Franklin BSP Realty Trust(FBRT) - 2024 Q4 - Annual Results

Financial Performance - Reported GAAP net income of $30.2 million for Q4 2024, compared to $30.0 million for Q4 2023, and $92.4 million for the full year 2024, down from $144.5 million in 2023[2] - Distributable Earnings of $31.2 million for Q4 2024, down from $39.3 million in Q4 2023, and $100.7 million for the full year 2024, compared to $189.5 million in 2023[3] - Net income attributable to Franklin BSP Realty Trust, Inc. for 2024 was $95.9 million, a decline of 34% compared to $145.2 million in 2023[31] - Distributable earnings for 2024 were $100.7 million, down 47% from $189.5 million in 2023[32] - Basic earnings per share for 2024 were $0.82, a decrease of 42.3% from $1.42 in 2023[31] - Total income decreased to $210.5 million in 2024, down 20.2% from $264.0 million in 2023[31] Asset and Liability Management - As of December 31, 2024, total assets increased to $6,002.4 million from $5,955.2 million in 2023, representing a growth of 0.8%[29] - Total liabilities increased to $4,392.6 million in 2024 from $4,279.2 million in 2023, reflecting a rise of 2.6%[29] - Cash and cash equivalents decreased to $184.4 million in 2024 from $337.6 million in 2023, a decline of 45.5%[29] Loan Activity - Core portfolio principal balance as of December 31, 2024, was $5.0 billion, with 99% in senior mortgage loans and 93% floating rate[5] - Closed $441 million of new loan commitments in Q4 2024 at a weighted average spread of 344 basis points[5] - Originated $2.0 billion in new loan commitments in 2024, with 52% of the book originated post Fed's interest rate hikes[6] - Received over $1.6 billion in loan payoffs and sold $159.5 million in REO assets in 2024[6] Dividend and Shareholder Returns - Declared a Q4 common stock cash dividend of $0.355, representing an annualized yield of 9.3% on book value[5] - Repurchased 391,863 shares of common stock at an average price of $12.42 per share, increasing book value by $0.02 per share[5] - The company maintained a preferred stock dividend of $26.99 million for both 2024 and 2023[32] Income and Interest - Net interest income for the year ended December 31, 2024, was $187.6 million, a decrease of 24% from $246.9 million in 2023[31] - The company reported a provision for credit losses of $35.7 million in 2024, compared to $33.7 million in 2023[32]