Franklin BSP Realty Trust, Inc. (NYSE: FBRT) announced its financial results for the quarter ended September 30, 2026, on October 28, 2026. The company reported a GAAP net loss of $27.0 million, or $(0.41) per diluted common share. In contrast, the company reported Distributable Earnings of $3.3 million, or $(0.02) per diluted common share on a fully converted basis, and Distributable Earnings before realized losses of $25.8 million, or $0.24 per diluted common share on a fully converted basis.
During the third quarter, the company repurchased 7,433,748 shares of common stock at an average price of $8.14 per share for an aggregate of $60.5 million. This repurchase resulted in $0.55 per diluted common share of book value accretion on a fully converted basis. On October 27, 2026, the company’s board of directors extended the share repurchase program to December 31, 2027.
As of September 30, 2026, the company’s book value was $14.26 per diluted common share on a fully converted basis, an increase of $0.02 from the prior quarter. The company declared a third quarter common stock cash dividend of $0.20, representing an annualized 5.6% yield on fully converted book value.
The company’s core portfolio consisted of a principal balance of $4.1 billion across 175 loans, with an average loan size of $23.2 million. The portfolio was 83% collateralized by multifamily properties. During the quarter, the company closed $249.3 million of new loan commitments and funded $284.8 million on new and existing loans, while receiving loan repayments of $405.5 million. The average portfolio risk rating remained at 2.4.
The Agency Business segment grew its servicing portfolio to $61.3 billion, up $1.4 billion from the previous quarter. The company originated $670.4 million of new loan commitments under programs with Fannie Mae, Freddie Mac, and HUD. The company also had total liquidity of $407.2 million, including $100.8 million of cash and cash equivalents.
On October 15, 2026, the company called all outstanding notes issued by BSPRT 2023-FL10 Issuer, Ltd., with an outstanding principal balance of $267.2 million.
