Franklin BSP Realty Trust reported second quarter GAAP net income of $16.3 million, or $0.12 per diluted share. The company's book value per share increased sequentially, and its key distributable earnings metric surpassed both analyst estimates and its quarterly dividend payment.
Key Highlights
- Distributable Earnings of $28.3 million, or $0.25 per share, exceeded the consensus estimate of $0.23 and covered the $0.20 quarterly dividend.
- Book value per share increased by $0.06 quarter-over-quarter to $14.24, partly driven by the repurchase of 1.8 million shares for $16.0 million.
- The core loan portfolio's average risk rating improved to 2.4 from 2.5 in the prior quarter, with a principal balance of $4.3 billion at quarter-end.
- The company closed an $880.4 million managed Commercial Real Estate CLO, securing $778.1 million in financing.