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

Rhea-AI Summary

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.

Positive

• Consistent dividend payments for common and preferred stockholders
• Maintenance of $0.355 per share quarterly dividend for common stock

Negative

• None.

Insights

Financial Analyst

Franklin BSP Realty Trust's dividend announcement signals stability in their financial position. The $0.355 per share common stock dividend maintains their previous payout level, suggesting consistent cash flow generation. For income-focused investors, this 7.50% yield on the Series E Preferred Stock is particularly attractive in the current interest rate environment. However, it's important to note that preferred dividends take precedence over common dividends, which could impact common shareholders if financial stress occurs. The company's ability to sustain these dividend levels will depend on their underlying real estate portfolio performance and market conditions in the coming quarters.

REIT Specialist

This dividend declaration underscores FBRT's commitment to shareholder returns, a key aspect of REIT operations. The consistency in dividend payout is a positive sign, especially given the challenges in the real estate market. However, investors should closely monitor FBRT's payout ratio and funds from operations (FFO) in upcoming earnings reports to ensure dividend sustainability. The decision to maintain the dividend suggests management's confidence in near-term cash flows, but it's essential to evaluate this against the backdrop of potential interest rate changes and their impact on FBRT's borrowing costs and property valuations. The preferred stock dividend adds a layer of financial obligation that could become burdensome in a downturn.

NEW YORK--(BUSINESS WIRE)-- Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced its Board of Directors has declared a third quarter 2024 dividend of $0.355 per common share. The dividend is payable on or about October 10, 2024 to common stockholders of record as of September 30, 2024. The Board of Directors also declared a third quarter 2024 dividend on its convertible Series H Preferred Stock in an amount equal to the as-converted common dividend amount.

FBRT’s Board of Directors also declared a third quarter 2024 dividend of $0.46875 per share on its 7.50% Series E Cumulative Redeemable Preferred Stock (NYSE: FBRTPRE). This dividend is payable on October 15, 2024 to Series E preferred stockholders of record as of September 30, 2024.

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 the United States. As of June 30, 2024, FBRT had approximately $6.3 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc. For further information, please visit www.fbrtreit.com.

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, including but not limited to the risks and important factors contained and identified in the Company’s filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and its subsequent filings with the SEC, any of which could cause actual results to differ materially from the forward-looking statements. The forward-looking statements included in this communication are made only as of the date hereof.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240916759844/en/

Investor Relations Contact:

Lindsey Crabbe

l.crabbe@benefitstreetpartners.com

(214) 874-2339

Source: Franklin BSP Realty Trust, Inc.

FAQ

What is the dividend amount for FBRT common stock in Q3 2024?

Franklin BSP Realty Trust, Inc. (FBRT) has declared a dividend of $0.355 per common share for the third quarter of 2024.

When is the Q3 2024 dividend payable for FBRT common stockholders?

The Q3 2024 dividend for FBRT common stockholders is payable on or about October 10, 2024, to stockholders of record as of September 30, 2024.

What is the dividend amount for FBRT Series E Preferred Stock in Q3 2024?

FBRT has declared a dividend of $0.46875 per share on its 7.50% Series E Cumulative Redeemable Preferred Stock for Q3 2024.

When will FBRT pay the Series E Preferred Stock dividend for Q3 2024?

The Series E Preferred Stock dividend for Q3 2024 is payable on October 15, 2024, to Series E preferred stockholders of record as of September 30, 2024.