Successful Acquisition and Integration of NewPoint
The acquisition of NewPoint was highlighted as a significant achievement, contributing $9.3 million to distributable earnings in its first full quarter. The integration is going exceptionally well, with NewPoint achieving a record volume quarter of $2.2 billion in originations.
Strong Liquidity and Financial Position
FBRT ended the quarter with $522 million of available liquidity and closed their 12th CRE CLO, adding approximately $1 billion of origination capacity to their total loan portfolio.
Resumption of Share Repurchases
FBRT resumed share repurchases in Q4, buying back 540,000 shares for approximately $6 million, with $25.6 million remaining on their buyback allocation.
Positive Progress in REO Portfolio Management
The company sold 2 REO properties in the quarter and expects to close on several more in Q4, indicating positive progress in managing legacy issues.
Record Origination Volumes at NewPoint
NewPoint had a record quarter with $2.2 billion in new loan originations, and its servicing portfolio was valued at $47.3 billion at quarter end.
Improved Financial Metrics
The company reported GAAP net income of $17.6 million or $0.13 per fully converted common share, with distributable earnings of $26.7 million or $0.22 per fully converted share.