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- **NewPoint Integration Success**: $9.3M distributable earnings in first quarter, MSR portfolio valued at $221M, expected accretion to EPS in 2026.
- **Core Portfolio Recovery**: Targeting $5B+ by early 2026 after liquidity-driven decline.
- **Share Buybacks Resumed**: $6M repurchased, $25.6M remaining under authorization.
- **CMBS Momentum**: Q4 could be one of strongest on record due to improved market conditions.
- **Watch List Progression**: 10 loans with 2 expected sales in Q4, REO portfolio shrinking.

**【CEO Summary Section】**
- Third quarter marked a transitional period with distributable earnings of $0.22 per share, driven by NewPoint's $9.3 million contribution in its first full quarter.
- Core portfolio size declined to $4.4 billion due to liquidity constraints but expected to return to $5 billion+ by early 2026.
- Resumed share buybacks with $6 million repurchased through October 24 and $25.6 million remaining under authorization.
- NewPoint integration progressing well, with BSP loan servicing migration expected to complete Q1 2026.

**【CFO Financial Commentary】**
- GAAP net income $17.6 million, distributable earnings $26.7 million (excluding $1.7M REO loss).
- Closed 12th CRE CLO post-quarter end, reducing interest expense and adding $1B origination capacity.
- NewPoint's MSR portfolio valued at $221M with 6.6-year implied life, contributing $0.04 to book value.
- Expect NewPoint to be accretive to GAAP EPS in H1 2026 and distributable EPS in H2 2026.

**【President's Portfolio Update】**
- Core portfolio spreads tightened to 447bps (Q3 originations), down from 2023/24 euphoric levels.
- Targeting $5-5.5B stabilized whole loan portfolio.
- Watch list reduced to 10 loans, with 2 assets expected to close in Q4.
- REO portfolio reduced to 9 assets, with Raleigh multifamily at 91% occupancy.
- NewPoint driving cross-selling opportunities, e.g., agency loans for balance sheet and bridge loans for agency execution.

**【Q&A Highlights】**
- Q4 CMBS performance could be one of company's strongest ever due to improved market liquidity.
- Repayments expected to remain stable at ~$275M/quarter.
- GSE conservatorship resolution could introduce explicit guarantees but faces significant political/economic hurdles.
- NewPoint's Q3 record origination ($2.2B) unlikely to repeat, with one-off large transaction impacting margins.

Franklin BSP Realty Trust, Inc. (FBRT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

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Net Income from Continuing Operations

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Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

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Diluted EPS from Discontinued Operations

FBRT

FBRT fundamentals

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