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    Tom Catherwood • BTIG

    Tom Catherwood's questions to Franklin BSP Realty Trust Inc (FBRT) leadership

    Tom Catherwood's questions to Franklin BSP Realty Trust Inc (FBRT) leadership • Q2 2025

    Question

    Tom Catherwood of BTIG asked what is needed to increase NewPoint's origination volume, what catalyst could trigger a sustained recovery in CRE investment sales, and about the savings from migrating FBRT's loan servicing to NewPoint.

    Answer

    Michael Comparato, President, stated that ramping up NewPoint's originations requires expanding the sourcing network by adding more originators, not more capital. He believes the CRE market recovery will be driven by "exhaustion" with "pretend and extend" strategies. Jerome Baglien, CFO & COO, confirmed that migrating the ~$10 billion BSP-managed loan book to NewPoint will generate meaningful savings, which is factored into the projected $0.08 per share quarterly earnings contribution.

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    Tom Catherwood's questions to Veris Residential Inc (VRE) leadership

    Tom Catherwood's questions to Veris Residential Inc (VRE) leadership • Q1 2025

    Question

    Tom Catherwood questioned the valuation of the Metropolitan at 40 Park disposition, noting a seemingly high implied cap rate. He also asked for confirmation on the intended use and development potential for the recently sold Wall Land parcel.

    Answer

    Chief Executive Officer Mahbod Nia clarified that the Metropolitan at 40 Park sale was viewed holistically as part of a package transaction with other illiquid assets, rather than on a standalone cap rate basis. Nia confirmed the intended final use for the Wall Land parcel is multifamily but stated he would need to follow up regarding the precise number of entitled units and further development potential.

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    Tom Catherwood's questions to Veris Residential Inc (VRE) leadership • Q3 2024

    Question

    Tom Catherwood of BTIG questioned the next phase of the company's balance sheet overhaul and the tools available. He also asked for the reason behind the quarter's asset impairment and sought color on the sale of the shops at 40 Park, where Veris was a minority partner.

    Answer

    CEO Mahbod Nia detailed that the new financing structure offers flexibility to use cash flow, proceeds from land sales, or potential JV resolutions to pay down debt. CFO Amanda Lombard clarified the impairment was on a consolidated land asset due to new valuation information from negotiations, not a JV. Regarding the 40 Park sale, Nia stated that as a minority partner, Veris was supportive of the transaction but did not lead it.

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    Tom Catherwood's questions to Blackstone Mortgage Trust Inc (BXMT) leadership

    Tom Catherwood's questions to Blackstone Mortgage Trust Inc (BXMT) leadership • Q2 2024

    Question

    Tom Catherwood requested details on the makeup of the $700 million in year-to-date office repayments and asked for expectations on realized losses from the $500 million of challenged loans earmarked for near-term resolution.

    Answer

    CEO Katie Keenan described the office repayments as a mix of CMBS refinancings, sales, and balance sheet takeouts. CFO Tony Marone addressed the second question, stating that while there is no specific guidance on losses, historical resolutions have been slightly above their marks, implying losses would be in line with existing CECL reserves.

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