Franklin BSP Realty: 10.8% Dividend Yield But Coverage Slipped [Seeking Alpha]
Franklin BSP Realty Trust, Inc. (FBRT)
Company Research
Source: Seeking Alpha
The company currently offers a 10.8% dividend yield that is 110% covered by distributable EPS. Credit quality remains healthy with six assets placed on watchlist during the fourth quarter. Franklin BSP Realty ( NYSE: FBRT ) like other mortgage REITs has been fighting the Fed for the last two years with a $5 billion commercial real estate loan portfolio spread across 144 loans as of the end of its recently reported fiscal 2023 fourth quarter. This portfolio is heavy on multifamily loans with a 77% allocation but is diversified across office, hospitality, and industrial properties amongst other property collateral. CRE angst describes deep market fears around a tripartite of headwinds currently faced by US commercial real estate. From the Fed's own battle with inflation pushing base interest rates to a more than two-decade high of 5.25% to 5.50%, rising office vacancies from working-from-home, and a seesaw economic backdrop. I last covered the ticker in the summer of 2022 with a br
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FBRT
News
- Franklin BSP Realty Trust, Inc. (NYSE: FBRT) was upgraded by analysts at Raymond James from an "outperform" rating to a "strong-buy" rating. They now have a $15.00 price target on the stock.MarketBeat
- Franklin BSP Realty Trust, Inc. Announces Closing of $125 Million Loan on a Southwest Industrial Portfolio [Yahoo! Finance]Yahoo! Finance
- Franklin BSP Realty Trust, Inc. Announces Closing of $125 Million Loan on a Southwest Industrial PortfolioBusiness Wire
- Franklin BSP Realty Trust, Inc. Schedules First Quarter 2024 Earnings Release and Conference CallBusiness Wire
- Benefit Street Partners L.L.C. Announces Closing of $120 Million Loan on a Texas Office Portfolio [Yahoo! Finance]Yahoo! Finance
FBRT
Earnings
- 2/14/24 - Miss
FBRT
Sec Filings
- 4/17/24 - Form ARS
- 4/17/24 - Form DEFA14A
- 4/17/24 - Form DEF
- FBRT's page on the SEC website