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  "authorName": "Franklin BSP Realty Trust",
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  "presentationDate": "2023-07-01 00:00:00",
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      "text": "Capitalization\nBook value per share, fully converted is $15.85 vs. $15.78 last quarter (1). Undepreciated book value per share, fully converted is $15.94 vs. $15.86 last quarter (1), (3)\nNet debt to equity is 2.4x; recourse net debt to equity is 0.6x\n77% of financing sources are non-mark-to-market on our core book\n$1.2 billion of liquidity of which $225 million is cash and $55 million is CLO reinvest available (4)\nFBRT repurchased 445k shares for $5.5 million. $39.3 million remains available under the company's repurchase program",
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      "text": "Investments\nCore portfolio: closed $230 million of new loan commitments and funded $281 million of principal balance including future funding on existing loans. Received loan repayments of $232 million for a net increase in our loan portfolio of $49 million in the quarter",
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      "text": "Earnings\nGAAP Net Income of $39.6 million and $0.39 per diluted common share and $0.39 per fully converted share (1)\nDistributable Earnings (2) of $63.5 million and $0.66 per fully converted share (1)\nDeclared a cash dividend of $0.355 per share, representing a yield of 9.0% on book value per share, fully converted (1). GAAP and Distributable Earnings (2) dividend coverage of 111% and 185%, respectively",
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      "text": "Portfolio\nCore portfolio of 156 CRE loans and $5.1 billion of principal balance, average size of $33 million and 77% multifamily. During the quarter, two assets were removed from the watch list and four assets were added to the watch list with a risk rating of four. Five assets remain on the watch list at quarter-end\nIn April 2023, Brooklyn Hotel sale closed for a total sale price of $96 million. As a result, we received the full principal amount of the loan and approximately $20 million of additional proceeds after payment of all related closing expenses\nIn April 2023, completed foreclosures and received deeds from the borrower on all 24 properties related to the single tenant retail portfolio loan",
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      "text": "1. Fully converted per share information assumes applicable conversion of our outstanding series of convertible preferred stock into common stock and the full vesting of our outstanding equity compensation awards.\n2. Please see appendix for GAAP net income to Distributable Earnings and Run-Rate Distributable Earnings calculation.\n3. Adjusted for accumulated depreciation and amortization of real property of $8.0 million and $6.5 million at 6/30/23 and 3/31/23, respectively.\n4. Cash excludes restricted cash. Total liquidity amount includes the cash available we can invest at a market advance rate utilizing our available capacity on financing lines.",
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      "text": "FBRT 2Q 2023 Financial Update: Second Quarter 2023 Highlights",
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