Franklin BSP Realty Trust posts Q3 net loss on credit losses
FBRT•Franklin BSP Realty Trust reported a third-quarter net loss of $27.04 million, or $0.41 per share, including a $43.11 million provision for credit losses. It repurchased 7.4 million shares for $60.5 million and gave no specific future financial guidance.
1. Quarterly results
The real estate investment trust reported $24.37 million in third-quarter net interest income and a $27.04 million net loss. A $43.11 million provision for credit losses weighed on results as the company focused on resolving legacy assets.
2. Share repurchases
The company repurchased 7.4 million shares for $60.5 million, resulting in book value accretion. It did not provide specific financial guidance for future quarters or the full year.
