Franklin BSP Realty Trust Inc

Franklin BSP Realty Trust, Inc. operates as a real estate finance company. The firm originates, acquires and manages a diversified portfolio of commercial real estate debt investments secured by properties located within and outside the United States. It operates through the following segments: Real Estate Debt, Real Estate Securities, Commercial Conduit and Real Estate Owned Business. The Real Estate Debt business focuses on originating, acquiring and asset managing commercial real estate debt investments, including first mortgage loans, subordinate mortgages, mezzanine loans and participations in such loans. The Real Estate Securities business focuses on investing in and asset managing commercial real estate securities primarily consisting of CMBS and may include unsecured REIT debt, CDO notes and other securities. The Commercial Conduit business focuses on originating and subsequently selling fixed-rate commercial real estate loans into the CMBS securitization market. The Real Estate Owned business represents real estate acquired by the company through foreclosure, deed in lieu of foreclosure, or purchase. The company was founded on November 15, 2012 and is headquartered in New York, NY.

Earnings data Q4 2021

Earnings data Q1 2022

Earnings data Q2 2022

Earnings data Q3 2022

Earnings data Q4 2022

Earnings data Q1 2023

Earnings data Q2 2023

Earnings data Q3 2023

Earnings data Q4 2023

Earnings data Q1 2024

Earnings data Q2 2024

Earnings data Q3 2024

Earnings data Q4 2024

FBRT reports robust Q1 earnings, eyes construction lending opportunities

FBRT's Q1 2023 performance reflects strong financial results, strategic portfolio improvements, and a focus on multifamily loans and borrower relationships.
The company's strengths lie in its liquidity position, proactive portfolio management, and commitment to enhancing shareholder value through buybacks and earnings protection.
Challenges include market constraints, rising interest rates, and competition from banks, while opportunities in construction lending and borrower resolutions offer avenues for growth.
Overall, FBRT's balanced approach to risk management, focus on growth opportunities, and financial stability position it well to navigate market challenges and drive future success.

FBRT reports 50% surge in Q2 earnings, eyes high-yield opportunities

FBRT's strong Q2 performance was driven by earnings growth, maintaining liquidity, and strategic capital deployment. Despite challenges with asset watch lists and REO properties, the company's focus on high-quality deals and ample cash position positions it well for seizing market opportunities. By balancing loan modifications and maintaining a strong return on equity focus, FBRT aims to navigate market dynamics effectively.

FBRT reports strong Q3 results amidst market challenges and opportunities

FBRT delivered solid financial performance in Q3 2023, supported by a robust loan portfolio and strategic liquidity management.
While facing challenges in the multifamily market, the company's proactive approach to loan modifications and credit management is commendable.
FBRT's focus on multifamily and hospitality sectors, along with its strong liquidity position, positions it well for future growth and resilience.

Franklin BSP Realty Trust Inc reports robust Q4 performance and eyes growth opportunities through acquisitions and dividends

FBRT's Q4 earnings call showcased strong performance, competitive strengths in deal flow, and growth opportunities through acquisitions and dividend adjustments. Challenges include CECL reserves impacting earnings and a competitive market landscape.

FBRT excels in Q1 earnings, navigates challenges for growth

FBRT's Q1 performance reflects financial strength and proactive risk management strategies. The company's core portfolio growth and successful conduit program underscore operational resilience. Challenges in CECL reserves and nonperforming loans require strategic attention, while opportunities in CLOs and construction loans pave the way for future growth.

FBRT reports strong loan commitments and liquidity amidst market challenges

FBRT's performance in new loan commitments and liquidity position remains strong, while challenges in legacy loans persist.
The company is proactively addressing REO assets and market conditions, with a focus on profitability and strategic management.
Opportunities in the multifamily sector and high-quality post-rate hike loans present avenues for growth and asset optimization.
Overall, FBRT's Q3 earnings call highlights a mix of performance, strengths, challenges, and opportunities in the current market landscape.

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Host Hotels & Resorts

iShares Cohen & Steers REIT ETF

U.S. equity markets advanced for a second week while benchmark interest rates retreated from five-month highs after a critical slate of employment data showed a long-awaited cooldown in hiring trends. Foreshadowed by "dovish" remarks from Fed Chair Powell at the FOMC's policy meeting, payrolls data showed that job growth slowed to six-month lows while wage growth cooled to three-year lows. Following its best week since November, the S&P 500 advanced 0.6%, while bonds caught a bid this week across the yield and maturity curve.

The Labor Downshift

Franklin BSP Realty Trust, Inc. (NYSE:FBRT ) Q1 2024 Earnings Conference Call April 30, 2024 9:00 AM ET Company Participants Lindsey Crabbe - Director, Investor Relations Richard Byrne - Chairman and Chief Executive Officer Jerry Baglien - Chief Financial Officer and Chief Operating Officer Michael Comparato - President Conference Call Participants Stephen Laws - Raymond James Steve DeLaney - Citizens JMP Matthew Erdner - JonesTrading Matthew Howlett - B. Riley Operator Good day and welcome to the Franklin BSP Realty Trust First Quarter 2024 Earnings Call.

Franklin BSP Realty Trust, Inc. (FBRT) Q1 2024 Earnings Call Transcript

Franklin BSP (FBRT) came out with quarterly earnings of $0.41 per share, missing the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.44 per share a year ago.

Franklin BSP (FBRT) Misses Q1 Earnings and Revenue Estimates

NEW YORK--(BUSINESS WIRE)--Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced financial results for the quarter ended March 31, 2024. Reported GAAP net income of $35.8 million for the three months ended March 31, 2024, compared to $30.0 million for the three months ended December 31, 2023. Reported diluted earnings per share ("EPS") to common stockholders of $0.35 for the three months ended March 31, 2024, compared to $0.28 for the three months ended December.

Franklin BSP Realty Trust, Inc. Announces First Quarter 2024 Results

ARMOUR Residential REIT

Cherry Hill Mortgage

Chimera Investment

Dynex Capital

Ellington Financial

Granite Point Mortgage Trust

Main Street Capital

MFA Financial

AG Mortgage Investment Trust

Annaly Capital

New York Mortgage Trust

Ready Capital Corp

Rithm Capital Corp

Two Harbors Investment

Most of these shares are either floating today or will float within a year. We're also including a common share where the high yield and discount to book value are big enough to be quite appealing. Of course, it also carries more risk. We're also going to highlight one lower-risk equity REIT that I find attractive following the recent decline.

10% Yields Or Higher

Ares Commercial Real Estate

AGNC Investment

Ares Capital

Blackstone Mortgage Trust

Capital Southwest

Orchid Island Capital

PennyMac Mortgage Investment

We're looking at two REITs with similar portfolios and a 20% difference in valuation. For these REITs, we believe changes in book value were pretty small during Q1 2024.

Huge Disparity In These 2 REITs

NEW YORK--(BUSINESS WIRE)--Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced the closing of a $125 million floating-rate senior loan facilitating the refinancing of a four-property industrial portfolio located across the Southwestern United States. Inclusive of this loan, FBRT has committed to $716 million of loan originations year-to-date and has a robust forward pipeline. The 1.1 million square foot industrial portfolio is 94.9% leased with properties loca.

Franklin BSP Realty Trust, Inc. Announces Closing of $125 Million Loan on a Southwest Industrial Portfolio

NEW YORK--(BUSINESS WIRE)--Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced that it will release its first quarter 2024 results on Monday, April 29, 2024, after the close of trading on the New York Stock Exchange. The Company will host a conference call and live audio webcast to discuss its financial results on Tuesday, April 30, 2024, at 9:00 a.m. ET. All conference call and webcast information can be found on the Company's website at https://www.fbrtreit.

Franklin BSP Realty Trust, Inc. Schedules First Quarter 2024 Earnings Release and Conference Call

NEW YORK--(BUSINESS WIRE)--Benefit Street Partners L.L.C. (“BSP” or the “Company”) today announced the closing of a $120 million floating-rate senior loan to Silver Star Properties REIT (“Silver Star”), intended to facilitate the liquidation of Silver Star's legacy real estate portfolio. Silver Star expects to sell all current assets within their portfolio and subsequently acquire self-storage properties and transition to a self-storage REIT. The 4.2 million square foot portfolio totals 27 prop.

Benefit Street Partners L.L.C. Announces Closing of $120 Million Loan on a Texas Office Portfolio

Sixth Street Specialty Lending

We're starting with our latest purchase, then moving onto some charts. Our charts help readers track the sector for both common shares and preferred shares. Mortgage REITs and BDCs are included in the charts for comparison based on various metrics such as price-to-book value, dividend yields, and earnings yield.

More 9% Dividend Yields Again? I'm Also Buying This One

NEW YORK--(BUSINESS WIRE)--Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced its Board of Directors has declared a first quarter 2024 dividend of $0.355 per common share. The dividend is payable on or about April 10, 2024 to common stockholders of record as of March 29, 2024. The Board of Directors also declared a first quarter 2024 dividend on its convertible Series H Preferred Stock in an amount equal to the as-converted common dividend amount. FBRT's Boar.

Franklin BSP Realty Trust, Inc. Announces First Quarter 2024 Common Stock Dividend of $0.355 Per Share and Series E Cumulative Redeemable Preferred Stock Dividend of $0.46875 Per Share

Triplepoint Venture Growth BDC

ARMOUR Residential REIT has not filed their 10-K report on time, but preliminary results suggest positive performance for other mortgage REITs.

9% Yield I Just Added To My Portfolio

Franklin BSP Realty has dropped to trade at an 18% discount to its book value per share of $15.77 at the end of its fiscal 2023 fourth quarter. The company currently offers a 10.8% dividend yield that is 110% covered by distributable EPS. Credit quality remains healthy with six assets placed on watchlist during the fourth quarter.

Franklin BSP Realty: 10.8% Dividend Yield But Coverage Slipped

Alexandria Real Estate Equities

Medical Properties Trust

Realty Income Corp

SBA Communications

AT&T

Vanguard Real Estate ETF

Verizon

Rates were down by less than a bunny's tail. REITs were hopping anyway. Higher rates are bad and all that jazz.

REITs Rip Higher As Rates Do Nothing

Franklin BSP (FBRT) came out with quarterly earnings of $0.39 per share, missing the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.37 per share a year ago.

Franklin BSP (FBRT) Q4 Earnings and Revenues Lag Estimates

NEW YORK--(BUSINESS WIRE)--Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced financial results for the quarter and full year ended December 31, 2023. Reported GAAP net income of $30.0 million and $144.5 million for the three and twelve months ended December 31, 2023, respectively, compared to $27.2 million and $14.2 million for the three and twelve months ended December 31, 2022, respectively. Reported diluted earnings per share ("EPS") to common stockholder.

Franklin BSP Realty Trust, Inc. Announces Fourth Quarter and Full Year 2023 Results

FS KKR Capital Corp

Blue Owl Capital Corp

The Federal Reserve reimagined their goals to better match their chosen interest rate policy. Higher interest rates do not lead to a decrease in government spending. It would be cool if higher rates reduced deficits, but they don't. The free market is pretty good at responding to higher prices. It also responds to lower prices.

How The Federal Reserve Is Redefining Success

Despite huge dividend yields, this sector is getting hammered. Shares could achieve this upside even without trading at Net Asset Value. Another peer already saw a similar recovery.

13% Dividend Yield And 39% Upside

Mortgage REITs are not buy-and-hold investments and investors who focus solely on dividends are getting burned. Preferred shares offer better performance and stability compared to common shares in mortgage REITs. Equity REITs are also being negatively impacted, with investors seeking higher yields elsewhere.

More Pain For High Dividend REITs

AGNC Investment Corp - FXDFR PRF PERPETUAL USD 25 - Ser D 1/1000th int

AGNC Investment Corp. Deposit Shs Repr 1/1000th Cum Conv Red Pfd Registered Shs Series C

These fat dividends benefited from floating in one way or another. Many of them are more than 10%. Some shares start floating in 2024 or early 2025. Those shares aren't showing their floating yield yet, even though they will kick in soon. We also need to look at the change in valuations for some better companies.

How Floating Rate Shares Could Earn Over 10%

Ellington Residential Mortgage REIT

Invesco Mortgage Capital

High yield investors are focused on maintaining income. Many don't understand the scenario that would best support their income. We'll walk through the scenario for one popular kind of high yield investment.

Sweet Fantasy For High Dividend Yield Buyers

NEW YORK--(BUSINESS WIRE)--Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced that it will release its fourth quarter 2023 results on Wednesday, February 14, 2024, after the close of trading on the New York Stock Exchange. The Company will host a conference call and live audio webcast to discuss its financial results on Thursday, February 15, 2024, at 9:00 a.m. ET. All conference call and webcast information can be found on the Company's website at https://ww.

Franklin BSP Realty Trust, Inc. Schedules Fourth Quarter 2023 Earnings Release and Conference Call

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Brookfield Property Partners L.P.

Brookfield Property Partners L.P. - 6.50% PRF PERPETUAL USD 25 - Ser 1 Cls A

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Highwoods Properties

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Park Hotels & Resorts

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iShares Mortgage Real Estate ETF

Rayonier

TPG RE Finance Trust

Vici Properties

Vornado Realty Trust

Veris Residential

U.S. equity markets extended their winning streak to an eighth week - the longest in five years - after inflation data both domestically and abroad showed a further cooling of price pressures. Extending its weekly winning streak to the longest since 2017, the S&P 500 posted gains of another 0.9% on the week, lifting the benchmark to within 1% of record highs. Pushing their eight-week rebound to over 25%, the Equity REIT Index gained 0.6% this week, with 9-of-18 property sectors in positive territory, while the Mortgage REIT Index gained 1.3%.

Disinflation: A Gift That Keeps Giving

NEW YORK--(BUSINESS WIRE)--Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced its Board of Directors has declared a fourth quarter 2023 dividend of $0.355 per common share. The dividend is payable on or about January 10, 2024, to common stockholders of record as of December 29, 2023. The Board of Directors also declared a fourth quarter 2023 dividend on its convertible Series H Preferred Stock in an amount equal to the as-converted common dividend amount. FBR.

Franklin BSP Realty Trust, Inc. Announces Fourth Quarter 2023 Common Stock Dividend of $0.355 Per Share and Series E Cumulative Redeemable Preferred Stock Dividend of $0.46875 Per Share

NEW YORK--(BUSINESS WIRE)--Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) announced today that it will participate in the Raymond James Non-Bank Lenders Symposium on Thursday, January 4, 2024. FBRT will host one-on-one meetings and Michael Comparato, President of FBRT, will be a panelist on the Commercial Real Estate MREIT panel at 12:30 P.M. Eastern Time. For any questions regarding the conference, please contact Lindsey Crabbe, Director of Investor Relations, at l.crab.

Franklin BSP Realty Trust, Inc. to Participate in Raymond James' Non-Bank Lenders Symposium

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