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John Nigodimus

Director and Equity Research Analyst at BTIG

John Nickodemus is a Director and Equity Research Analyst at BTIG, specializing in real estate investment trusts (REITs) and mortgage REITs. He covers prominent companies including TPG RE Finance (TRTX), Ladder Capital (LADR), Apollo Commercial Real Estate Finance (ARI), and Blackstone Mortgage Trust (BXMT), actively engaging in their earnings calls with insightful questions on originations, leverage, and portfolio strategies. Nickodemus began his tenure at BTIG as a key analyst in the sector, with prior experience not detailed in available records; his professional credentials include standard FINRA registrations typical for equity research analysts handling public securities.

John Nigodimus's questions to Franklin BSP Realty Trust (FBRT) leadership

Question · Q4 2025

John Nigodimus from BTIG asked for an updated estimate on the potential distributable earnings per quarter that could be unlocked from reinvesting equity currently tied up in non-performing loans and REO, a figure previously estimated at $0.08-$0.12 in early 2025. He also inquired about the drivers behind the updated 2026 guidance for NewPoint's volumes and distributable earnings contribution, noting changes from the September deck.

Answer

CEO Michael Comparato and CFO Jerome Baglien confirmed that the potential earnings figure is likely slightly higher, but the primary challenge remains the timing of unlocking this capital due to slower-than-anticipated resolutions. Regarding NewPoint, they explained that the 2026 earnings contribution guidance was bumped up slightly from 2025 levels, reflecting scaling and the significant impact of integrating FBRT's $10 billion servicing book onto NewPoint, which will drive additional income growth.

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