Franklin BSP Realty Trust(US:FBRT)2024-11-05 17:56Financial Performance - GAAP Net Income was $30.2 million, or $0.30 per diluted common share and fully converted share[9, 10] - Distributable Earnings were ($4.0) million, or ($0.10) per fully converted share, including $36.4 million of losses realized within the quarter[9, 10] - 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, 10] - GAAP dividend coverage was 85% and Distributable Earnings dividend coverage was (28%)[9, 10] Capitalization and Liquidity - Book value per share, fully converted, is $15.24, slightly down from $15.27 last quarter[9, 10] - Net debt to equity is 2.7x, while recourse net debt to equity is 0.1x[9, 14] - 93% of financing sources are non-mark-to-market on the core book[9, 14] - Liquidity stands at $1.1 billion, including $346 million in cash and $138 million available for CLO reinvestment/ramp[9, 17] Portfolio and Investments - Core Portfolio principal balance decreased by $274 million during the quarter[9, 13] - $380 million of new loan commitments were closed, and $325 million of principal balance was funded, including future funding on existing loans[9, 13] - Loan repayments totaled $510 million[9, 13] - The Core Portfolio consists of 157 CRE loans with a $5.2 billion principal balance, averaging $33 million in size, with 74% in multifamily properties[9, 18, 20]