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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