Franklin BSP Realty Trust(FBRT) - 2025 Q3 - Earnings Call Presentation

Financial Performance - GAAP Net Income was $176 million, or $012 per diluted common share[12] - Distributable Earnings reached $267 million, or $022 per fully converted share, including $17 million of realized losses[12] - Distributable Earnings before realized losses amounted to $284 million, or $023 per fully converted share[12] - A Q3 2025 cash dividend of $0355 per share was declared, representing an annualized yield of 100% on fully-converted book value per share[12] Capitalization and Liquidity - Fully-converted book value per share stood at $1429, compared to $1482 in Q2 2025[12] - Net debt to equity ratio was 25x, while recourse net debt to equity was 08x[12] - 77% of financing sources are non-mark-to-market on the core book[12] - Liquidity totaled $522 million, including $117 million in cash and $21 million available for CLO reinvestment/ramp[12] Portfolio and Investments - The Core Portfolio's principal balance decreased by $113 million during the quarter, closing $304 million of new loan commitments and funding $196 million of principal balance[12] - Loan repayments of $275 million were received[12] - Agency originated $22 billion of new loan commitments under programs with Fannie Mae, Freddie Mac, and HUD[12]