NEW YORK--(BUSINESS WIRE)--July 29, 2026--
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) ("FBRT" or the "Company") today announced financial results for the quarter ended June 30, 2026.
During the second quarter, FBRT increased GAAP book value per share, generated distributable earnings that exceeded its quarterly dividend, continued repurchasing common stock and made further progress resolving legacy assets.
Second Quarter 2026 Summary
-- GAAP net income of $16.3 million or $0.12 per diluted common share
-- Distributable Earnings (a non-GAAP financial measure) of $28.3 million,
or $0.25 per diluted common share on a fully converted basis(1)
-- Distributable Earnings before realized losses (a non-GAAP financial
measure) of $30.2 million, or $0.28 per diluted common share on a fully
converted basis(1)
-- Repurchased 1,838,855 shares of common stock at an average price of
$8.70 per share for an aggregate of $16.0 million, which provided an
$0.11 increase in book value per diluted common share on a fully
converted basis(1)
-- Book value of $14.24 per diluted common share on a fully converted
basis(1), an increase of $0.06 from the prior quarter
-- Adjusted(2) fully converted(1) book value per share of $14.74, an
increase of $0.16 from the prior quarter
-- Core portfolio:
-- Principal balance totaled $4.3 billion across 172 loans,
averaging $25.3 million each, with 80% collateralized by
multifamily properties
-- Closed $166.7 million of new loan commitments at a weighted
average spread of 238 basis points
-- Funded $248.4 million of principal balance including future
funding on existing loans and received loan repayments of $457.7
million
-- Average portfolio risk rating improved to 2.4 from 2.5 in the
prior quarter
-- Agency Business segment:
-- Servicing portfolio grew by $1.7 billion to $59.8 billion(3)
-- Originated $398.8 million of new loan commitments under programs
with Fannie Mae, Freddie Mac, and HUD
-- Mortgage Servicing Rights ("MSRs") valued at $205.5 million
-- Declared a second quarter common stock cash dividend of $0.20,
representing an annualized 5.6% yield on book value, or 10.2% yield on
current trading price(4)
-- Total liquidity of $796.7 million, which includes $136.3 million in
cash and cash equivalents
-- Closed BSPRT 2026-FL13 ("FL13 CRE CLO"), an $880.4 million managed
Commercial Real Estate Collateralized Loan Obligation ("CLO"), resulting
in financing of $778.1 million, with a 30 month re-investment period, an
advance rate of 88.4% and a weighted average interest rate of 1M Term
SOFR+176 before accounting for discount and transaction costs
-- On July 28, 2026, the Board of Directors reauthorized the Company's
share repurchase program, making $50.0 million available for repurchases
through December 31, 2026
Portfolio and Investment Activity
Core portfolio: For the quarter ended June 30, 2026, the Company closed $166.7 million of new loan commitments, funded $248.4 million of principal balance on new and existing loans, and received loan repayments of $457.7 million. FBRT's average portfolio risk rating improved to 2.4 from 2.5 in the prior quarter. At quarter end, the Company had 12 loans on its watch list, seven of which are risk rated a four and five of which are risk rated a five.
Conduit: For the quarter ended June 30, 2026, the Company originated $78.3 million of fixed rate conduit loans and sold $249.5 million of conduit loans for a gain of $6.0 million, gross of related derivatives.
Agency Business segment: For the quarter ended June 30, 2026, the Company originated $398.8 million of new commitments under programs with Fannie Mae, Freddie Mac, and HUD and managed a servicing portfolio of $59.8 billion.
Real estate owned and equity method investments: For the quarter ended June 30, 2026, the Company had six foreclosure real estate owned positions totaling $198.7 million, one investment real estate owned position of $115.2 million, and five equity method investment positions of $89.2 million.
Allowance for credit losses: During the quarter, the Company recognized a net provision for credit losses of $7.2 million. Provision for our core portfolio was $5.2 million, comprised of a specific allowance provision of $1.5 million and a general provision of $3.7 million. Provision for our Agency Business was $2.0 million, comprised of a general provision of $2.1 million, partially offset by a benefit in the specific allowance of $0.1 million.
Book Value
As of June 30, 2026, book value was $14.24 per diluted common share on a fully converted basis(1) .
Share Repurchase Program
During the quarter ended June 30, 2026, the Company repurchased 1,838,855 shares of common stock at an average price of $8.70 per share for an aggregate of $16.0 million, which represents an $0.11 per share increase to book value.
Subsequent to quarter end, the Board of Directors reauthorized the Company's share repurchase program, again providing $50.0 million available for future share repurchases through December 31, 2026.
Subsequent Events
Subsequent to quarter end, holders of OP Units in our operating partnership redeemed 7,918,314 OP Units for an equal number of shares of the Company's common stock.
Distributable Earnings and Distributable Earnings to Common
Distributable Earnings is a non-GAAP measure, which the Company defines as GAAP net income (loss), adjusted for (i) non-cash CLO amortization acceleration and amortization over the expected useful life of the Company's CLOs, (ii) unrealized gains and losses on loans and derivatives, including CECL reserves and impairments, net of realized gains and losses, as described further below, (iii) non-cash equity compensation expense, (iv) depreciation and amortization, (v) subordinated performance fee accruals/(reversal), (vi) realized gains and losses on debt extinguishment and CLO calls, (vii) non-cash income from mortgage servicing rights, and (viii) certain other non-cash items. Distributable Earnings before realized losses, a non-GAAP measure, presents Distributable Earnings gross of realized gain (loss) on debt extinguishment and realized gain (loss) on loans and real estate owned. Further, Distributable Earnings to Common, a non-GAAP measure, presents Distributable Earnings net of (x) perpetual preferred stock dividend payments and (y) non-controlling interests in joint ventures.
As noted above, we exclude unrealized gains and losses on loans and other investments, including CECL reserves and impairments, from our calculation of Distributable Earnings and include realized gains and losses. The nature of these adjustments is described more fully in the footnotes to our reconciliation tables. GAAP loan loss reserves and any property impairment losses have been excluded from Distributable Earnings consistent with other unrealized losses pursuant to our existing definition of Distributable Earnings. We expect to only recognize such potential credit or property impairment losses in Distributable Earnings if and when such amounts are deemed nonrecoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of a foreclosure or other property, when the underlying asset is sold. Amounts may also be deemed non-recoverable if, in our determination, it is nearly certain the carrying amounts will not be collected or realized. The realized loss amount reflected in Distributable Earnings will generally equal the difference between the cash received and the Distributable Earnings basis of the asset. The timing of any such loss realization in our Distributable Earnings may differ materially from the timing of the corresponding loss reserves, charge-offs or impairments in our consolidated financial statements prepared in accordance with GAAP.
The Company believes that Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common provide meaningful information to consider in addition to the disclosed GAAP results. The Company believes Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common are useful financial metrics for existing and potential future holders of its common stock as historically, over time, Distributable Earnings to Common has been an indicator of common dividends per share. As a REIT, the Company generally must distribute annually at least 90% of its taxable income, subject to certain adjustments, and therefore believes dividends are one of the principal reasons stockholders may invest in its common stock. Further, Distributable Earnings to Common helps investors evaluate performance excluding the effects of certain transactions and GAAP adjustments that the Company does not believe are necessarily indicative of current loan portfolio performance and the Company's operations and is one of the performance metrics the Company's board of directors considers when dividends are declared.
Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common do not represent net income (loss) and should not be considered as an alternative to GAAP net income (loss). The methodology for calculating Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common may differ from the methodologies employed by other companies and thus may not be comparable to the Distributable Earnings reported by other companies.
Please refer to the financial statements and reconciliation of GAAP Net Income to Distributable Earnings, Distributable Earnings before Realized Losses and Distributable Earnings to Common included at the end of this release for further information.
Supplemental Information
The Company published a supplemental earnings presentation for the quarter ended June 30, 2026 on its website to provide additional disclosure and financial information. These materials can be found on the Company's website at https://www.fbrtreit.com under the Presentations tab.
Conference Call and Webcast
The Company will host a conference call and live audio webcast to discuss its financial results on Thursday, July 30, 2026 at 9:00 a.m. ET. Participants are encouraged to pre-register for the call and webcast at https://dpregister.com/sreg/10210247/10460f4a8af. If you are unable to pre-register, the conference call may be accessed by dialing (844) 701-1166 (Domestic) or (412) 317-5795 (International). Ask to join the Franklin BSP Realty Trust conference call. Participants should call in at least five minutes prior to the start of the call.
The call will also be accessible via live webcast at https://ccmediaframe.com/?id=QqEK5fFK. Please allow extra time prior to the call to download and install audio software, if needed. A slide presentation containing supplemental information may also be accessed through the Company's website in advance of the call.
An audio replay of the live broadcast will be available approximately one hour after the end of the conference call on FBRT's website. The replay will be available for 90 days on the Company's website.
About Franklin BSP Realty Trust, Inc.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate investment trust that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in the United States. As of June 30, 2026, FBRT had approximately $6.4 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc. For further information, please visit www.fbrtreit.com.
About Benefit Street Partners
Benefit Street Partners is an alternative credit pioneer with $93 billion in assets under management as of March 31, 2026 (including Apera). It seeks to deliver attractive, risk-adjusted returns through its deep specialism, long-term relationships and global reach. A wholly owned subsidiary of Franklin Templeton, BSP is focused on credit. Through its disciplined, solutions-oriented approach, BSP unlocks opportunities across market cycles and geographies. The firm manages strategies spanning private debt, real estate debt, structured credit, and liquid loans. For more information, visit bspcredit.com.
About Franklin Templeton
Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients' strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation -- providing the tools and resources to navigate change and capture opportunity.
With more than $1.79 trillion in assets under management as of June 30, 2026, Franklin Templeton operates globally in more than 35 countries.
To learn more, visit franklintempleton.com and follow us on LinkedIn.
Forward-Looking Statements
Certain statements included in this press release are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.
The Company's forward-looking statements are subject to various risks and uncertainties. Factors that could cause actual outcomes to differ materially from our forward-looking statements include macroeconomic factors in the United States including inflation, changing interest rates and economic contraction, the extent of any recoveries on delinquent loans, the financial stability of our borrowers and the other, risks and important factors contained and identified in the Company's filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and its subsequent filings with the SEC, any of which could cause actual results to differ materially from the forward-looking statements. The forward-looking statements included in this communication are made only as of the date hereof.
(1) Fully Converted assumes conversion of our series of convertible preferred
stock and OP Units along with full vesting of our outstanding equity
compensation awards.
(2) Excludes the impact of accumulated depreciation and amortization of real
property and includes the impact of the fair value of our MSRs over their
carrying value, resulting in a total adjustment of $45.7 million.
(3) Includes $4.6 billion of principal serviced for a wholly owned subsidiary
of the Company; related revenue is eliminated in consolidation.
(4) Current trading price as of July 27, 2026.
FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
June 30, 2026 December 31, 2025
--------------- ---------------------
ASSETS
Cash and cash equivalents $ 136,347 $ 167,292
Restricted cash 18,664 17,889
Investment securities, held to
maturity(1) 23,356 20,483
Commercial mortgage loans, held
for investment, net of allowance
for credit losses of $54,457 and
$38,302 as of June 30, 2026 and
December 31, 2025,
respectively(2) 4,275,122 4,383,134
Commercial mortgage loans, held
for sale, measured at fair
value(3) 251,842 360,718
Real estate securities, available
for sale, measured at fair value,
amortized cost of $187,905 and
$151,946 as of June 30, 2026 and
December 31, 2025,
respectively(4) 187,247 151,662
Mortgage servicing rights, net 205,549 212,216
Accrued interest receivable 33,665 41,468
Receivable for loan repayment(5) 80,337 50,619
Prepaid expenses and other assets 37,233 45,112
Real estate owned, net of
depreciation 164,593 99,265
Real estate owned, held for sale 115,738 198,883
Equity method investments 89,186 71,682
Intangible assets, net of
amortization 111,866 115,553
Goodwill 92,048 92,048
Derivative instruments, measured
at fair value 12,155 11,315
Loans eligible for repurchase 4,881 17,911
Variable interest entity ("VIE")
assets, measured at fair value 544,017 --
---------- --------------
Total assets $ 6,383,846 $ 6,057,250
========== ==============
LIABILITIES AND STOCKHOLDERS'
EQUITY
Collateralized loan obligations $ 2,943,642 $ 2,735,582
Repurchase agreements and
revolving credit facilities -
commercial mortgage loans 802,380 1,087,087
Repurchase agreements - real
estate securities 196,538 187,371
Other financings 12,865 12,865
Unsecured debt 185,923 185,466
Mortgage note payable 24,186 23,998
Allowance for loss sharing 19,409 19,484
Accrued compensation 32,878 43,662
Liability for loans eligible for
repurchase 4,881 17,911
Interest payable 13,460 16,110
Distributions payable 22,945 38,935
Accounts payable and accrued
expenses 15,266 18,892
Due to affiliates 11,322 12,054
Derivative instruments, measured
at fair value 7,477 6,951
Other liabilities 25,022 29,657
VIE liabilities, measured at fair
value 516,419 --
---------- --------------
Total liabilities $ 4,834,613 $ 4,436,025
========== ==============
Commitments and Contingencies
Redeemable convertible preferred
stock:
Redeemable convertible preferred
stock Series H, $0.01 par value,
20,000 authorized and 17,950
issued and outstanding as of June
30, 2026 and December 31, 2025 $ 89,748 $ 89,748
---------- --------------
Total redeemable convertible
preferred stock $ 89,748 $ 89,748
---------- --------------
Equity:
Preferred stock, $0.01 par value;
100,000,000 shares authorized,
7.5% Cumulative Redeemable
Preferred Stock, Series E,
10,329,039 shares issued and
outstanding as of June 30, 2026
and December 31, 2025 $ 258,742 $ 258,742
Common stock, $0.01 par value,
900,000,000 shares authorized,
75,436,265 and 81,553,982 shares
issued and outstanding as of June
30, 2026 and December 31, 2025,
respectively 750 808
Additional paid-in capital 1,540,232 1,593,365
Accumulated other comprehensive
income/(loss) (658) (284)
Accumulated deficit (426,442) (411,101)
---------- --------------
Total stockholders' equity $ 1,372,624 $ 1,441,530
---------- --------------
Non-controlling interest 86,861 89,947
---------- --------------
Total equity $ 1,459,485 $ 1,531,477
---------- --------------
Total liabilities, redeemable
convertible preferred stock
and equity $ 6,383,846 $ 6,057,250
========== ==============
____________________
(1) Includes pledged assets of $23.1 million and $20.2 million as of June
30, 2026 and December 31, 2025, respectively.
(2) Includes pledged assets of $818.5 million and $855.2 million as of June
30, 2026 and December 31, 2025, respectively.
(3) Includes pledged assets of $243.4 million and $329.2 million as of June
30, 2026 and December 31, 2025, respectively.
(4) Includes pledged assets of $187.2 million and $151.7 million as of June
30, 2026 and December 31, 2025, respectively.
(5) Includes $80.2 million and $50.5 million of cash held by servicer
related to the CLOs as of June 30, 2026 and December 31, 2025,
respectively.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
Three Months Ended June
30, Six Months Ended June 30,
-------------------------- ----------------------------
2026 2025 2026 2025
---------- ---------- ---------- ----------
Income
Interest income $ 97,187 $ 111,171 $ 189,436 $ 225,079
Less: Interest
expense 67,261 70,213 132,491 140,806
---------- ---------- ---------- ----------
Net interest income 29,926 40,958 56,945 84,273
Gain/(loss) on
sales, including
fee-based services,
net 15,775 264 37,105 5,303
Mortgage servicing
rights 3,917 -- 10,659 --
Servicing revenue,
net 9,658 -- 20,208 --
Gain/(loss) on
derivatives 480 (217) 2,334 (335)
Revenue from real
estate owned 5,538 8,336 12,420 15,133
---------- ---------- ---------- ----------
Total income $ 65,294 $ 49,341 $ 139,671 $ 104,374
---------- ---------- ---------- ----------
Expenses
Compensation and
benefits $ 20,969 $ -- $ 43,793 $ --
Asset management and
subordinated
performance fee 5,969 5,537 12,023 12,092
Acquisition expenses 415 175 586 474
Administrative
services expenses 2,028 3,884 4,362 7,232
Professional fees 7,241 4,698 16,526 11,274
Other expenses 12,030 11,569 23,235 21,505
Depreciation and
amortization 1,983 1,381 5,403 2,761
Share-based
compensation 2,457 2,316 4,860 4,562
---------- ---------- ---------- ----------
Total expenses $ 53,092 $ 29,560 $ 110,788 $ 59,900
---------- ---------- ---------- ----------
Other income/(loss)
(Provision)/benefit
for credit losses $ (7,235) $ 1,487 $ (18,626) $ 3,385
Realized gain/(loss)
on real estate
securities,
available for sale -- 113 -- 113
Realized gain/(loss)
on extinguishment
of debt (933) -- (933) --
Gain/(loss) on other
real estate
investments 7,705 2,684 3,229 452
Income/(loss) from
equity method
investments 1,345 181 13,752 181
Change in net assets
of consolidated
VIE, CMBS trust 296 -- 296 --
---------- ---------- ---------- ----------
Total other
income/(loss) $ 1,178 $ 4,465 $ (2,282) $ 4,131
---------- ---------- ---------- ----------
Income/(loss) before
taxes 13,380 24,246 26,601 48,605
(Provision)/benefit
for income tax 2,895 138 1,966 (516)
---------- ---------- ---------- ----------
Net income/(loss) $ 16,275 $ 24,384 $ 28,567 $ 48,089
---------- ---------- ---------- ----------
Net (income)/loss
attributable to
non-controlling
interest (706) (1,183) (1,018) (830)
---------- ---------- ---------- ----------
Net income/(loss)
attributable to
Franklin BSP Realty
Trust, Inc. $ 15,569 $ 23,201 $ 27,549 $ 47,259
---------- ---------- ---------- ----------
Less: Preferred
stock dividends 5,916 6,748 11,832 13,496
---------- ---------- ---------- ----------
Net income/(loss)
applicable to common
stock $ 9,653 $ 16,453 $ 15,717 $ 33,763
========== ========== ========== ==========
Basic earnings per
share $ 0.12 $ 0.19 $ 0.19 $ 0.40
Diluted earnings per
share $ 0.12 $ 0.19 $ 0.19 $ 0.40
Basic weighted average
shares outstanding 76,367,888 82,181,403 78,137,174 82,117,897
Diluted weighted
average shares
outstanding 84,753,839 82,181,403 86,523,125 82,117,897
FRANKLIN BSP REALTY TRUST, INC.
RECONCILIATION OF GAAP NET INCOME TO DISTRIBUTABLE EARNINGS
(In thousands, except share and per share data)
(Unaudited)
The following table provides a reconciliation of GAAP net income to Distributable
Earnings, Distributable Earnings before Realized Losses and Distributable Earnings to
Common for the three and six months ended June 30, 2026 and 2025 (amounts in thousands,
except share and per share data):
Three Months Ended June 30, Six Months Ended June 30,
------------------------------ ------------------------------
2026 2025 2026 2025
--------- --------- --------- ---------
GAAP Net Income (Loss) $ 16,275 $ 24,384 $ 28,567 $ 48,089
Adjustments:
Unrealized (gain)/loss
on financial
instruments(1) (6,473) (2,531) (3,283) 757
Subordinated performance
fee(2) -- (791) -- (540)
Non-cash compensation
expense 3,435 2,316 6,496 4,562
Depreciation and
amortization, net 1,939 1,381 5,313 2,761
Transaction-related and
non-recurring items(3) -- 1,847 -- 4,821
(Reversal of)/provision
for credit losses 7,235 (1,487) 18,626 (3,385)
(Gain) / loss on debt
extinguishment
reversal 933 -- 933 --
Income from mortgage
servicing rights (3,917) -- (10,659) --
Amortization and
write-offs of MSRs 11,268 -- 20,269 --
Deferred tax adjustment (296) -- 392 --
Fair value adjustments
on equity
investments(4) (202) -- (10,607) --
--------- --------- --------- ---------
Distributable Earnings
before realized
gain/(loss) $ 30,197 $ 25,119 $ 56,047 $ 57,065
Realized gain / (loss)
on debt extinguishment (933) -- (933) --
Realized gain/(loss)
adjustment on loans and
REO(5) (962) 3,886 (13,269) (34,294)
--------- --------- --------- ---------
Distributable Earnings $ 28,302 $ 29,005 $ 41,845 $ 22,771
7.5% series E cumulative
redeemable preferred
stock dividend (4,842) (4,842) (9,684) (9,684)
Noncontrolling interests
net (income) / loss (706) (1,183) (1,018) (830)
Noncontrolling interests
net (income) / loss DE
adjustments 622 1,094 848 744
--------- --------- --------- ---------
Distributable Earnings
to Common $ 23,376 $ 24,074 $ 31,991 $ 13,001
========= ========= ========= =========
Average common stock &
common stock
equivalents(6) 1,297,442 1,324,424 1,319,051 1,331,629
GAAP net income/(loss)
ROE 3.3% 5.5% 2.7% 5.6%
Distributable earnings
ROE 7.2% 7.3% 4.9% 2.0%
GAAP net income/(loss)
per share, diluted $ 0.12 $ 0.19 $ 0.19 $ 0.40
GAAP net income/(loss)
per share, fully
converted(7) $ 0.13 $ 0.21 $ 0.21 $ 0.42
Distributable earnings
per share, fully
converted(7) $ 0.25 $ 0.27 $ 0.34 $ 0.15
Distributable earnings
per share before
realized gain/(loss),
fully converted(7) $ 0.28 $ 0.23 $ 0.49 $ 0.53
________________________
(1) Represents unrealized gains and losses on (i) commercial mortgage
loans, held for sale, measured at fair value, (ii) other real estate
investments, measured at fair value and (iii) derivatives.
(2) Represents accrued and unpaid subordinated performance fee. In
addition, reversal of subordinated performance fee represents cash
payment obligations in the quarter.
(3) Represents transaction-related and non-recurring costs associated with
the acquisition of NewPoint.
(4) Represents non-cash (income) loss from equity method investments, net
of cash received as return on capital for the quarter.
(5) Represents amounts deemed nonrecoverable upon a realization event,
which is generally at the time a loan is repaid, or in the case of a
foreclosure or other property, when the underlying asset is sold.
Amounts may also be deemed non-recoverable if, in our determination, it
is nearly certain the carrying amounts will not be collected or
realized upon sale. Amount may be different than the GAAP basis. As of
June 30, 2026, the Company has $10.0 million of GAAP gain adjustments
and $4.6 million of GAAP loss adjustments that would run through
distributable earnings if and when cash gains or losses are realized.
(6) Represents the average of all classes of equity except the Series E
Preferred Stock.
(7) Fully Converted assumes conversion of our series of convertible
preferred stock and OP units along with full vesting of our outstanding
equity compensation awards.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260729823627/en/
CONTACT: Investor Relations contact
Lindsey Crabbe
l.crabbe@bspcredit.com
Media contact
Sam Turvey
s.turvey@bspcredit.com