Franklin BSP Realty Trust just reported Q2 results—revenue slightly below forecasts, but sales surged 17% year-over-year. Adjusted EPS beat expectations, signaling resilience. CEO highlights steady multifamily loan income, reduced office exposure to just 1%, and active cleanup of underperforming assets—all while staying disciplined with underwriting. With 80% of the portfolio now in multifamily and a stock buyback program underway, FBRT is betting on long-term stability amid high rates and cautious borrowers. Their servicing platform continues to deliver reliable fee income as they focus on newer loans and navigating a slow origination market.
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