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  "documentTitle": "Franklin BSP Realty Trust | Results Presentation Deck | 28 slides",
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  "authorName": "Franklin BSP Realty Trust",
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      "text": "Earnings\nGAAP Net Income of $30.0 million and $0.28 per diluted common share and $0.29 per fully converted share (1)\nDistributable Earnings (2) of $39.3 million and $0.39 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 80% and 109%, respectively",
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      "text": "Investments\nCore portfolio: Principal balance increased by $84 million in quarter. Closed $231 million of new loan commitments and funded $270 million of principal balance including future funding on existing loans. Received loan repayments of $174 million",
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      "text": "Portfolio\nCore portfolio of 144 CRE loans and $5.0 billion of principal balance, average size of $35 million and 77% multifamily. During the quarter, one asset was removed from the watch list. Six assets remain on the watch list at quarter-end",
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      "text": "Capitalization\nBook value per share, fully converted is $15.77 vs. $15.82 last quarter (1). Undepreciated book value per share, fully converted is $15.88 vs. $15.91 last quarter (1), (3)\nNet debt to equity is 2.3x; recourse net debt to equity is 0.2x\n89% of financing sources are non-mark-to-market on our core book\n$1.5 billion of liquidity of which $338 million is cash and $55 million is CLO reinvest available (4)",
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      "text": "4. 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": "2. Please see appendix for GAAP net income to Distributable Earnings and Run-Rate Distributable Earnings calculation.",
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      "text": "3. Adjusted for accumulated depreciation and amortization of real property of $9.4 million and $8.4 million at 12/31/23 and 9/30/23, respectively.",
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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.",
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