Franklin BSP Realty Trust(US:FBRT)2024-08-01 16:06Financial Performance - GAAP Net Income (Loss) was $(3.8) million, or $(0.11) per diluted common share and $(0.08) per fully converted share[9] - Distributable Earnings were $32.4 million, or $0.31 per fully converted share[9] - A cash dividend of $0.355 per share was declared, representing an annualized yield of 9.3% on book value per share, fully converted[9] - GAAP and Distributable Earnings dividend coverage were (22%) and 87%, respectively[9] - Book value per share, fully converted, was $15.27, compared to $15.68 last quarter[9] Capitalization and Liquidity - Net debt to equity was 2.7x, while recourse net debt to equity was 0.6x[9] - 80% of financing sources are non-mark-to-market on the core book[9, 13] - Liquidity was $0.7 billion, including $95 million in cash and $31 million in CLO reinvestment available[9] Portfolio and Investment Activity - The core portfolio's principal balance increased by $195 million during the quarter[9] - $622 million of new loan commitments were closed, and $615 million of principal balance was funded, including future funding on existing loans[9] - Loan repayments of $240 million were received[9] - Year-to-date, $1.2 billion of new loan commitments were originated, and $1.0 billion of principal balance on new loans was funded[9] - The core portfolio consists of 153 CRE loans with a $5.4 billion principal balance, averaging $36 million in size, with 74% in multifamily properties[9]