The following is a summary of the Franklin BSP Realty Trust, Inc. (FBRT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Franklin BSP Realty Trust's distributable earnings increased to $0.41 per share in Q1 2024, marking a 10.4% return on common equity.

• Dividend coverage for the quarter stood at 115%.

• The company's core portfolio grew to a principal balance of $5.2 billion due to strong loan originations.

• The company ended the quarter with $1 billion in available liquidity, comprised of $240 million unrestricted cash.

• They repurchased 1.9 million stocks in Q1 and an additional 2.0 million stocks in the second quarter, bringing the year-to-date total to 3.8 million.

Business Progress:

• The highlight was FBRP's conduit, which made a significant contribution to the Q1 2024 earnings.

• New loan commitments amounting to $591 million were added in Q1 2024, marking their fourth-largest origination quarter.

• The emphasis has been on multifamily properties, making up 75% of the commercial real estate loans.

• The target for 2024 is to deal with $2 million per quarter in the conduit, leading to an influx of conduit revenue.

• The company continues to close construction loans and aims to be active in this area in 2024.

• The plan is to sell the low-return Walgreens portfolio and reinvest into higher return areas.

• The company has a target to increase its Return on Equity towards 12%-13%.

More details: Franklin BSP Realty Trust IR

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