Franklin BSP Realty Trust, Inc. (FBRT): Business Model Canvas [Dec-2025 Updated]

You're looking for the real story on Franklin BSP Realty Trust, Inc. (FBRT) post-NewPoint, and honestly, the game has definitely changed. This isn't just another REIT; they've aggressively pivoted into agency lending, now managing a massive $47.3 billion servicing portfolio alongside their $4.4 billion core loan book as of late 2025. We're talking about a strategy focused on high-quality, senior multifamily debt, aiming to deliver that attractive 13.3% to 14% dividend yield you're watching. Below, I've mapped out exactly how this new structure works, from their key partnerships with Fannie Mae and Freddie Mac to their cost of funds on that new securitization debt, so you can see the engine driving their current valuation.

Franklin BSP Realty Trust, Inc. (FBRT) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that make Franklin BSP Realty Trust, Inc.'s (FBRT) business engine run, especially after major moves in 2025. These aren't just vendors; they are structural enablers of your financing and origination scale.

External Manager: Benefit Street Partners (a Franklin Templeton subsidiary)

The management structure itself is a key partnership. Benefit Street Partners L.L.C. is the external manager and is a wholly owned subsidiary of Franklin Resources, Inc. This relationship provides the deep-seated expertise for FBRT's investment and management activities. As of June 30, 2025, FBRT reported approximately $5.6 billion of assets under management, which Benefit Street Partners L.L.C. oversees. This management structure is fundamental to the REIT's operation.

Government-Sponsored Enterprises (GSEs): Fannie Mae, Freddie Mac, and HUD

The recent integration of NewPoint Holdings JV L.L.C. cemented access to critical agency platforms. This means FBRT, through the NewPoint platform, can now directly originate permanent financing solutions using:

• Fannie Mae DUS®
• Freddie Mac Optigo®
• FHA/HUD MAP and LEAN lending programs

This capability expands the product set from just bridge and subordinate lending into long-term, stable agency debt, which is a major strategic shift.

Securitization Investors: Buyers of its CRE CLOs, like the $1.1 billion issuance in Q4 2025

Capital markets partners are essential for recycling capital, and the latest securitization shows strong investor appetite. In the third quarter of 2025, FBRT priced BSPRT 2025-FL12, a managed Commercial Real Estate Collateralized Loan Obligation (CLO) totaling approximately $1.076 billion, which is consistent with the expected $1.1 billion issuance. This transaction, which settled on October 15, 2025, carried an initial advance rate of 88% and a weighted average interest cost of SOFR+1.61%. Investor demand was reportedly very strong across all bond classes.

Financial Institutions: Money center banks for credit facilities and asset financing (e.g., $500 million deal)

To complement the CLO, FBRT secured additional financing capacity from major banks. Concurrently with the CLO settlement, FBRT arranged to finance an approximately $500 million pool of assets with a money center bank. This combined financing activity is projected to generate roughly $250 million in cash and reduce financing costs on the financed assets by about 65 basis points. Key financial institutions involved in the CLO structuring included J.P. Morgan Securities LLC as the sole structuring agent, with Wells Fargo Securities, LLC and Barclays Capital Inc. serving as co-lead managers and joint bookrunners.

NewPoint Holdings JV LLC: Recently acquired agency lending platform

The acquisition of NewPoint Holdings JV L.L.C. closed on July 1, 2025, for a total consideration of $425 million, using 75% cash and 25% Operating Company Units. This was a transformational milestone, adding significant scale and capabilities. By the end of the third quarter of 2025, the NewPoint managed servicing portfolio stood at $47.3 billion. For that quarter alone, NewPoint contributed $9.3 million of distributable earnings to FBRT, or 9 cents per fully converted share. The integration is expected to be accretive to GAAP earnings per share in the first half of 2026.

Here's a quick look at the scale of these key relationships as of late 2025:

Finance: draft the pro-forma asset base incorporating the NewPoint acquisition and the new CLO/bank financing for the next board meeting by Tuesday.

Franklin BSP Realty Trust, Inc. (FBRT) - Canvas Business Model: Key Activities

You're looking at how Franklin BSP Realty Trust, Inc. (FBRT) actually puts its capital to work, which is really the engine of the business model, especially after the NewPoint acquisition closed on July 1, 2025. These are the core actions that drive their financial results.

Commercial Real Estate (CRE) Debt Origination and Underwriting

For the core business, origination activity in the third quarter of 2025 was somewhat constrained as the company managed liquidity for the NewPoint purchase. Still, they originated $304.2 million in new loan commitments. Of that, they funded $195.7 million of principal balance, focusing primarily on multifamily assets. You should note that loan repayments during the quarter totaled $275.0 million. The average risk rating for the portfolio held steady at 2.3 as of September 30, 2025.

Managing the $4.4 billion core loan portfolio

The primary activity here is active stewardship of the existing debt book. As of September 30, 2025, the core portfolio principal balance stood at $4.4 billion. This portfolio is spread across 147 loans. The composition is heavily weighted toward multifamily, which makes up 75.0% of the portfolio. Management expects this core portfolio to return to its target size of at least $5 billion over the next few quarters.

Here's a quick look at the scale and composition of the debt book at the end of Q3 2025:

Agency loan origination and servicing via NewPoint (Q3 volume: $2.2 billion)

The integration of NewPoint is a major key activity now. In its first full quarter, NewPoint achieved a record origination volume, hitting $2.2 billion in new loan commitments under Fannie Mae, Freddie Mac, and HUD programs. This activity directly grew the agency servicing portfolio by $1.8 billion in the quarter. At the end of Q3 2025, the total servicing portfolio managed by NewPoint stood at $47.3 billion. This segment also contributed $9.3 million to distributable earnings for the quarter. The Mortgage Servicing Rights (MSR) portfolio value was approximately $221 million at quarter end.

The servicing migration is an ongoing key activity with clear financial targets:

• Full migration of BSP loan servicing expected by Q1 2026.
• Expected annual earnings contribution from full migration: $0.04 to $0.06 per fully converted share.
• MSR income recorded in Q3 2025 was $19.7 million.

Securitization and Capital Markets Execution (issuing CRE CLOs)

Capital markets execution is critical for funding growth and managing financing costs. Subsequent to the quarter end, on October 15, 2025, Franklin BSP Realty Trust, Inc. closed its 12th CRE CLO, BSPRT 2025-FL12, for approximately $1.1 billion. This transaction has a 30-month reinvestment period and an initial advance rate of 88%. The weighted average interest cost is SOFR plus 1.61%. This CLO issuance, combined with financing about $500 million of assets with a money center bank, is projected to generate roughly $250 million in cash and lower financing costs by about 65 basis points on those assets. This entire capital structure move is expected to add an incremental quarterly earnings benefit of $0.05 to $0.07 per share once the cash is deployed, likely starting in early 2026.

Active management and sale of Real Estate Owned (REO) assets

Managing problem assets and recycling capital is a distinct activity. For the third quarter of 2025, distributable earnings included $1.7 million in realized losses related to one REO sale. Management actively sells REO assets to redeploy capital into new originations. This activity is estimated to contribute approximately $0.08 to $0.12 per share per quarter to distributable earnings over time. Furthermore, the company significantly reduced its office loan exposure; after a net lease headquarter office asset paid off post-quarter, the remaining office exposure is only $70 million across 4 loans, representing just 1.6% of the entire portfolio.

Franklin BSP Realty Trust, Inc. (FBRT) - Canvas Business Model: Key Resources

You're looking at the core assets Franklin BSP Realty Trust, Inc. (FBRT) relies on to run its business as of late 2025. These aren't just abstract figures; they represent the actual capital and operational muscle behind the trust's strategy.

Core Loan Portfolio Strength

The foundation of the direct lending business is the core loan portfolio. As of the third quarter of 2025, this portfolio held a principal balance of $4.4 billion across 147 loans. You can see the breakdown of the asset base that supports the primary investment strategy right here:

This portfolio is heavily weighted toward multifamily properties, which is a key area of conviction for Franklin BSP Realty Trust, Inc. (FBRT).

Agency Servicing Platform Scale

Following the acquisition of NewPoint Holdings JV LLC on July 1, 2025, the Agency Business unit became a significant resource, managed by NewPoint. This unit brings substantial servicing scale, which enhances income stability. The total servicing portfolio managed by NewPoint stood at $47.3 billion at quarter end. This platform allows Franklin BSP Realty Trust, Inc. (FBRT) to originate and service products under Fannie Mae, Freddie Mac, and HUD programs.

Liquidity Position

Having ready capital is crucial for seizing opportunities and managing obligations. As of September 30, 2025, Franklin BSP Realty Trust, Inc. (FBRT) reported total liquidity of $521.7 million. This liquidity position includes cash and cash equivalents amounting to $116.6 million. This resource base was further bolstered by a securitization transaction closed subsequent to quarter end on October 15, 2025, which involved an approximately $1.1 billion commercial real estate mortgage securitization.

Mortgage Servicing Rights (MSR) Asset Base

The MSR portfolio represents a valuable, capital-light asset that contributes to long-term book value growth. The estimated fair value of the Mortgage Servicing Rights (MSR) Portfolio is approximately $221 million. [cite: outline requirement] Franklin BSP Realty Trust, Inc. (FBRT) uses an independent third-party expert to determine the estimated fair value of this portfolio quarterly.

Human Capital and Footprint

The expertise of the team is a non-quantifiable but critical resource. Franklin BSP Realty Trust, Inc. (FBRT) is led by an experienced real estate team. This team provides the necessary capabilities across the entire lifecycle of the assets. Here's what that human capital looks like in terms of reach:

• National origination footprint established.
• Extensive underwriting capabilities in place.
• Robust asset management expertise available.
• Strong network of broker and borrower relationships driving deal flow.

The combined footprint, including the NewPoint team, spans 20 states, expanding the geographic reach and on-the-ground expertise.

Franklin BSP Realty Trust, Inc. (FBRT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Franklin BSP Realty Trust, Inc. (FBRT) attracts capital and borrowers right now, late in 2025. It boils down to a specialized, high-yield, and relatively secure debt investment profile.

Full-Service CRE Debt Solutions: Franklin BSP Realty Trust, Inc. provides a comprehensive suite of commercial real estate (CRE) debt offerings. Through its NewPoint Real Estate Capital platform, the company offers agency origination capabilities, which means it can structure permanent financing solutions utilizing government-sponsored enterprises like Fannie Mae and Freddie Mac, alongside FHA programs. This expands the offering from construction lending all the way through to long-term agency debt. For instance, in the third quarter of 2025, Franklin BSP Realty Trust, Inc. priced a significant managed Commercial Real Estate Collateralized Loan Obligation (CLO), BSPRT 2025-FL12, totaling $1.076 billion, expected to settle on October 15, 2025. This activity supports new loan originations, estimated at approximately $1.0 billion. This platform helps deepen their multifamily expertise.

High-Yield Investment: The dividend yield is a major draw for investors seeking current income. As of late 2025 reports, the current dividend yield for Franklin BSP Realty Trust, Inc. is reported around 13.63% to 13.71%. The latest declared quarterly dividend per share was $0.36 or $0.355, leading to an annual dividend of $1.42 per share. To be fair, this high yield comes with a high payout ratio, noted around 177.5% as of the last reported period, meaning the dividend payments were not fully covered by earnings at that time.

The key financial metrics supporting the investment proposition include:

Credit Quality Focus and Interest Rate Hedge: Franklin BSP Realty Trust, Inc. structures its portfolio to prioritize safety and benefit from rising rates. You'll want to note the composition as of March 31, 2025, which shows a strong emphasis on senior positions and floating-rate debt.

Here's the quick math on the core portfolio composition as of March 31, 2025:

• Senior Debt Position: 99.0% of the portfolio is in senior mortgage loans, which is nearly all senior debt.
• Floating Rate Exposure: Approximately 89.3% of the debt portfolio carries a floating rate, meaning interest income adjusts upward when benchmark rates rise.
• Multifamily Collateral: 71.3% of the core portfolio is collateralized by multifamily properties.

The company is actively managing its debt structure; for example, in Q2 2025, they issued $25.0 million of floating-rate senior unsecured notes, which had an interest rate of 8.20% as of September 30, 2025. This focus on floating-rate assets acts as a natural hedge against interest rate increases, which is a key value driver in the current environment.

The portfolio breakdown as of March 31, 2025, shows this focus clearly:

The core portfolio principal balance stood at $4.8 billion on March 31, 2025, comprising 152 loans with an average loan size of $31.6 million. By September 30, 2025, the core portfolio size had slightly declined to $4.4 billion, with management expecting a return to a target size of at least $5 billion over the next few quarters.

Finance: draft the sensitivity analysis for the 89.3% floating rate exposure against a 50 basis point rise in SOFR by next Tuesday.

Franklin BSP Realty Trust, Inc. (FBRT) - Canvas Business Model: Customer Relationships

You're looking at how Franklin BSP Realty Trust, Inc. (FBRT) manages its connections with the market, from the people who borrow money to the folks who own the stock. It's all about direct interaction and tailored deals, supported by a growing in-house platform.

Relationship-Driven: Direct engagement with borrowers and brokers

Franklin BSP Realty Trust, Inc. relies on its national origination footprint and a strong network of broker and borrower relationships to drive proprietary deal flow and maintain a robust pipeline of opportunities. This direct engagement is key to sourcing assets across the capital structure.

• Multifamily sector comprised 79% of origination volume in the third quarter of 2025.
• New loan origination under agency programs (Fannie Mae, Freddie Mac, FHA) totaled $2.2 billion in Q3 2025.
• The company closed $304.2 million in new loan commitments during the third quarter of 2025.

Customized Lending: Flexible approach to structuring loans up to $250 million

The flexible approach to lending means Franklin BSP Realty Trust, Inc. customizes each loan for a specific property, moving beyond one-size-fits-all financing. This is evident in the target parameters for their primary first mortgage loans.

Here's a quick look at the typical targets for first mortgage loans originated by Franklin BSP Realty Trust, Inc. as part of their relationship-driven deal structuring:

This customization helps meet specific borrower needs, whether for stabilized assets or transitional properties.

Investor Relations: Managing communication with common and preferred stockholders

Managing the expectations of common and preferred stockholders involves consistent reporting and dividend management. The company communicates results through quarterly releases and webcasts, like the one for the third quarter of 2025.

• Book value per fully converted share stood at $14.29 at the end of Q3 2025.
• The common stock cash dividend declared for Q3 2025 was $0.355 per share.
• Institutional shareholders held 59.84% of the company's stock, with retail investors holding 38.35% as of a recent ownership report.

Servicing Platform: In-house servicing for direct borrower contact and efficiency

The acquisition of NewPoint Holdings JV LLC significantly enhanced Franklin BSP Realty Trust, Inc.'s servicing capabilities, moving toward a more integrated model. The servicing platform allows for direct borrower contact and is expected to improve earnings efficiency.

The scale of the servicing operations as of late 2025 is substantial, especially when looking at the combined portfolio figures:

The migration of the BSP loan servicing book is targeted for full completion by the first quarter of 2026. The MSR portfolio provided a $0.04 increase to book value during the third quarter of 2025. Finance: finalize the pro forma impact of the NewPoint integration on Q4 2025 servicing fee revenue by next Tuesday.

Franklin BSP Realty Trust, Inc. (FBRT) - Canvas Business Model: Channels

You're looking at how Franklin BSP Realty Trust, Inc. gets its business in front of customers and capital sources as of late 2025. The channels are clearly segmented between proprietary balance sheet lending and agency execution, plus the public equity market.

Direct Origination Team: National footprint for sourcing proprietary deal flow

The Direct Origination Team focuses on the core portfolio lending, which is the non-agency side. For the quarter ended September 30, 2025, Franklin BSP Realty Trust, Inc. closed $304.2 million in new loan commitments for this segment, with a weighted average spread of 511 basis points.

The funded principal balance for the core portfolio, including future funding, was $195.7 million for the same period. The core portfolio stood at a principal balance of $4.4 billion across 147 loans as of September 30, 2025. Management expects this core portfolio to return to a target size of at least $5 billion over the next few quarters.

Broker and Borrower Network: Key source for new loan commitments

The broker and borrower network feeds into the direct origination efforts, driving deal flow for the core balance sheet lending. The activity level in Q3 2025 saw $275.0 million in loan repayments received against the funded amount. The company is actively working to redeploy capital from asset sales, estimating this activity can contribute approximately $0.08 to $0.12 per share per quarter to distributable earnings over time.

NewPoint Real Estate Capital: Dedicated agency lending platform

The NewPoint Real Estate Capital platform, acquired on July 1, 2025, for $425 million, is a major channel for agency execution through Fannie Mae, Freddie Mac, and HUD programs. This platform had a record volume quarter in Q3 2025, originating $2.2 billion in new loan commitments. This origination volume resulted in a $1.8 billion increase in the agency servicing portfolio, which stood at $47.3 billion at the end of the third quarter of 2025. NewPoint contributed $9.3 million to Franklin BSP Realty Trust, Inc.'s distributable earnings in its first full quarter as part of the company.

Here's a quick look at the Q3 2025 activity across the primary lending channels:

Public Markets: New York Stock Exchange (NYSE: FBRT) for equity investors

The public market channel provides equity capital. As of December 4, 2025, Franklin BSP Realty Trust, Inc. had a market capitalization of $863.40 million. The common stock trades on the New York Stock Exchange under the symbol FBRT. On December 2, 2025, the closing stock price was $10.58, with 81.61 million shares outstanding reported.

The company is also using capital markets for financing its assets, having closed an approximately $1.1 billion commercial real estate mortgage securitization transaction subsequent to the quarter end on October 15, 2025. The company also has an expanded share repurchase authorization, with $25.6 million remaining available as of October 24, 2025.

• Book Value Per Share (9/30/2025): $14.29
• Declared Common Stock Cash Dividend (Q3 2025): $0.355 per share
• Total Liquidity (9/30/2025): $521.7 million

Finance: draft 13-week cash view by Friday.

Franklin BSP Realty Trust, Inc. (FBRT) - Canvas Business Model: Customer Segments

Commercial Real Estate Sponsors are a key segment, primarily interacting with Franklin BSP Realty Trust, Inc. as borrowers seeking debt financing across the capital structure. The company drives proprietary deal flow through its national origination footprint and relationships.

For the quarter ended September 30, 2025, Franklin BSP Realty Trust, Inc. closed $304.2 million of new loan commitments within its core portfolio. Also, the Agency segment originated $2.2 billion of new loan commitments under programs with Fannie Mae, Freddie Mac, and HUD in the same quarter.

Multifamily Property Owners represent the primary collateral focus for the core lending business. As of September 30, 2025, the core portfolio had a principal balance of $4.4 billion spread across 147 loans. Of this, 75.0% was collateralized by multifamily properties.

Institutional Investors are significant customers for Franklin BSP Realty Trust, Inc.'s securities and debt products. Institutions own over 63% of the company's common stock. Furthermore, the company actively serves institutional demand in the debt markets, having recently closed a commercial real estate Collateralized Loan Obligation (CLO) valued at approximately $1.076 billion post-quarter end on October 15, 2025.

The customer base for debt financing is diversified across property types, though multifamily is dominant. Franklin BSP Realty Trust, Inc. has actively managed its exposure to other sectors. For instance, office exposure shrank to approximately 1.6% of the portfolio, equating to about $70 million across 4 loans, following payoffs after the third quarter of 2025.

Here are the key statistics defining the customer and financing segments as of late 2025:

The relationships with institutional capital manifest in several ways:

• Institutional investors hold a majority stake in Franklin BSP Realty Trust, Inc. common stock.
• The top 17 shareholders collectively own 50% of the company.
• The company issued a $1.076 billion Commercial Real Estate CLO with a 30-month reinvestment period.
• Approximately 75% of the core book is financed via nonrecourse, non-mark-to-market structures.

The company's focus on agency lending via the NewPoint acquisition directly targets customers utilizing Fannie Mae, Freddie Mac, and FHA programs.

Franklin BSP Realty Trust, Inc. (FBRT) - Canvas Business Model: Cost Structure

You're looking at the hard costs Franklin BSP Realty Trust, Inc. incurs to run its business as of late 2025. Honestly, for a real estate debt investment company, the cost of money and the fees paid to the manager are the big levers you need to watch.

Interest Expense: Cost of funds on credit facilities and CLO debt

The cost of debt is critical here. For the three months ended September 2025, the reported Interest Expense was $0.00 Mil. However, the structure of new financing is clear; for example, a recent commercial real estate CLO (Collateralized Loan Obligation) was closed with a cost structure of SOFR plus 1.61%.

The total Long-Term Debt & Capital Lease Obligation as of September 2025 was $4,225.73 Mil. This debt structure exposes Franklin BSP Realty Trust, Inc. to interest rate risk, where increases in short-term rates can outpace interest earned on assets.

Management Fees: Fees paid to the external manager, Benefit Street Partners

These fees are directly tied to the external management structure. For the nine months ended September 30, 2025, the costs paid to the Advisor under the asset management agreement were substantial.

The total Expenses from Operations for the nine months ended September 30, 2025, reached $133,192 thousand.

Operating Expenses: Salaries and G&A for the expanded platform, including NewPoint

The expansion, particularly the NewPoint acquisition, drove up general and administrative costs. The total Expenses from Operations for the first nine months of 2025 were significantly higher than the prior year period.

Here's a breakdown of key operating expense components for the nine months ended September 30, 2025:

• Compensation and benefits: $34,434 thousand
• Professional fees: $20,609 thousand
• Other expenses: $35,557 thousand
• Share-based compensation: $6,799 thousand

To be fair, NewPoint contributed $9.3 million to Distributable Earnings in its first full quarter of operation in Q3 2025, offsetting some platform expansion costs.

Dividend Payments: Quarterly cash dividend of $0.355 per common share

Franklin BSP Realty Trust, Inc. maintains a high distribution rate, which is a primary cost of capital for a REIT structure. The declared third quarter 2025 common stock dividend was $0.355 per common share.

The annualized dividend payout stands at $1.42 per share. This resulted in a payout ratio of 152.8772% based on one metric for the period.

The common shares outstanding as of November 3, 2025, were 81,606,608.

Loan Loss Provisions: Costs associated with credit risk and non-performing assets

Credit risk manifests as provisions or realized losses. For the year ended December 31, 2024, the Company recorded a specific allowance for credit losses of $3.2 million on a loan identified as non-performing.

More recently, for the third quarter of 2025, Distributable Earnings included $1.7 million of realized losses related to a Real Estate Owned (REO) sale.

Management estimates that the redeployment of capital from REO sales can contribute an estimated $0.08 to $0.12 per share per quarter to distributable earnings over time.

Franklin BSP Realty Trust, Inc. (FBRT) - Canvas Business Model: Revenue Streams

You're looking at how Franklin BSP Realty Trust, Inc. actually brings in the money, which is key for understanding its stability, especially after a big move like acquiring NewPoint. The revenue streams for Franklin BSP Realty Trust, Inc. are a mix of traditional lending income and fee-based services tied to its growing servicing portfolio.

Net Interest Income (NII): This is the bread and butter, the spread earned from the core loan portfolio. For the third quarter of 2025, the reported NII was $29.68 million. This income stream is directly tied to the size and yield of the core portfolio, which stood at a principal balance of $4.4 billion across 147 loans as of September 30, 2025.

Mortgage Servicing Rights (MSR) Income: The acquisition of NewPoint significantly boosted this area. MSR income, which comes from managing the servicing portfolio, was a strong contributor in Q3 2025, hitting $19.7 million. This income is directly linked to the agency origination volume, and the servicing portfolio ended the quarter at $47.3 billion. Management expects the full migration of the BSP loan servicing book to add an estimated $0.04 to $0.06 per fully converted share annually to earnings once complete by Q1 2026.

Origination and Other Fees: This category captures the upfront income from making new deals. For the third quarter, gains on sales and fee-based services rose significantly to $34.7 million. This activity includes fees from closing new loan commitments in the core business, which saw $304.2 million in new commitments closed during the quarter.

Distributable Earnings: This is the figure management focuses on for dividend coverage. For Q3 2025, Franklin BSP Realty Trust, Inc. reported Distributable Earnings of $26.7 million, which translated to $0.22 per fully converted share. Honestly, this figure included a headwind, as it reflected $1.7 million of realized losses related to a Real Estate Owned (REO) asset sale.

Gains from Asset Sales: Franklin BSP Realty Trust, Inc. is actively managing its legacy assets. A concrete example of proceeds from selling assets occurred subsequent to the quarter end, when the Company sold a commercial mortgage loan, held for sale, for $33.9 million on October 16, 2025. Management has detailed an opportunity to contribute an estimated $0.08 to $0.12 per share per quarter to distributable earnings over time by redeploying capital from REO activity.

Here's a quick look at the key Q3 2025 revenue components:

The revenue profile is clearly shifting, with the Agency segment via NewPoint becoming a major, recurring component through MSR income. You can see the breakdown of the core lending activity versus the fee income sources:

• Core Portfolio New Loan Commitments Closed: $304.2 million.
• Agency Segment New Loan Commitments Rate Locked: $2.2 billion.
• Servicing Portfolio Size: $47.3 billion.
• MSR Portfolio Valuation (as of Sept 30, 2025): Approximately $221 million.

The company is actively trying to enhance future earnings by calling older CLOs and re-levering, plus using bank financing, which is expected to add $0.05-$0.07 per share per quarter starting in early 2026. Finance: draft 13-week cash view by Friday.