Business Context and Reporting Period
This Form 8-K was filed by Benefit Street Partners Realty Trust, Inc. (referred to in metadata as Franklin BSP Realty Trust, Inc.) on June 9, 2017. The report addresses a corporate governance event regarding the change of the company's independent registered public accounting firm.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report is a current report regarding a non-financial operational change and does not contain financial statement data.
Material Changes
The primary material change reported is the replacement of the independent registered public accounting firm:
- Dismissed Firm: KPMG LLP was dismissed effective June 9, 2017.
- New Firm: Ernst & Young LLP (E&Y) was engaged effective June 9, 2017, to perform audit services for the fiscal year ended December 31, 2017.
- Audit History: KPMG's audit reports for fiscal years 2015 and 2016 contained no adverse opinions, disclaimers, or qualifications.
Management Commentary and Risks
Management confirmed that during the fiscal years ended December 31, 2016 and 2015, and the interim period through June 9, 2017:
- There were no "disagreements" with KPMG regarding accounting principles, practices, financial statement disclosure, or auditing scope.
- There were no "reportable events" as defined by Regulation S-K.
- The company did not consult with E&Y regarding any accounting or auditing matters prior to their engagement.
Key Facts for Investor Verification
- Verify the effective date of the auditor change (June 9, 2017).
- Confirm the absence of disagreements or reportable events with the former auditor, KPMG.
- Review the attached Exhibit 16.1 (Letter from KPMG) to ensure the former auditor agrees with the company's statements regarding the dismissal.
- Note that this filing does not contain financial performance data; refer to the most recent 10-Q or 10-K for financial metrics.