investment objective is to provide its common shareholders attractive, risk-adjusted returns through a stable dividend and capital growth. It operates through four segments: the real estate debt business, the real estate securities business, the conduit business, and the real estate-owned business. The Company invests in commercial real estate debt investments, which include first mortgage loans, subordinated mortgage loans, mezzanine loans and participations in such loans. The Company also originates conduit loans that intend to sell through its taxable REIT subsidiary (TRS) into commercial mortgage-backed securities securitization transactions. The investment advisor of the Company is Benefit Street Partners L.L.C.