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Sep 30, 2024
FBRT Q3 2024 Earnings Report
Announced financial results for the quarter ended September 30, 2024.
Key Takeaways
Franklin BSP Realty Trust reported a GAAP net income of $30.2 million and EPS of $0.30 for the third quarter of 2024. The company closed $380 million of new loan commitments and funded $325 million of principal balance. Total liquidity reached $1.1 billion, including $346 million in cash and cash equivalents.
Core portfolio principal balance of $5.2 billion as of September 30, 2024, comprising 157 loans with an average size of $33 million.
Closed $380 million in new loan commitments with a weighted average spread of 421 basis points.
Funded $325 million of principal balance and received loan repayments of $510 million.
Total liquidity of $1.1 billion, including $346 million in cash and cash equivalents.
Forward Guidance
FBRT has originated over $1.6 billion in total commitments year-to-date in 2024 and continues to make rapid progress turning over the book into loans underwritten at current cap rates.
Positive Outlook
- Originated over $1.6 billion in total commitments year-to-date in 2024.
- New loans are some of the most attractive in the portfolio.
- Making rapid progress turning over the book into loans underwritten at current cap rates.
- 40% of the book has been underwritten since January 2023.
- Pleased to see the liquidity of our portfolio.
Challenges Ahead
- We continue to positively resolve positions, modify loans, sell REO and clean up what we believe is overall a very healthy, multifamily-heavy loan portfolio.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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