Strong Third Quarter Results
Reported GAAP net income of $0.37 per share and distributable earnings of $0.24 per share. Distributable earnings prior to charge-offs were $0.48 per share, covering the $0.47 dividend.
Investment Activity and Pipeline
Closed $1 billion of total investments across loan originations, net lease assets, and a performing bank loan portfolio. $1.7 billion of total originations closed or in closing post quarter end.
Robust Real Estate Market Conditions
Real estate fundamentals remain strong with demand stable or improving and new supply constrained. Liquidity and transaction activity are increasing, with SASB CMBS on track for a record issuance year.
Successful Capital Optimization
Reduced cost of capital by driving down borrowing costs. Borrowed over 15 basis points tighter in the third quarter compared to the prior quarter.
Positive Credit Outcomes
No new impaired loans this quarter. Resolved 2 previously impaired loans at a premium to aggregate carrying values and upgraded 8 loans.