BSRTF Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-20.67	-40.24	-210.87	227.23	283.21	27.58
Depreciation & Amortization	0.07	0.13	0.13	0.13	0.13	0.13
Other Amortization	1.95	1.67	1.82	2.06	2.05	3.62
Gain (Loss) on Sale of Assets	11.76	-	-	-	3.21	7.67
Asset Writedown	25.51	70.31	270.4	-72.53	-422.75	-20.5
Stock-Based Compensation	1.09	2.4	2.61	2.41	4.78	1.76
Change in Accounts Receivable	-1.09	-1.43	-0.73	-1.04	-0.14	-0.53
Change in Accounts Payable	-5.66	-2.93	0.12	13.84	3.55	-0.74
Change in Other Net Operating Assets	0.97	-0.59	0.09	-0.15	-1.14	0.04
Other Operating Activities	53.51	50.06	19.51	-82.45	185.5	32.26
Operating Cash Flow	67.43	79.38	83.08	89.51	58.4	51.3
Operating Cash Flow Growth	-19.44%	-4.45%	-7.18%	53.25%	13.85%	-9.78%
Acquisition of Real Estate Assets	-305.54	-36.31	-31.71	-30.72	-657.06	-340.09
Sale of Real Estate Assets	392.31	-	-	-	215.25	298.3
Net Sale / Acq. of Real Estate Assets	86.77	-36.31	-31.71	-30.72	-441.8	-41.79
Other Investing Activities	4.25	3.29	-1.76	4.21	7.68	3.87
Investing Cash Flow	91.02	-33.02	-33.47	-26.52	-434.12	-37.92
Long-Term Debt Issued	-	121.77	96.53	179.61	904.13	354.37
Total Debt Issued	373.52	121.77	96.53	179.61	904.13	354.37
Long-Term Debt Repaid	-	-109.02	-51.03	-282.1	-534.89	-350.49
Total Debt Repaid	-475.38	-109.02	-51.03	-282.1	-534.89	-350.49
Net Debt Issued (Repaid)	-101.86	12.75	45.51	-102.49	369.25	3.88
Issuance of Common Stock	-	-	-	109.66	65.35	-
Repurchase of Common Stock	-	-	-38.31	-14.63	-	-0.77
Common Dividends Paid	-18.77	-17.75	-18.73	-18.19	-14.76	-11.59
Other Financing Activities	-36.61	-39.36	-38.54	-36.98	-42.54	-36.64
Net Cash Flow	1.21	1.99	-0.46	0.36	1.57	-31.73
Cash Interest Paid	45.14	53.58	50.11	38.25	32.24	32.11
Levered Free Cash Flow	6.48	12.68	16.83	55.75	30.43	15.31
Unlevered Free Cash Flow	34.84	47.19	52.82	67.59	47.26	37.55
Change in Working Capital	-5.77	-4.96	-0.52	12.65	2.27	-1.23

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.