Franklin BSP Realty Trust : Q1 2025 Supplemental PDF

Published: 2025-04-28 16:36:27 ET FBRT

First Quarter 2025

Franklin BSP Realty Trust

Supplemental Information

Highlights

Earnings

GAAP Net Income of $23.7 million and $0.20 per diluted common share and $0.22 per fully converted share (1)

Distributable Earnings (2) of ($6.2) million and ($0.12) per fully converted share (1). Distributable Earnings includes $38.2 million of realized losses within the quarter, of which $38.6 million was recognized in GAAP in previous quarters

Distributable Earnings before realized losses of $31.9 million and $0.31 per fully converted share (1)

Declared a cash dividend of $0.355 per share, representing an annualized yield of 9.5% on fully-converted book value per share (1). GAAP, Distributable Earnings (2) and Distributable Earnings before realized losses (2) dividend coverage of 61%, (35%) and 86%, respectively

Capitalization

Fully-converted book value per share is $14.95 vs. $15.19 in Q4 2024 (1). Undepreciated fully-converted book value per share is $15.12 vs. $15.35 in Q4 2024 (1) (3)

Net debt to equity is 2.4x; recourse net debt to equity is 0.3x

85% of financing sources are non-mark-to-market on our core book

$913 million of liquidity of which $215 million is cash and $34 million is CLO reinvest/ramp available (4)

Investments

Core Portfolio: Principal balance decreased by $199 million. Closed $341 million of new loan commitments and funded

$320 million of principal balance including future funding on existing loans. Received loan repayments of $353 million. Transferred $166 million to real estate owned

Portfolio

Core Portfolio of 152 CRE loans and $4.8 billion of principal balance, average size of $32 million and 71% multifamily. Two assets were removed from the watch list. Six assets remain on the watch list, one of which is risk rated a five and five of which are risk rated a four

Twelve foreclosure real estate owned positions, totaling $271 million, one investment real estate owned position of $122 million, and one equity investment position of $13 million

Fully converted per share information assumes applicable conversion of our outstanding series of convertible preferred stock into common stock and the full vesting of our outstanding equity compensation awards.

Please see appendix for GAAP net income to Distributable Earnings calculation.

Adjusted for accumulated depreciation and amortization of real property of $14.8 million and $13.8 million at 3/31/25 and 12/31/24, respectively.

Cash excludes restricted cash. Total liquidity amount includes the cash available we can invest at a market advance rate utilizing our available capacity on financing lines.

Financial Highlights

Income Statement

Balance Sheet - Assets (End of Quarter)

Net interest income

$43.3

Total core portfolio

$4,739.9

Operating expenses (1)

(18.8)

Total real estate securities

167.2

(Provision) / Benefit for credit loss

$1.9

Cash and restricted cash

224.1

Other income/(loss)

(2.7)

CLO reinvestment available

34.1

GAAP net income (loss)

$23.7

Other assets

488.8

Adjustments to GAAP net income (loss) (2)

8.2

Total assets

$5,654.1

Distributable Earnings before realized loss (2)

$31.9

Realized loss adjustments to GAAP net income (loss) (2)

(38.2)

Balance Sheet - Debt & Equity

Distributable Earnings (2)

(6.2)

Collateralized loan obligations

$3,226.7

Warehouse

429.3

GAAP net income (loss) per share, fully converted (3)

$0.22

Repo - securities

206.2

GAAP return on common equity

5.7%

Asset specific financings

36.9

GAAP dividend coverage, fully converted (2), (3)

60.9%

Unsecured debt

81.4

Total debt

$3,980.5

Distributable Earnings per share, fully converted (2), (3)

($0.12)

Preferred equity (4)

348.5

Distributable Earnings return on common equity (2)

(3.3%)

Common stock/retained earnings (5)

1,246.6

Distributable Earnings dividend coverage, fully converted (2), (3)

(35.1%)

Total equity (4), (5)

$1,595.1

Distributable Earnings per share before realized loss, fully converted (2), (3)

$0.31

Book value per share, fully converted (3)

$14.95

Distributable Earnings return on common equity before realized loss (2)

8.1%

Distributable Earnings dividend coverage before realized loss, fully converted (2), (3)

85.9%

Net debt/total equity

2.35x

Recourse net debt/total equity

0.33x

Dividend per share

$0.355

Dividend per share yield on book value

9.5%

Note: All numbers in millions except per share and share data.

Does not include real estate owned operating income which is reported under Other income / (loss).

Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings.

Includes $90 million of preferred equity that converts to common equity on 1/21/26, subject to the holder's right to accelerate the conversion. These amounts are reflected as temporary equity on the consolidated balance sheets. The remaining $259 million of preferred equity represents the Series E preferred, which is not convertible into common equity.

Includes non-controlling interest.

Earnings & Distributions

$36.0 (2)

$32.4

$32.5 (2)

$31.7 (2)

$31.2

$31.9 (2)

-$4.0

2Q'24

3Q'24

4Q'24

-$6.2

1Q'25

$30.2

$23.7

-$3.8

2Q'24

3Q'24

4Q'24

1Q'25

2Q'24

3Q'24

4Q'24

1Q'25

$0.355

Dividend per share

$0.31

($0.10)

$0.30

($0.12)

Distributable earnings per share, fully converted (1), (2)

$0.35

$0.31

$0.30

$0.31

Distributable earnings per share before realized loss, fully converted (1), (2)

87%

(28%)

84%

(35%)

Distributable dividend coverage, fully converted (1), (2)

99%

88%

86%

Distributable dividend coverage before realized loss, fully converted (1), (2)

Note: All numbers in millions except per share data.

Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings.

Distributable earnings before realized loss

Disclaimer

Franklin BSP Realty Trust Inc. published this content on April 28, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2025 at 20:35 UTC.