Group 1 - The article discusses the perspective of an amateur value investor focused on finding bargains in emerging markets, influenced by renowned investors like Li Lu and Peter Lynch [1] - The investor emphasizes the importance of maintaining an investment journal to track past successes and learn from failures, adopting an owner-mindset while largely ignoring macroeconomic noise [1] - The investor's economic thinking is heavily influenced by the works of Henry Hazlitt, Friedrich Hayek, and Ludwig Von Mises, with a recent appreciation for the book 'Economics in One Lesson' [1] Group 2 - The article does not contain any disclosures regarding stock positions or plans to initiate positions in the mentioned companies [2] - It clarifies that the opinions expressed are personal and not influenced by any business relationships with the companies mentioned [2] - The article also notes that past performance is not indicative of future results and does not provide specific investment recommendations [3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) (Exact name of registrant as specified in its charter) | Maryland | | --- | | Maryland | 46-1406086 | | --- | --- | | (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | | 1 Madison Ave, New York, NY | 10010 | | (Address of principal executive offices) | (Zip Code) | | (212) 588-6770 | | (Registrant's telephone number, including area code) x ANNUAL REPORT PURSUANT ...

The information herein relates to the Company's business and financial information as of December 31, 2024 and does not reflect subsequent developments. Risk Factors Franklin BSP Realty Trust Fourth Quarter 2024 Supplemental Information Important Information Investing in and owning our common stock involves a high degree of risk. See the section entitled "Risk Factors" in our Annual Report on Form 10-K filed with the SEC on February 26, 2024, and the risk disclosures in our subsequent periodic reports filed ...

Franklin BSP Realty Trust, Inc. (NYSE:FBRT) Q4 2024 Earnings Conference Call February 14, 2025 9:00 AM ET Company Participants Lindsey Crabbe - Head of Investor Relations Richard Byrne - CEO and Chairman of the Board Jerome Baglien - Chief Financial Officer and Chief Operating Officer Michael Comparato - President Conference Call Participants Matthew Erdner - Jones Trading Thomas Catherwood - BTIG Randy Binner - B. Riley Financial Stephen Laws - Raymond James Operator Hello and welcome to the Franklin BSP R ...

Franklin BSP (FBRT) came out with quarterly earnings of $0.30 per share, missing the Zacks Consensus Estimate of $0.34 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -11.76%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.26 per share when it actually produced a loss of $0.10, delivering a surprise of -138.46%.Over the last four qua ...

Investor Relations Contact: Lindsey Crabbe l.crabbe@benefitstreetpartners.com (214) 874-2339 Franklin BSP Realty Trust, Inc. Announces Fourth Quarter and Full Year 2024 Results New York City, NY – February 13, 2025 – Franklin BSP Realty Trust, Inc. (NYSE: FBRT) ("FBRT" or the "Company") today announced financial results for the quarter and full year ended December 31, 2024. Reported GAAP net income of $30.2 million and $92.4 million for the three and twelve months ended December 31, 2024, respectively, comp ...

When I first wrote about Franklin BSP Realty Trust (NYSE: FBRT ) on August 28 . When I wrote about the firm, It seemed to me that the firm’s GAAP net income was a poor reflection of the core profitabilityAn economics graduate with a passion for financial history; I apply my knowledge to markets in an effort to hopelessly predict trends and spot value. All opinions are my own and should not be taken seriously.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the compan ...

| --- | --- | --- | |-------------------------------------------|-------|------------------------------------------------------------------------| | | | | | | | | | BENEFIT STREET z E R T R b A s ┆Alcentra┋ | | Third Quarter 2024 Franklin BSP Realty Trust Supplemental Information | | | | FRANKLIN TEMPLETON。 | Important Information The information herein relates to the Company's business and financial information as of September 30, 2024 and does not reflect subsequent developments. Risk Factors Investing in ...

Financial Data and Key Metrics Changes - FBRT reported GAAP earnings of $0.30 per diluted common share and distributable earnings of negative $0.10 per diluted common share for Q3 2024 [18] - Distributable earnings excluding realized losses were $0.31 per diluted common share, which excludes $36.4 million of losses related to the REO Walgreens portfolio [19] - Net interest income was slightly lower quarter-over-quarter due to a decrease in loan portfolio size [20] Business Line Data and Key Metrics Changes - The company added $380 million in new loan commitments during the quarter, primarily in the multifamily sector [22] - Loan repayments totaled $510 million in Q3, with $40 million coming from office loans [22] - Approximately 40% of the portfolio was originated after January 2023, indicating a shift towards higher quality loans [10] Market Data and Key Metrics Changes - The average cost of debt on the core portfolio remained flat at SOFR plus 2.03% [23] - The company closed a $1 billion CRE CLO with an 86.5% advance rate and a weighted average cost of funds of SOFR+199 [24] - The multifamily sector accounted for 74% of the core portfolio, with a focus on favorable supply-demand dynamics [27][29] Company Strategy and Development Direction - FBRT is focused on addressing legacy loans and enhancing credit quality through new originations and loan modifications [17][40] - The company aims to liquidate its REO portfolio quickly and reinvest proceeds into new originations [37] - The management believes in a proactive approach to resolving issues rather than "extend and pretend" strategies [34] Management's Comments on Operating Environment and Future Outlook - The management expressed concerns about the office sector, predicting that delinquencies could surpass historical highs [33] - They anticipate a stabilization in market conditions, particularly in the multifamily sector, with potential rent increases from 2026 to 2028 [29] - The management remains confident in the earnings power of the platform once REO assets are resolved [66] Other Important Information - The company has $1.1 billion in available liquidity, which is expected to be deployed in the near future [15] - The board has extended the stock buyback allocation through December 31, 2025, with $31 million remaining [16] Q&A Session Summary Question: Can you provide additional color on the conduit business and expectations going forward? - The conduit had an exceptional third quarter, but rates may impact future performance. CMBS remains one of the cheapest financing options [42] Question: How do you view the available-for-sale securities and their management going forward? - The company has not been active buyers recently due to aggressive credit spread tightening, viewing the bond portfolio as a liquidity management tool [43] Question: Can you discuss the sentiment in lease-up and potential timing of monetizations for REOs? - Four properties are under contract, with hopes to complete sales by the end of Q1 next year. The focus is on stabilizing and quickly liquidating REO assets [46] Question: What are the expectations around repayments and portfolio growth in the next quarters? - The company expects normalized repayments and aims to replace what's paying off to avoid shrinking the portfolio [48] Question: Is the outlook for increasing leverage realistic for 2025? - The management believes there is significant earnings power without needing to increase leverage, focusing on high-quality new loans [55] Question: How is the conduit business performing in terms of locked pipeline and hedges? - The conduit business is well-managed, with no locked or committed loans currently, and the focus is on selling loans to manage exposure [58]

Franklin BSP (FBRT) came out with a quarterly loss of $0.10 per share versus the Zacks Consensus Estimate of $0.26. This compares to earnings of $0.43 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -138.46%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.41 per share when it actually produced earnings of $0.31, delivering a surprise of -24.39%.Over the last four quarters, the c ...