Franklin BSP Realty Trust Q2 net income falls, repurchased 1.8 mln shares
FBRT•Outlook
- Company did not provide specific financial guidance or outlook for future quarters
Overview
- US commercial real estate debt REIT's Q2 net income fell to $16.3 mln yr/yr
- Distributable earnings per share exceeded quarterly dividend; book value per share rose to $14.24
- Company repurchased 1.8 mln shares, boosting book value per share
Result Drivers
- Share repurchases - Repurchase of 1.8 mln shares at an average price of $8.70 increased book value per share
- Loan portfolio activity - Closed $166.7 mln in new loan commitments, funded $248.4 mln, and received $457.7 mln in repayments; average portfolio risk rating improved to 2.4 from 2.5
- Agency business growth - Servicing portfolio grew by $1.7 bln to $59.8 bln; originated $398.8 mln of new loan commitments under Fannie Mae, Freddie Mac, and HUD programs
Key details and analyst coverage
| Metric | Beat/Miss | Actual | Consensus Estimate |
| Q2 EPS |
