Franklin BSP Realty Trust, Inc. (NYSE:FBRT) Q1 2024 Earnings Conference Call April 30, 2024 9:00 AM ET
Company Participants
Lindsey Crabbe - Director, Investor Relations
Richard Byrne - Chairman and Chief Executive Officer
Jerry Baglien - Chief Financial Officer and Chief Operating Officer
Michael Comparato - President
Conference Call Participants
Stephen Laws - Raymond James
Steve DeLaney - Citizens JMP
Matthew Erdner - JonesTrading
Matthew Howlett - B. Riley
Operator
Good day and welcome to the Franklin BSP Realty Trust First Quarter 2024 Earnings Call. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Ms. Lindsey Crabbe. Please go ahead, ma’am.
Lindsey Crabbe
Good morning. Thank you, Chuck, for hosting our call today. Welcome to the Franklin BSP Realty Trust first quarter 2024 earnings conference call. As the operator mentioned, I'm Lindsey Crabbe.
With me on the call today are Richard Byrne, Chairman and CEO of FBRT; Jerry Baglien, Chief Financial Officer and Chief Operating Officer of FBRT; and Michael Comparato, President of FBRT.
Before we begin, I want to mention that some of today’s comments are forward-looking statements and are based on certain assumptions. Those comments and assumptions are subject to inherent risks and uncertainties as described in our most recently filed SEC periodic report and actual future results may differ materially. The information conveyed on this call is current only as of the date of this call, April 30, 2024. The company assumes no obligation to update any statements made during this call, including any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Additionally, we will refer to certain non-GAAP financial measures, which are reconciled to GAAP figures in our earnings release and supplementary slide deck. Each of which are available on our website at www.fbrtreit.com. We will refer to the supplementary slide deck on today’s call.
With that, I will turn the call over to Rich Byrne.
Richard Byrne
Great. Thanks, Lindsey and good morning, everyone. Thank you for joining us today.
As Lindsey mentioned, our earnings release and supplemental deck were published to our website yesterday. We will begin today's call on slide four, and I'm going to review our first quarter results and then open the call up, as always, for your questions.
First, we were pleased with our first quarter results. FBRT's distributable earnings increased to $0.41 per fully converted share compared to $0.39 in the prior quarter. This equates to a 10.4% distributable earnings return on common equity. Our distributable earnings dividend coverage for the quarter was a 115%.