BTIG Research downgraded Franklin BSP Realty Trust (FBRT) from Buy to Neutral. This decision follows the resignation of CEO Michael Comparato and the reappointment of Richard Byrne. The leadership change introduces uncertainty regarding the company's future direction.
FBRT reported second-quarter GAAP earnings of $0.12 per share. This result fell short of the $0.24 per share consensus estimate. Revenue reached $65.29 million. This figure missed the Wall Street expectation of $80.14 million.
Distributable earnings covered the company's dividend for the second consecutive quarter. The company also reported a slight increase in its book value.