FBRT — what changed in the latest 10-Q
A section-by-section comparison of FBRT's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-29 vs the prior 10-Q · 2026-04-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +41 | −45 | ~67 | 88 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~2 | 8 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-29
•changes in Company management and our board of directors and the ability of us and our external advisor to hire and retain qualified personnel;
As of June 30, 2026, we had nine loans (one secured by an office property and eight secured by multifamily properties), designated as non-performing status with a total amortized cost of $344.2 million. As of December 31, 2025, we had seven loans (six secured by a multifamily properties and one secu…
The following table shows selected data from our commercial mortgage loans, held for sale, measured at fair value as of June 30, 2026 (dollars in thousands):
(1) Interest rates and effective yields represent weighted averages.
The following table shows selected data from our real estate owned assets in our portfolio as of June 30, 2026 (dollars in thousands):
Text removed vs the prior filing · source: 10-Q · 2026-04-29
•the ability of us and our external advisor to retain qualified personnel;
As of both March 31, 2026 and December 31, 2025, we had seven loans (one secured by an office property and six secured by multifamily properties) designated as non-performing status with a total amortized cost of $308.9 million and $214.0 million, respectively. As of March 31, 2026 and December 31, …
(8) Commitment on the loan was unfunded as of March 31, 2026.
The following table shows selected data from our commercial mortgage loans, held for sale, measured at fair value as of March 31, 2026 (dollars in thousands):
(1) LTV represents the ratio of the loan amount to the appraised value of the property at the time of origination.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice