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  "authorName": "Franklin BSP Realty Trust",
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      "text": "Note: All numbers in millions except per share and share data.\n1. Does not include conduit operating expenses which are reported under Other income / (loss).\n2. Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings and Run Rate Distributable Earnings.\n3. 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.\n4. Includes $90 million of preferred equity that converts to common equity on 1/19/24, subject to the holder's right to accelerate the conversion. These amounts are reflected as temporary equity on the consolidated balance\nsheets. The remaining $259 million of preferred equity represents the E class, which does not convert to common equity.\n5. Includes non-controlling interest.",
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      "text": "Balance Sheet - Assets (End of Quarter)\nTotal core portfolio $4,913.6\nTotal real estate securities $193.1\nCash and restricted cash $418.1\nCLO reinvestment available $24.5\nOther assets $326.1\nTotal assets $5,875.5\nBalance Sheet - Debt & Equity\nCollateralized loan obligations 3,477.4\nWarehouse 249.3\nRepo - securities 240.0\nAsset specific financings 47.7\nUnsecured debt 81.3\nTotal Debt $4,095.7\nPreferred equity (4) 348.5\nCommon stock/retained earnings (5) 1,337.2\nTotal equity (4), (5) 1,685.7\nBook value per share, fully converted (3) $15.82\nNet debt/total equity 2.18x\nRecourse net debt/total equity 0.12x",
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      "text": "Income Statement\nNet interest income / other income $62.6\nOperating expenses (1) (19.2)\nTrading and derivatives gain/(loss) on ARMs/Securities (3.1)\nProvision for credit loss / CLO call (5.2)\nOther income/(loss) (4.0)\nGAAP net income (loss) $31.0\nAdjustments to GAAP net income (loss) (2) 11.0\nDistributable Earnings (2) $42.0\nRealized trading and derivatives (gain)/loss on ARMS / Realized Cash Loss Adjustment on REO 4.7\nRun-Rate Distributable Earnings (2) $46.7\nRun-Rate Distributable Earnings per share, fully converted (2),(3) $0.48\nRun-Rate Distributable Earnings return on common equity (2) 12.1%\nGAAP net income (loss) per share, fully converted (3) $0.30\nGAAP return on common equity 7.7%\nGAAP dividend coverage, fully converted (2), (3) 85.8%\nDistributable Earnings per share, fully converted (2), (3) $0.43\nDistributable Earnings return on common equity (2) 10.7%\nDistributable Earnings dividend coverage, fully converted (2), (3) 119.9%\nDividend per share $0.355\nDividend per share yield on book value 9.0%",
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      "text": "FBRT 3Q 2023 Financial Update: QTD Highlights",
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