FBRT · Franklin BSP Realty Trust, Inc.

Franklin BSP Realty Trust reported first quarter 2026 results with GAAP net income of $12.3 million ($0.07 per diluted share), down from $18.4 million in the prior quarter. The decline was driven by a net provision for credit losses of $11.4 million, including a specific allowance provision of $14.8 million on the core portfolio. Distributable Earnings, a non-GAAP measure, totaled $13.5 million ($0.09 per fully converted share), while Distributable Earnings before realized losses were $25.9 million ($0.22 per share). The core loan portfolio grew to $4.6 billion, with $467.9 million in new commitments at a weighted average spread of 289 basis points. The company repurchased 4.36 million shares at an average price of $9.13, adding $0.24 to book value. Book value per share increased to $14.18 from $14.15 in Q4 2025. Management noted progress in resolving legacy assets and deploying capital selectively. The board reauthorized a $50 million share repurchase program through December 2026. The company declared a $0.20 per share dividend, representing a 5.6% annualized yield on book value.