Franklin BSP Realty Trust, Inc. Announces Fourth Quarter and Full Year 2023 Results
- None.
- The Company recognized an incremental provision for credit losses of approximately $5.4 million during the quarter.
- The Company repurchased 267,968 shares of common stock at a net average price of $12.47 per share, which represents a $0.01 per share increase to book value.
- The Company obtained a multifamily property through deed-in-lieu of foreclosure and is under contract to sell the property for $42.8 million.
- The Company's exposure to office loans is only 5%.
- The Company had six loans on its watch list with a risk rating of four as of December 31, 2023.
Insights
The reported financial results from Franklin BSP Realty Trust, Inc. (FBRT) for the year-end 2023 demonstrate a significant increase in GAAP net income and Distributable Earnings compared to the previous year. This improvement, particularly the substantial growth from $14.2 million to $144.5 million in annual GAAP net income, may indicate operational efficiency and a potentially stronger financial position. The increase in both GAAP and Distributable Earnings ROE suggests that FBRT has effectively utilized shareholder equity to generate profits.
The announcement of a common stock dividend with coverage ratios of 80% and 109% for GAAP and Distributable Earnings respectively, along with a 9.0% yield on book value, could attract income-focused investors. Additionally, the share repurchase program, where shares were bought below book value, appears to be a strategic move to enhance shareholder value by potentially reducing share dilution and increasing earnings per share.
FBRT's closing of new loan commitments at a weighted average spread of 391 to 450 basis points over the year could be seen as a robust performance indicator, especially in a potentially volatile interest rate environment. However, investors should be aware of market conditions that may affect future loan spread levels and the associated risk of floating rate loans, which comprise a significant portion of FBRT's portfolio.
The notable increase in FBRT's core portfolio, with $818 million in new loan commitments and a core portfolio principal balance of approximately $5.0 billion, reflects aggressive growth strategies and could indicate confidence in the commercial real estate market. The focus on multifamily properties, which make up 77% of the portfolio, aligns with broader market trends that show resilience in this sector. However, the minimal exposure to office loans, at only 5%, could suggest a strategic avoidance of a segment that has faced uncertainty post-pandemic.
FBRT's liquidity position of $1.5 billion provides it with substantial capital to manage obligations and invest in new opportunities. This strong liquidity, along with proactive loan origination throughout the year, positions FBRT to capitalize on market opportunities in 2024. However, it is essential to monitor the real estate market's performance and any regulatory changes that may impact the company's operations and growth trajectory.
The company's approach to managing its loan watch list and the subsequent sale of a multifamily property acquired through foreclosure indicates active risk management. The slight increase in book value per share suggests a stable to positive valuation trend, which could be reassuring to investors concerned about asset valuations in a fluctuating real estate market.
The concept of Distributable Earnings is crucial for understanding FBRT's financial health from a legal perspective, as it pertains to the company's ability to distribute dividends, which is a key consideration for Real Estate Investment Trusts (REITs). The non-GAAP measure of Distributable Earnings provides a more nuanced view of the company's profitability by adjusting for non-cash and other specific items, potentially offering a clearer picture of the cash available for distribution to shareholders.
From a compliance standpoint, FBRT's emphasis on Distributable Earnings is also significant because, as a REIT, the company must distribute at least 90% of its taxable income to maintain its tax status, which can have material implications for its financial strategy. The reported dividend coverage ratios and the extension of the share repurchase program through December 31, 2024, also highlight the company's commitment to returning value to shareholders within the regulatory framework governing REITs.
Investors should be aware that non-GAAP measures like Distributable Earnings and Run-Rate Distributable Earnings, while useful for analysis, do not replace GAAP measures and may not be directly comparable to similar metrics reported by other companies due to differences in calculation methodologies.
Reported GAAP net income of
Reported Distributable Earnings (a non-GAAP financial measure) of
Fourth Quarter 2023 Summary
-
Produced a fourth quarter GAAP and Distributable Earnings ROE (a non-GAAP financial measure) of
7.2% and9.8% , respectively -
Book value of
$15.77 -
Declared fourth quarter common stock cash dividend of
$0.35 59.0% yield on book value -
GAAP and Distributable Earnings dividend coverage of
80% and109% , respectively -
Closed
$231 million -
Total liquidity of
$1.5 billion $338 million $55 million -
Repurchased 267,968 shares of common stock at a net average price of
$12.47 $3.3 million $0.01
Full Year 2023 Summary
-
Produced a full year GAAP and Distributable Earnings ROE of
8.9% and12.1% , respectively -
GAAP and Distributable Earnings dividend coverage of
100% and135% , respectively -
Closed
$818 million $5.0 billion -
Closed BSPRT 2023-FL10 ("FL10 CRE CLO"), a
$897 million -
Received proceeds of
$96 million Brooklyn hotel loan, representing the full principal amount of the loan and approximately$20 million -
Repurchased 1,026,105 shares of common stock at an average price of
$12.19 $12.5 million $0.05
Richard Byrne, Chairman and Chief Executive Officer of FBRT, said, “FBRT achieved strong results in the fourth quarter, comfortably covering our common stock dividend on a distributable earnings basis. For the year, FBRT delivered a
Further commenting on the Company's results, Michael Comparato, President of FBRT, added, “We are defensively positioned and ended the year with a liquidity position totaling
Core portfolio: For the quarter ended December 31, 2023, the Company closed
Allowance for credit losses: During the quarter, the Company recognized an incremental provision for credit losses of approximately
Book Value
As of December 31, 2023, book value was
Share Repurchase Program
During the quarter, the Company repurchased 267,968 shares of the Company's common stock under the Company's
Subsequent Event
Subsequent to year end, the Company obtained, through deed-in-lieu of foreclosure, a multifamily property located in
Distributable Earnings and Run-Rate Distributable Earnings
Distributable Earnings is a non-GAAP measure, which the Company defines as GAAP net income (loss), adjusted for (i) non-cash CLO amortization acceleration and amortization over the expected useful life of the Company's CLOs, (ii) unrealized gains and losses on loans, derivatives and ARMs, including CECL reserves and impairments, (iii) non-cash equity compensation expense, (iv) depreciation and amortization, (v) subordinated performance fee accruals/(reversal), (vi) loan workout charges, (vii) realized gains and losses on debt extinguishment and CLO calls, (viii) actual realized cash loss on a specific real estate owned ("REO") investment, (ix) impairments of acquisition assets related to the Capstead merger and (x) certain other non-cash items. Further, Run-Rate Distributable Earnings, a non-GAAP measure, presents Distributable Earnings before (i) trading and derivative gain/loss on ARMs and (ii) realized cash gain/loss adjustments on REO.
The Company believes that Distributable Earnings and Run-Rate Distributable Earnings provide meaningful information to consider in addition to the disclosed GAAP results. The Company believes Distributable Earnings is a useful financial metric for existing and potential future holders of its common stock as historically, over time, Distributable Earnings has been an indicator of dividends per share. As a REIT, the Company generally must distribute annually at least
Distributable Earnings and Run-Rate Distributable Earnings do not represent net income (loss) and should not be considered as an alternative to GAAP net income (loss). The methodology for calculating Distributable Earnings and Run-Rate Distributable Earnings may differ from the methodologies employed by other companies and thus may not be comparable to the Distributable Earnings reported by other companies
Please refer to the financial statements and reconciliation of GAAP Net Income to Distributable Earnings and Run-Rate Distributable Earnings included at the end of this release for further information.
1 Fully converted per share information in this press release assumes applicable conversion of our series of outstanding convertible preferred stock into common stock and the vesting of our outstanding equity compensation awards. |
Supplemental Information
The Company published a supplemental earnings presentation for the quarter ended December 31, 2023 on its website to provide additional disclosure and financial information. These materials can be found on the Company’s website at http://www.fbrtreit.com under the Presentations tab.
Conference Call and Webcast
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. Participants are encouraged to pre-register for the call and webcast at https://dpregister.com/sreg/10185473/fb540286fb. If you are unable to pre-register, the conference call may be accessed by dialing (844) 701-1166 (Domestic) or (412) 317-5795 (International). Ask to join the Franklin BSP Realty Trust conference call. Participants should call in at least five minutes prior to the start of the call.
The call will also be accessible via live webcast at https://ccmediaframe.com?id=IGbENPjX. Please allow extra time prior to the call to download and install audio software, if needed. A slide presentation containing supplemental information may also be accessed through the Company’s website in advance of the call.
An audio replay of the live broadcast will be available approximately one hour after the end of the conference call on FBRT’s website. The replay will be available for 90 days on the Company’s website.
About Franklin BSP Realty Trust, Inc.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate investment trust that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in
Forward-Looking Statements
Certain statements included in this press release are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.
The Company's forward-looking statements are subject to various risks and uncertainties. Factors that could cause actual outcomes to differ materially from our forward-looking statements include macroeconomic factors in
FRANKLIN BSP REALTY TRUST, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) |
||||||||
|
|
December 31, 2023 |
|
December 31, 2022 |
||||
ASSETS |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
337,595 |
|
|
$ |
179,314 |
|
Restricted cash |
|
|
6,092 |
|
|
|
11,173 |
|
Commercial mortgage loans, held for investment, net of allowance for credit losses of |
|
|
4,989,767 |
|
|
|
5,228,928 |
|
Commercial mortgage loans, held for sale, measured at fair value |
|
|
— |
|
|
|
15,559 |
|
Real estate securities, trading, measured at fair value (includes pledged assets of |
|
|
— |
|
|
|
235,728 |
|
Real estate securities, available for sale, measured at fair value, amortized cost of |
|
|
242,569 |
|
|
|
221,025 |
|
Derivative instruments, measured at fair value |
|
|
— |
|
|
|
415 |
|
Receivable for loan repayment (1) |
|
|
55,174 |
|
|
|
42,557 |
|
Accrued interest receivable |
|
|
42,490 |
|
|
|
34,007 |
|
Prepaid expenses and other assets |
|
|
19,213 |
|
|
|
15,795 |
|
Intangible lease asset, net of amortization |
|
|
42,793 |
|
|
|
54,831 |
|
Real estate owned, net of depreciation |
|
|
115,830 |
|
|
|
127,772 |
|
Real estate owned, held for sale |
|
|
103,657 |
|
|
|
36,497 |
|
Total assets |
|
$ |
5,955,180 |
|
|
$ |
6,203,601 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||||
Collateralized loan obligations |
|
$ |
3,567,166 |
|
|
$ |
3,121,983 |
|
Repurchase agreements and revolving credit facilities - commercial mortgage loans |
|
|
299,707 |
|
|
|
680,859 |
|
Repurchase agreements - real estate securities |
|
|
174,055 |
|
|
|
440,008 |
|
Mortgage note payable |
|
|
23,998 |
|
|
|
23,998 |
|
Other financings |
|
|
36,534 |
|
|
|
76,301 |
|
Unsecured debt |
|
|
81,295 |
|
|
|
98,695 |
|
Derivative instruments, measured at fair value |
|
|
— |
|
|
|
64 |
|
Interest payable |
|
|
15,383 |
|
|
|
12,715 |
|
Distributions payable |
|
|
36,133 |
|
|
|
36,317 |
|
Accounts payable and accrued expenses |
|
|
13,339 |
|
|
|
17,668 |
|
Due to affiliates |
|
|
19,316 |
|
|
|
15,429 |
|
Intangible lease liability, held for sale |
|
|
12,297 |
|
|
|
— |
|
Intangible lease liability, net of depreciation |
|
|
— |
|
|
|
6,428 |
|
Total liabilities |
|
$ |
4,279,223 |
|
|
$ |
4,530,465 |
|
Commitments and Contingencies |
|
|
|
|
||||
Redeemable convertible preferred stock: |
|
|
|
|
||||
Redeemable convertible preferred stock Series H, |
|
$ |
89,748 |
|
|
$ |
89,748 |
|
Redeemable convertible preferred stock Series I, |
|
|
— |
|
|
|
5,000 |
|
Total redeemable convertible preferred stock |
|
$ |
89,748 |
|
|
$ |
94,748 |
|
Equity: |
|
|
|
|
||||
Preferred stock, |
|
$ |
258,742 |
|
|
$ |
258,742 |
|
Common stock, |
|
|
820 |
|
|
|
826 |
|
Additional paid-in capital |
|
|
1,599,197 |
|
|
|
1,602,247 |
|
Accumulated other comprehensive income (loss) |
|
|
(703 |
) |
|
|
390 |
|
Accumulated deficit |
|
|
(298,942 |
) |
|
|
(299,225 |
) |
Total stockholders' equity |
|
$ |
1,559,114 |
|
|
$ |
1,562,980 |
|
Non-controlling interest |
|
|
27,095 |
|
|
|
15,408 |
|
Total equity |
|
$ |
1,586,209 |
|
|
$ |
1,578,388 |
|
Total liabilities, redeemable convertible preferred stock and equity |
|
$ |
5,955,180 |
|
|
$ |
6,203,601 |
|
| _______________ | ||
(1) |
Includes |
|
FRANKLIN BSP REALTY TRUST, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data) |
|||||||||||
|
Year Ended December 31, |
||||||||||
|
2023 |
|
2022 |
|
2021 |
||||||
Income |
|
|
|
|
|
||||||
Interest income |
$ |
552,506 |
|
|
$ |
357,705 |
|
|
$ |
216,890 |
|
Less: Interest expense |
|
305,577 |
|
|
|
160,526 |
|
|
|
56,193 |
|
Net interest income |
|
246,929 |
|
|
|
197,179 |
|
|
|
160,697 |
|
Revenue from real estate owned |
|
17,021 |
|
|
|
9,655 |
|
|
|
4,759 |
|
Total income |
$ |
263,950 |
|
|
$ |
206,834 |
|
|
$ |
165,456 |
|
Expenses |
|
|
|
|
|
||||||
Asset management and subordinated performance fee |
$ |
33,847 |
|
|
$ |
26,157 |
|
|
$ |
28,110 |
|
Acquisition expenses |
|
1,241 |
|
|
|
1,360 |
|
|
|
1,203 |
|
Administrative services expenses |
|
14,440 |
|
|
|
12,928 |
|
|
|
7,658 |
|
Impairment of acquired assets |
|
— |
|
|
|
— |
|
|
|
88,282 |
|
Professional fees |
|
15,270 |
|
|
|
22,566 |
|
|
|
11,650 |
|
Share-based compensation |
|
4,761 |
|
|
|
2,519 |
|
|
|
— |
|
Depreciation and amortization |
|
7,128 |
|
|
|
5,408 |
|
|
|
2,107 |
|
Other expenses |
|
11,135 |
|
|
|
6,572 |
|
|
|
3,946 |
|
Total expenses |
$ |
87,822 |
|
|
$ |
77,510 |
|
|
$ |
142,956 |
|
Other income/(loss) |
|
|
|
|
|
||||||
(Provision)/benefit for credit losses |
|
(33,738 |
) |
|
|
(36,115 |
) |
|
|
5,192 |
|
Realized gain/(loss) on extinguishment of debt |
|
2,201 |
|
|
|
(5,167 |
) |
|
|
(4,642 |
) |
Realized gain/(loss) on sale of available for sale trading securities |
|
80 |
|
|
|
— |
|
|
|
— |
|
Realized gain/(loss) on sale of commercial mortgage loans, held for sale |
|
— |
|
|
|
(354 |
) |
|
|
26 |
|
Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value |
|
3,873 |
|
|
|
2,358 |
|
|
|
24,208 |
|
Gain/(loss) on other real estate investments |
|
(7,089 |
) |
|
|
(692 |
) |
|
|
9,790 |
|
Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value |
|
44 |
|
|
|
(511 |
) |
|
|
469 |
|
Trading gain/(loss) |
|
(605 |
) |
|
|
(119,220 |
) |
|
|
(36,128 |
) |
Unrealized gain/(loss) on derivatives |
|
(140 |
) |
|
|
(15,840 |
) |
|
|
7,402 |
|
Realized gain/(loss) on derivatives |
|
998 |
|
|
|
60,033 |
|
|
|
484 |
|
Total other income/(loss) |
$ |
(34,376 |
) |
|
$ |
(115,508 |
) |
|
$ |
6,801 |
|
Income/(loss) before taxes |
|
141,752 |
|
|
|
13,816 |
|
|
|
29,301 |
|
(Provision)/benefit for income tax |
|
2,757 |
|
|
|
399 |
|
|
|
(3,599 |
) |
Net income/(loss) |
$ |
144,509 |
|
|
$ |
14,215 |
|
|
$ |
25,702 |
|
Net (income)/loss attributable to non-controlling interest |
|
706 |
|
|
|
216 |
|
|
|
— |
|
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc. |
$ |
145,215 |
|
|
$ |
14,431 |
|
|
$ |
25,702 |
|
Less: Preferred stock dividends |
|
26,993 |
|
|
|
41,741 |
|
|
|
33,587 |
|
Net income/(loss) attributable to common stock |
$ |
118,222 |
|
|
$ |
(27,310 |
) |
|
$ |
(7,885 |
) |
|
|
|
|
|
|
||||||
Basic earnings per share |
$ |
1.42 |
|
|
$ |
(0.38 |
) |
|
$ |
(0.18 |
) |
Diluted earnings per share |
$ |
1.42 |
|
|
$ |
(0.38 |
) |
|
$ |
(0.18 |
) |
Basic weighted average shares outstanding |
|
82,307,970 |
|
|
|
71,628,365 |
|
|
|
43,419,209 |
|
Diluted weighted average shares outstanding |
|
82,307,970 |
|
|
|
71,628,365 |
|
|
|
43,434,731 |
|
FRANKLIN BSP REALTY TRUST, INC. RECONCILIATION OF GAAP NET INCOME TO DISTRIBUTABLE EARNINGS (In thousands, except share and per share data) (Unaudited) |
||||||||||||
The following table provides a reconciliation of GAAP net income to Distributable Earnings for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands): |
||||||||||||
|
|
Year Ended December 31, |
||||||||||
|
|
2023 |
|
2022 |
|
2021 |
||||||
GAAP Net Income |
|
$ |
144,509 |
|
|
$ |
14,215 |
|
|
$ |
25,702 |
|
Adjustments: |
|
|
|
|
|
|
||||||
Depreciation and amortization |
|
|
7,128 |
|
|
|
5,408 |
|
|
|
2,107 |
|
Impairment of Acquired Assets |
|
|
— |
|
|
|
— |
|
|
|
88,282 |
|
CLO amortization acceleration (1) |
|
|
(5,521 |
) |
|
|
(438 |
) |
|
|
250 |
|
Unrealized (gain)/loss on financial instruments (2) |
|
|
7,185 |
|
|
|
17,010 |
|
|
|
(7,853 |
) |
Unrealized (gain)/loss - ARMs |
|
|
415 |
|
|
|
43,557 |
|
|
|
20,670 |
|
Subordinated performance fee (3) |
|
|
6,171 |
|
|
|
(8,380 |
) |
|
|
9,846 |
|
Non-Cash Compensation Expense |
|
|
4,762 |
|
|
|
3,485 |
|
|
|
— |
|
(Reversal of)/Provision for credit losses |
|
|
33,738 |
|
|
|
36,115 |
|
|
|
(5,192 |
) |
Loan workout charges/(loan workout recoveries) (4) |
|
|
(5,105 |
) |
|
|
5,104 |
|
|
|
— |
|
Realized (gain)/loss on debt extinguishment / CLO call |
|
|
(2,201 |
) |
|
|
— |
|
|
|
— |
|
Realized trading and derivatives (gain)/loss on ARMs |
|
|
677 |
|
|
|
21,726 |
|
|
|
13,600 |
|
Run Rate Distributable Earnings (5) |
|
$ |
191,758 |
|
|
$ |
137,802 |
|
|
$ |
147,412 |
|
Realized trading and derivatives gain/(loss) on ARMs |
|
|
(677 |
) |
|
|
(21,726 |
) |
|
|
(13,600 |
) |
Realized cash gain/(loss) adjustment on REO (6) |
|
|
(1,571 |
) |
|
|
— |
|
|
|
— |
|
Distributable Earnings |
|
$ |
189,510 |
|
|
$ |
116,076 |
|
|
$ |
133,812 |
|
|
|
$ |
(19,367 |
) |
|
$ |
(19,367 |
) |
|
|
(4,842 |
) |
Non-controlling interests in joint ventures net (income)/loss |
|
|
(602 |
) |
|
|
216 |
|
|
|
— |
|
Depreciation and amortization attributed to non-controlling interests of joint ventures |
|
|
(31 |
) |
|
|
(1,415 |
) |
|
|
— |
|
Distributable Earnings to Common |
|
|
169,510 |
|
|
|
95,510 |
|
|
|
128,970 |
|
Average Common Stock and Common Stock Equivalents |
|
|
1,403,558 |
|
|
|
1,456,871 |
|
|
|
1,146,009 |
|
GAAP Net Income/(Loss) ROE |
|
|
8.9 |
% |
|
|
(0.3 |
)% |
|
|
1.8 |
% |
Run-Rate Distributable Earnings ROE |
|
|
12.2 |
% |
|
|
8.0 |
% |
|
|
12.4 |
% |
Distributable Earnings ROE |
|
|
12.1 |
% |
|
|
6.6 |
% |
|
|
11.3 |
% |
GAAP Net Income/(Loss) Per Share, Diluted |
|
$ |
1.42 |
|
|
$ |
(0.38 |
) |
|
$ |
(0.18 |
) |
GAAP Net Income/(Loss) Per Share, Fully Converted (7) |
|
$ |
1.42 |
|
|
$ |
(0.06 |
) |
|
$ |
0.33 |
|
Run-Rate Distributable Earnings Per Share, Fully Converted (7) |
|
$ |
1.94 |
|
|
$ |
1.31 |
|
|
$ |
2.23 |
|
Distributable Earnings Per Share, Fully Converted (7) |
|
$ |
1.92 |
|
|
$ |
1.07 |
|
|
$ |
2.02 |
|
| _______________ | ||
(1) |
Adjusted for non-cash CLO amortization acceleration to effectively amortize issuance costs of our CLOs over the expected lifetime of the CLOs. We assume our CLOs will be outstanding for four years and amortized the financing costs over four years in our distributable earnings as compared to effective yield methodology in our GAAP earnings. |
|
(2) |
Represents unrealized gains and losses on (i) commercial mortgage loans, held for sale, measured at fair value, (ii) other real estate investments, measured at fair value and (iii) derivatives. |
|
(3) |
Represents accrued and unpaid subordinated performance fee. In addition, reversal of subordinated performance fee represents cash payments of the subordinated performance fee made during the period. |
|
(4) |
Represents loan workout charges the Company incurred, which the Company deemed likely to be recovered. Reversal of loan workout charges represent recoveries received. During the second quarter of 2023, the Company recovered |
|
(5) |
Distributable Earnings before realized trading and derivative gain/loss on residential adjustable-rate mortgage securities (“Run-Rate Distributable Earnings”) (a non-GAAP financial measure). |
|
(6) |
Represents the actual realized cash loss on a specific REO investment. |
|
(7) |
Fully Converted assumes conversion of our series of convertible preferred stock and full vesting of our outstanding equity compensation awards. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240214874974/en/
Investor Relations Contact:
Lindsey Crabbe
l.crabbe@benefitstreetpartners.com
(214) 874-2339
Source: Franklin BSP Realty Trust, Inc.
FAQ
What is the ticker symbol for Franklin BSP Realty Trust, Inc.?
What were the reported GAAP net income figures for the three and twelve months ended December 31, 2023?
What was the diluted EPS for the three months ended December 31, 2023?
How much did the Company close in new loan commitments in Q4?
What was the core portfolio balance at the end of the quarter?
What percentage of the Company's portfolio is collateralized by multifamily properties?
How many shares of common stock did the Company repurchase during the quarter?
What is the book value per diluted common share as of December 31, 2023?
What was the average loan size in the Company's core portfolio?
How much remains available under the share repurchase program?
