The following is a summary of the Franklin BSP Realty Trust, Inc. (FBRT) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Franklin BSP Realty Trust reported annual distributable earnings per share of $1.92, indicating a 79% YoY increase.

• In Q4, the company's distributable earnings were $0.39 per share, which was lower than in Q3 due to the timing of minimum interest payments.

• The company's distributable earnings dividend coverage was at 135% for full year 2023.

• FBRT had a year-end portfolio worth $5 billion, showing a net growth of $84 million in Q4.

• GAAP earnings for Q4 were reported at $30 million or $0.28 per share.

• The book value decreased in Q4 to $15.77, mainly due to the increase in the CECL provision.

Business Progress:

• FBRT committed to $818 million worth of new loan commitments with a heavy emphasis on multifamily real estate, which makes up 77% of the portfolio.

• Portfolio growth was seen in Q4 with originations exceeding repayments.

• The company had 3 foreclosure REO positions, amounting to 2% of total assets.

• The company plans to capitalize on its competitive advantage and expects portfolio growth in 2024.

• FBRT aims to reduce its office exposure and manages any unpredictability in borrower behavior by proactive response and maintaining regular contact with borrowers.

More details: Franklin BSP Realty Trust IR

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