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Franklin BSP Realty Trust, Inc. (symbol: FBRT) is a prominent, publicly-registered, non-traded real estate investment trust (REIT) that focuses on originating, acquiring, and managing a diversified portfolio of commercial real estate debt. The company primarily deals with properties located across the United States.
FBRT boasts a seasoned real estate team with extensive expertise in origination, underwriting, and asset management. Leveraging a comprehensive network of relationships with brokers and borrowers, FBRT drives proprietary deal flow and constructs a robust pipeline of investment opportunities. This allows them to lend against all types of commercial properties throughout the country.
Headquartered in New York, with additional offices in Boca Raton, Charleston (SC), and San Francisco, FBRT maintains a national origination footprint. They invest across the capital structure, with a specific focus on generating attractive risk-adjusted returns. The company originates both fixed and floating rate loans on various commercial property types.
Externally managed by Benefit Street Partners, a leading credit-focused alternative asset management firm, FBRT continues to enhance its portfolio and investment strategies. Recent achievements and ongoing projects underline their unwavering commitment to financial growth and stability. As a result, FBRT remains a significant player in the commercial real estate debt market.
Franklin BSP Realty Trust (FBRT) reported Q3 2024 financial results with GAAP net income of $30.2 million ($0.30 per share), compared to a loss of $3.8 million in Q2 2024. The core portfolio balance stood at $5.2 billion across 157 loans. Notable activities include closing $380 million in new loan commitments and a $1.024 billion managed Commercial Real Estate CLO. The company maintains a strong focus on multifamily properties (74% of portfolio) with only 4% in office properties. Total liquidity reached $1.1 billion, including $346 million in cash. The company declared a Q3 common stock dividend of $0.355, representing a 9.3% yield on book value per share.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) has announced its schedule for the release of third quarter 2024 financial results. The company will disclose its results on Monday, November 4, 2024, after the New York Stock Exchange closes. Following this, FBRT will host a conference call and live audio webcast on Tuesday, November 5, 2024, at 9:00 a.m. ET to discuss the financial outcomes.
Interested parties can find all conference call and webcast details on the company's website at fbrtreit.com. Pre-registration for the call and webcast is available, and those unable to pre-register can dial in using provided numbers. The webcast will be accessible via a provided link, and a slide presentation with supplemental information may be available on the company's website before the call. An audio replay will be accessible on FBRT's website for 90 days after the conference call.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) has announced the closing of BSPRT 2024-FL11 (FL11), a $1.024 billion managed Commercial Real Estate Collateralized Loan Obligation. Key features of FL11 include:
- 36-month reinvestment period
- $100 million all multifamily 180-day ramp-up acquisition period
- Initial advance rate of 86.5%
- Weighted average interest rate of 1M CME Term SOFR+1.99% before discount and transaction costs
FBRT's President, Michael Comparato, highlighted strong investor interest and significant oversubscription across all bond classes. Barclays Capital Inc. served as sole structuring agent, while J.P. Morgan Securities and Wells Fargo Securities acted as co-lead managers and joint bookrunners.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) has announced its dividend declarations for the third quarter of 2024. The company's Board of Directors has declared a dividend of $0.355 per common share, payable on or about October 10, 2024, to stockholders of record as of September 30, 2024. Additionally, FBRT has declared a dividend on its convertible Series H Preferred Stock, equal to the as-converted common dividend amount. The company has also announced a dividend of $0.46875 per share on its 7.50% Series E Cumulative Redeemable Preferred Stock (NYSE: FBRTPRE), payable on October 15, 2024, to Series E preferred stockholders of record as of September 30, 2024.
Benefit Street Partners L.L.C. (BSP) has announced the closing of three floating-rate, cross-collateralized senior loans totaling $265 million on a multifamily portfolio. The portfolio consists of 1,262 units of class A multifamily properties across three locations in Saint John's County, Florida. Electra Capital Advisors, provided additional mezzanine loans of $60 million.
The loan's sponsor, Gatlin Development, is a repeat borrower of BSP. BSP was the original construction lender for all three assets, completed in 2023 and 2024. The loan was allocated across BSP's commercial real estate platform, with $136.4 million going to Franklin BSP Realty Trust, Inc. (NYSE: FBRT). This transaction demonstrates BSP's focus on high-quality multifamily loans and their ongoing relationship with Gatlin Development.
Franklin BSP Realty Trust (NYSE: FBRT) announced its Q2 2024 financial results. Key highlights include:
- GAAP net loss of $3.8 million, compared to $35.8 million profit in Q1 2024
- Diluted EPS of $(0.11), down from $0.35 in Q1 2024
- Distributable Earnings of $32.4 million ($0.31 per diluted share), compared to $41.0 million ($0.41 per share) in Q1 2024
- Core portfolio principal balance increased by $195 million to $5.4 billion
- Closed $622 million of new loan commitments at a weighted average spread of 318 basis points
- Declared Q2 common stock cash dividend of $0.355, representing a 9.3% annualized yield on book value per share
- Book value of $15.27 per diluted common share
- Repurchased 240,740 shares at an average price of $12.42 per share
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) announced the release of its second quarter 2024 results on July 31, 2024, after the market closes. The company will hold a conference call and live audio webcast to discuss these financial results on August 1, 2024, at 9:00 a.m. ET. Detailed information about the call and webcast, including registration links and access numbers, can be found on the company’s website. Participants are advised to pre-register and join the call at least five minutes prior to the start time. A slide presentation with supplemental information will be available on the website before the call, and an audio replay of the broadcast will be accessible for 90 days following the event.
Franklin BSP Realty Trust (NYSE: FBRT) has declared a second quarter 2024 dividend of $0.355 per common share. The dividend is payable on or about July 10, 2024, to common stockholders of record as of June 28, 2024. Additionally, the Board announced a second quarter 2024 dividend of $0.46875 per share on its 7.50% Series E Cumulative Redeemable Preferred Stock, payable on July 15, 2024, to Series E preferred stockholders of record as of June 30, 2024, with an effective record date of June 28, 2024.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) closed a $125 million loan on a 414-unit multifamily property in downtown Stamford, CT, part of $408 million in loan originations in Q2 and $999 million year-to-date. The loan has a three-year term with extension options, sponsored by Quarterra Multifamily, a subsidiary of Lennar FBRT President, Michael Comparato, commended the partnership with Quarterra.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) reported GAAP net income of $35.8 million for Q1 2024, increase from $30.0 million in Q4 2023. Diluted EPS rose to $0.35 from $0.28. Distributable Earnings grew to $41.0 million, or $0.41 per diluted common share. First Quarter 2024 Summary: GAAP and Distributable Earnings ROE of 8.9% and 10.4%, respectively. Book value of $15.68 per diluted common share. Declared a $0.355 dividend. Closed $591 million in new loans. Total liquidity at $1.0 billion. Repurchased 151,123 shares. The Company remains optimistic about its future growth and performance.
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