Franklin BSP Realty Trust, Inc. - FBRT STOCK NEWS

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) has successfully sold the Williamsburg Hotel in Brooklyn for $96 million, a transaction facilitated by a trustee from the United States Bankruptcy Court. This sale allows FBRT to fully recover its loan principal and gain approximately $20 million beyond closing costs. The hotel loan had been monitored since June 2019, and the proceeds will be reinvested into the company's commercial real estate portfolio. With assets totaling $6.2 billion as of December 31, 2022, FBRT continues to manage its diversified real estate debt investments effectively.

Franklin BSP Realty Trust (NYSE: FBRT) announced it will release its first quarter 2023 results on May 3, 2023, after trading hours. The company will hold a conference call the following day, May 4, 2023, at 10:00 a.m. ET to discuss the results. Participants are encouraged to pre-register for the call, which can be accessed through their website or via phone. As of December 31, 2022, FBRT reported approximately $6.2 billion in assets and is managed by Benefit Street Partners. For more information and access details, visit fbrtreit.com.

Franklin BSP Realty Trust (NYSE: FBRT) has appointed Michael Comparato as its new President, effective immediately. Comparato, previously a managing director at Benefit Street Partners, has extensive experience in commercial real estate. He will oversee day-to-day operations, including loan originations and investments, continuing from his leadership at BSP. Richard J. Byrne retains his roles as Chairman and CEO. Comparato's appointment is expected to enhance long-term stockholder value through his significant expertise in the industry, as emphasized by both Byrne and Tom Gahan, CEO of BSP.

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) has declared a first quarter 2023 dividend of $0.355 per common share, payable on April 10, 2023, to stockholders of record by March 31, 2023. Additionally, a dividend of $0.46875 per share on its 7.50% Series E Cumulative Redeemable Preferred Stock (NYSE: FBRTPRE) will be paid on April 17, 2023. As of December 31, 2022, FBRT reported approximately $6.2 billion in assets and is externally managed by Benefit Street Partners L.L.C.

Franklin BSP Realty Trust (FBRT) reported financial results for Q4 and the full year ending December 31, 2022, showing a net income of $27.2 million for the quarter and $14.2 million for the year. Diluted EPS was $0.25 for Q4 and $(0.38) for the full year. Distributable Earnings reached $38.8 million and $116.1 million respectively, with a strong coverage of dividends at 104%. The company closed $209 million in new loan commitments in Q4, with a core portfolio totaling $5.3 billion. A cash dividend of $0.355 was declared, yielding 9% on book value. Share buybacks totaled $5.5 million in Q4, contributing to an increase in book value.

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) has successfully closed a $120 million loan to refinance a portfolio comprising 12 limited-service hotels across California, Connecticut, and New Jersey. The total loan amount, including a $20 million mezzanine loan from Driftwood Capital, reaches $140 million. This portfolio features 1,313 rooms across chains like Residence Inn and Hilton Garden Inn, with ten properties recently renovated. The transaction marks the sixth collaboration between FBRT and Driftwood, reinforcing their ongoing partnership. FBRT's asset base exceeded $6.3 billion as of September 30, 2022.

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is set to release its fourth quarter 2022 results on February 22, 2023, after the market closes. A conference call will follow on February 23, 2023, at 9:00 a.m. ET for discussion of the financial results. The trust manages a diversified portfolio of commercial real estate debt with approximately $6.2 billion in assets as of September 30, 2022. Interested participants can access the call via pre-registration or by calling designated numbers. An audio replay will be available for 90 days following the call.

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) has declared a fourth quarter 2022 common dividend of $0.355 per share, payable on January 11, 2023. The record date for this dividend is December 30, 2022. Additionally, dividends for its Series H and I Preferred Stock match the common dividend. The Company also announced a Series E Preferred Stock dividend of $0.46875 per share, payable on January 17, 2023. FBRT manages approximately $6.2 billion in assets, focused on commercial real estate debt across the United States.

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) has appointed Joe Dumars to its Board of Directors effective January 1, 2023. Dumars, a seasoned executive with a background in sports management and operations, adds valuable leadership experience to the board, which now consists of eight members, seven of whom are independent. His extensive experience, including roles in the NBA, is expected to enhance board dynamics. As of September 30, 2022, FBRT held approximately $6.2 billion in assets and is managed by Benefit Street Partners.