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  "authorName": "Franklin BSP Realty Trust",
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      "text": "Earnings\nGAAP Net Income of $31.0 million and $0.30 per diluted common share and $0.30 per fully converted share (1)\nDistributable Earnings (2) of $42.0 million and $0.43 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 86% and 120%, respectively",
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      "text": "Capitalization\nBook value per share, fully converted is $15.82 vs. $15.85 last quarter (1). Undepreciated book value per share, fully converted is $15.91 vs. $15.94 last quarter (1), (3)\nNet debt to equity is 2.2x; recourse net debt to equity is 0.1x\n90% of financing sources are non-mark-to-market on our core book\nClosed BSPRT 2023-FL10 in September 2023, a $897 million managed CLO with an advance rate of 76%, weighted average interest rate of S+229 and an 18-month reinvestment period (4)\n$1.8 billion of liquidity of which $411 million is cash and $25 million is CLO reinvest available (5)",
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      "text": "Investments\nCore portfolio: closed $153 million of new loan commitments and funded $197 million of principal balance including future funding on existing loans. Received loan repayments of $290 million for a net decrease in our loan portfolio of $92 million in the quarter",
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      "text": "Portfolio\nCore portfolio of 145 CRE loans and $5.0 billion of principal balance, average size of $34 million and 78% multifamily. During the quarter, two assets were removed from the watch list. Three assets remain on the watch list at quarter-end",
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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 $8.4 million and $8.0 million at 9/30/23 and 6/30/23, respectively.\n4. Includes the BSPRT 2023-FL10 AS tranche (~$143 million) that we retained and that was levered to a repo counterparty in conjunction with the CLO closing for ~$104 million of debt.\n5. 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 3Q 2023 Financial Update: Third Quarter 2023 Highlights",
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