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Dec 31, 2022
FBRT Q4 2022 Earnings Report
Announced fourth quarter and full year 2022 results.
Key Takeaways
Franklin BSP Realty Trust reported GAAP net income of $27.2 million and distributable earnings of $38.8 million for the fourth quarter of 2022. The company closed $209 million of new loan commitments and repurchased 485,316 shares of common stock.
Produced a fourth quarter GAAP and Distributable Earnings ROE of 6.4% and 9.2%, respectively
Book value of $15.78 per diluted common share on a fully converted basis
Declared fourth quarter common stock cash dividend of $0.355, representing a 9.0% yield on book value
GAAP and Distributable Earnings dividend coverage of 72% and 104%, respectively
Forward Guidance
FBRT expects earnings to continue to perform well due to attractive spreads and the continued benefit from higher SOFR rates.
Positive Outlook
- Loan spreads continue to be meaningfully higher than prior quarters.
- Originating at the most attractive spreads seen in recent years.
- Credit quality on new originations is improving simultaneously.
- Continued benefit from higher SOFR rates.
- Liquidity position of approximately $1.0 billion.
Challenges Ahead
- Lower origination volume
- Relatively flat portfolio
- Two loans were added to the Company's watch list
- Three positions were added to foreclosure REO, two of which were previously on watch list.
- Two non-performing loans.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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