The following is a summary of the Franklin BSP Realty Trust, Inc. (FBRT) Q1 2024 Earnings Call Transcript:
Financial Performance:
Franklin BSP Realty Trust's distributable earnings increased to $0.41 per share in Q1 2024, marking a 10.4% return on common equity.
Dividend coverage for the quarter stood at 115%.
The company's core portfolio grew to a principal balance of $5.2 billion due to strong loan originations.
The company ended the quarter with $1 billion in available liquidity, comprised of $240 million unrestricted cash.
They repurchased 1.9 million stocks in Q1 and an additional 2.0 million stocks in the second quarter, bringing the year-to-date total to 3.8 million.
Business Progress:
The highlight was FBRP's conduit, which made a significant contribution to the Q1 2024 earnings.
New loan commitments amounting to $591 million were added in Q1 2024, marking their fourth-largest origination quarter.
The emphasis has been on multifamily properties, making up 75% of the commercial real estate loans.
The target for 2024 is to deal with $2 million per quarter in the conduit, leading to an influx of conduit revenue.
The company continues to close construction loans and aims to be active in this area in 2024.
The plan is to sell the low-return Walgreens portfolio and reinvest into higher return areas.
The company has a target to increase its Return on Equity towards 12%-13%.
More details: Franklin BSP Realty Trust IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.