{ "markdown": "FBRT 1Q 2026 Financial Update\n1Q 2026 Highlights\n\n\n\n\n\n\n\n
Earnings\u2022 GAAP Net Income of $12.3 million or $0.07 per diluted common share or $0.08 per fully converted share (1)
\u2022 Distributable Earnings before realized losses (2) of $25.9 million or $0.22 per fully converted share (1)
\u2022 Distributable Earnings (2) of $13.5 million or $0.09 per fully converted share (1). Distributable Earnings includes $12.3 million of realized losses within the quarter, of which $4.7 million was recognized in GAAP this quarter and $7.6 million was recognized in GAAP in previous quarters
\u2022 Declared a Q1 2026 cash dividend of $0.20 per share, representing an annualized yield of 5.6% on fully-converted book value per share (1)
Capitalization\u2022 Fully-converted book value per share is $14.18 vs. $14.15 in Q4 2025 (1). Undepreciated fully-converted book value per share is $14.58 vs. $14.34 in Q4 2025 (1) (3)
\u2022 Net debt to equity is 2.8x; recourse net debt to equity is 1.2x
\u2022 61% of financing sources are non-mark-to-market on our core book
\u2022 $521 million of liquidity of which $116 million is cash and $3 million is CLO reinvest/ramp available (4)
\u2022 Repurchased $39.8 million of common stock with a weighted average price of $9.13, which resulted in $0.24 of accretion to fully-converted book value per share (1)
Investments\u2022 Core Portfolio: Principal balance increased by $173 million in the quarter. Closed $468 million of new loan commitments and funded $496 million of principal balance including future funding on existing loans. Received loan repayments of $323 million
\u2022 Agency Business: Originated $646 million of new loan commitments under programs with Fannie Mae, Freddie Mac, and HUD
Portfolio\u2022 Core Portfolio of 177 CRE loans and $4.6 billion of principal balance, average size of $26 million and 79% multifamily. One asset was removed from the watch list. Eleven assets remain on the watch list, four of which are risk rated a five and seven of which are risk rated a four
\u2022 REO portfolio of six foreclosure positions (vs. seven in Q4 2025) totaling $208 million and one investment real estate owned position of $116 million
\n\n1. Fully Converted assumes conversion of our series of convertible preferred stock and Class A units in FBRT OP LLC, our operating partnership (\"OP Units\"), along with full vesting of our outstanding equity compensation awards.\n2. Please see appendix for GAAP net income to Distributable Earnings calculation.\n3. Adjusted for the impact of accumulated depreciation and amortization of real property of $18.5 million and $17.5 million at 3/31/26 and 12/31/25, respectively, as well as for the impact of the fair value of our MSRs over their carrying value of\n$19.2 million as of 3/31/26.\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.\n\n\nBENEFIT STREET PARTNERS\n\n\n4\n\n", "structure": { "type": "document", "markdown": null, "children": [ { "type": "page", "page": null, "span": null, "width": null, "height": null, "dpi": null, "grounding": { "page": 1, "range": { "start": 0, "end": 3177 }, "box": { "xmin": 0.0, "ymin": 0.0, "xmax": 1.0, "ymax": 1.0 } }, "markdown": null, "status": "ok", "reason": null, "children": [ { "type": "text", "id": "text-0", "span": null, "grounding": { "page": 1, "range": { "start": 0, "end": 49 }, "box": { "xmin": 0.04025, "ymin": 0.02922, "xmax": 0.31216, "ymax": 0.10975 } }, "atomic_grounding": [ { "page": 1, "range": { "start": 0, "end": 30 }, "box": { "xmin": 0.04335, "ymin": 0.03463, "xmax": 0.24512, "ymax": 0.0568 } }, { "page": 1, "range": { "start": 30, "end": 49 }, "box": { "xmin": 0.04372, "ymin": 0.06147, "xmax": 0.3079, "ymax": 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