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FBRT logoFranklin BSP Realty Trust, Inc.(FBRT)Earnings, Financials & Key Ratios

FBRT•NYSE•REIT / Real Estate
$9.16
$705M mkt cap·14.3× P/E·Price updated May 6, 2026
SectorReal EstateIndustryMortgage REITsSub-IndustryCommercial mortgage loan REITs
AboutFranklin BSP Realty Trust, Inc., a real estate finance company, originates, acquires, and manages a portfolio of commercial real estate debt secured by properties located in the United States. The company also originates conduit loans; and invests in commercial real estate securities, as well as owns real estate acquired through foreclosure and deed in lieu of foreclosure, and purchased for investment. In addition, it invests in commercial real estate debt investments, which includes first mortgage loans, mezzanine loans, bridge loans, and other loans related to commercial real estate. The company qualifies as a real estate investment trust for federal income tax purposes. It generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as Benefit Street Partners Realty Trust, Inc. Franklin BSP Realty Trust, Inc. was incorporated in 2012 and is headquartered in New York, New York.Show more
  • Revenue$0-100.0%
  • FFO$92M+23.3%
  • FFO/Share1.07+17.1%
  • FFO Payout158.47%-18.5%
  • FFO per Share1.07+17.1%
  • ROE5.39%+21.6%
  • ROA1.36%+18.4%
  • Debt/Assets70.17%-2.3%
  • Net Debt/EBITDA41.85+22.7%
  • Book Value/Share17.77-4.3%
Technical→

FBRT Key Insights

Franklin BSP Realty Trust, Inc. (FBRT) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓FFO growing 33.2% TTM
  • ✓Trading at only 0.5x book value

✗Weaknesses

  • ✗High debt to equity ratio of 2.8x
  • ✗Dividend exceeds FFO - may not be sustainable
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

FBRT Price & Volume

Franklin BSP Realty Trust, Inc. (FBRT) stock price & volume — 10-year historical chart

Loading chart...

FBRT Growth Metrics

Franklin BSP Realty Trust, Inc. (FBRT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-
3 Years-
TTM-1.64%

Profit CAGR

10 Years12.68%
5 Years8.49%
3 Years78.64%
TTM25.82%

EPS CAGR

10 Years1.34%
5 Years-6.59%
3 Years-
TTM-23.88%

Return on Capital

10 Years2.27%
5 Years2.25%
3 Years2.1%
Last Year1.53%

FBRT Recent Earnings

Franklin BSP Realty Trust, Inc. (FBRT) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
Apr 29, 2026
EPS
$0.09
Est $0.22
-59.1%
Revenue
$74M
Est $73M
+1.8%
Q1 2026
Feb 11, 2026
EPS
$0.12
Est $0.26
-53.8%
Revenue
$81M
Est $94M
-13.4%
Q4 2025
Oct 29, 2025
EPS
$0.22
Est $0.29
-25.4%
Revenue
$90M
Est $81M
+10.0%
Q3 2025
Jul 30, 2025
EPS
$0.27
Est $0.31
-12.9%
Revenue
$120M
Est $81M
+46.8%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$0.09vs $0.22-59.1%
$74Mvs $73M+1.8%
Q1 2026Feb 11, 2026
$0.12vs $0.26-53.8%
$81Mvs $94M-13.4%
Q4 2025Oct 29, 2025
$0.22vs $0.29-25.4%
$90Mvs $81M+10.0%
Q3 2025Jul 30, 2025
$0.27vs $0.31-12.9%
$120Mvs $81M+46.8%
Based on last 12 quarters of dataView full earnings history →

FBRT Peer Comparison

Franklin BSP Realty Trust, Inc. (FBRT) competitors in Commercial mortgage loan REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
BXMT logoBXMTBlackstone Mortgage Trust, Inc.Direct Competitor3.25B19.2930.14-13.96%6.75%2.93%4.61
RC logoRCReady Capital CorporationDirect Competitor330.14M2.04-0.78-92.98%-16.58%3.12
GPMT logoGPMTGranite Point Mortgage Trust Inc.Direct Competitor70.87M1.49-1.28187.77%-30.49%-7.1%2.12
TRTX logoTRTXTPG RE Finance Trust, Inc.Direct Competitor664.08M8.5915.07123.25%23.2%5.7%3.08
ARI logoARIApollo Commercial Real Estate Finance, Inc.Direct Competitor1.45B10.9513.521.28%17.9%6.88%4.27
KREF logoKREFKKR Real Estate Finance Trust Inc.Direct Competitor422.45M6.57-6.26-22.72%-23.56%-8.4%3.83
ACRE logoACREAres Commercial Real Estate CorporationDirect Competitor287.24M5.22-318.29-2.79%-1.6%-0.18%2.06
LADR logoLADRLadder Capital CorpProduct Competitor1.31B10.2920.18-23.26%16.52%4.29%2.37

Compare FBRT vs Peers

Franklin BSP Realty Trust, Inc. (FBRT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs BXMT

Most directly comparable listed peer for FBRT.

Scale Benchmark

vs BX

Larger-name benchmark to compare FBRT against a more recognizable public peer.

Peer Set

Compare Top 5

vs BXMT, RC, GPMT, TRTX

FBRT Income Statement

Franklin BSP Realty Trust, Inc. (FBRT) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue89.56M152.29M198.47M184.17M221.65M367.36M569.53M548.92M0401.09M
Revenue Growth %12.8%70.03%30.32%-7.2%20.35%65.74%55.03%-3.62%-100%-1.64%
Property Operating Expenses32.36M70M93.22M70.21M60.84M165.71M305.58M338.47M0160.78M
Net Operating Income (NOI)
57.2M▲ 0%
82.29M▲ 43.8%
105.25M▲ 27.9%
113.96M▲ 8.3%
160.81M▲ 41.1%
201.65M▲ 25.4%
263.95M▲ 30.9%
210.45M▼ 20.3%
0▼ 100.0%
320.42M▲ 0%
NOI Margin %63.87%54.03%53.03%61.88%72.55%54.89%46.35%38.34%-79.89%
Operating Expenses20.77M35.43M47.73M54.79M44.33M105.69M109.18M50.17M-87.97M92.47M
G&A Expenses21.48M32.06M44.22M39.26M47.42M64.17M68.32M58.35M129.91M153.24M
EBITDA65.01M89.24M76.02M61.4M206.57M182.29M163.18M121.04M97.56M159.48M
EBITDA Margin %72.58%58.6%38.3%33.34%93.2%49.62%28.65%22.05%-39.76%
Depreciation & Amortization28.57M42.38M53.17M2.23M41.61M129.98M8.41M5.63M9.59M11.63M
D&A / Revenue %31.9%27.83%26.79%1.21%18.77%35.38%1.48%1.03%-2.9%
Operating Income
36.44M▲ 0%
46.85M▲ 28.6%
22.85M▼ 51.2%
59.17M▲ 159.0%
164.96M▲ 178.8%
52.31M▼ 68.3%
154.77M▲ 195.9%
115.41M▼ 25.4%
87.97M▼ 23.8%
147.85M▲ 0%
Operating Margin %40.68%30.77%11.51%32.13%74.43%14.24%27.17%21.03%-36.86%
Interest Expense32.36M70M90.42M66.56M60.84M165.71M305.58M338.47M02M
Interest Coverage1.13x0.67x0.64x0.89x1.99x0.61x0.51x1.28x--
Non-Operating Income-7.5M-80.94M-7.27M057.31M-82.96M002.95M22.15M
Pretax Income
34M▲ 0%
52.9M▲ 55.6%
88.41M▲ 67.1%
52.68M▼ 40.4%
29.3M▼ 44.4%
13.82M▼ 52.8%
141.75M▲ 926.0%
93.52M▼ 34.0%
87.97M▼ 5.9%
76.83M▲ 0%
Pretax Margin %37.97%34.74%44.54%28.61%13.22%3.76%24.89%17.04%-19.16%
Income Tax225K79K4.48M-2.06M3.6M-399K-2.76M1.12M3.88M4.16M
Effective Tax Rate %0.66%0.15%5.07%-3.91%12.28%-2.89%-1.94%1.2%4.42%5.41%
Net Income
33.78M▲ 0%
52.83M▲ 56.4%
83.92M▲ 58.9%
54.75M▼ 34.8%
25.7M▼ 53.1%
14.43M▼ 43.9%
145.22M▲ 906.3%
68.89M▼ 52.6%
82.27M▲ 19.4%
71.75M▲ 0%
Net Margin %37.71%34.69%42.29%29.73%11.6%3.93%25.5%12.55%-17.89%
Net Income Growth %12.63%56.38%58.87%-34.77%-53.05%-43.85%906.27%-52.56%19.43%25.82%
Funds From Operations (FFO)
62.35M▲ 0%
95.21M▲ 52.7%
137.1M▲ 44.0%
56.98M▼ 58.4%
67.31M▲ 18.1%
144.41M▲ 114.5%
153.63M▲ 6.4%
74.52M▼ 51.5%
91.86M▲ 23.3%
83.38M▲ 0%
FFO Margin %69.62%62.52%69.08%30.94%30.37%39.31%26.97%13.57%-20.79%
FFO Growth %15.42%52.7%44%-58.44%18.14%114.53%6.38%-51.5%23.28%2379.03%
FFO per Share0.701.071.540.640.772.021.870.911.071.04
FFO Payout Ratio %62.27%38.81%44.21%87.38%100.95%96.54%93.96%194.47%158.47%131.14%
EPS (Diluted)
0.76▲ 0%
1.11▲ 46.1%
1.50▲ 35.1%
0.90▼ 40.0%
-0.18▼ 120.0%
-0.38▼ 111.1%
1.42▲ 473.7%
0.82▼ 42.3%
0.64▼ 22.0%
0.90▲ 0%
EPS Growth %13.43%46.05%35.14%-40%-120%-111.11%473.68%-42.25%-21.95%-23.88%
EPS (Basic)0.761.111.500.90-0.18-0.381.420.820.65-
Diluted Shares Outstanding88.99M88.99M88.99M88.8M86.87M71.63M82.31M81.85M86.19M79.93M

FBRT Balance Sheet

Franklin BSP Realty Trust, Inc. (FBRT) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets1.58B2.61B3.54B3.19B9.47B6.2B5.96B6B6.06B6.3B
Asset Growth %26.88%64.56%35.86%-9.91%197.03%-34.52%-4%0.79%0.91%0.32%
Real Estate & Other Assets-1.58B-2.61B44.33M37.59M106.15M180.48M238.7M353.58M354.57M347.35M
PP&E (Net)005.98M0000000
Investment Securities01000K1000K1000K01000K1000K1000K1000K1000K
Total Current Assets1.58B2.58B3.09B2.97B9.32B5.75B5.43B5.39B5.04B5.24B
Cash & Equivalents83.71M191.39M87.25M82.07M154.93M179.31M337.6M184.44M167.29M115.6M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets3.99M016.55M1.53M56.44M11.17M6.09M12.42M17.89M20.84M
Intangible Assets000000039.83M327.77M324.9M
Total Liabilities973.32M1.87B2.72B2.39B7.76B4.63B4.37B4.48B4.53B4.82B
Total Debt956.57M1.71B2.49B2.15B7.57B4.45B4.18B4.31B4.25B4.58B
Net Debt872.86M1.52B2.4B2.07B7.42B4.27B3.85B4.13B4.08B4.46B
Long-Term Debt851.85M1.52B2.08B1.96B3.39B4B4.01B4.08B4.06B4.37B
Short-Term Borrowings39.03M44.54M394.36M186.83M4.18B440.01M174.06M236.61M187.37M212.17M
Capital Lease Obligations006.14M006.43M0000
Total Current Liabilities55.43M61.12M421.94M219.28M4.24B522.14M270.52M315.53M273.36M283.59M
Accounts Payable4.51M4.5M10.93M5.13M12.71M17.67M13.34M14.44M18.89M20.31M
Deferred Revenue973.32M1.73B150K0000000
Other Liabilities-784.11M296.55M210.69M209.66M128.95M94.81M89.75M90.46M189.5M169.26M
Total Equity
1.48B▲ 0%
2.24B▲ 51.7%
816.8M▼ 63.5%
798.44M▼ 2.2%
1.71B▲ 114.3%
1.58B▼ 7.8%
1.59B▲ 0.5%
1.52B▼ 4.2%
1.53B▲ 0.8%
1.48B▲ 0%
Equity Growth %32.5%51.71%-63.5%-2.25%114.34%-7.77%0.5%-4.17%0.75%-1.31%
Shareholders Equity610.34M733.23M816.8M798.44M1.71B1.56B1.56B1.51B1.44B1.39B
Minority Interest864.87M1.5B005.76M15.41M27.09M7.5M89.95M88.58M
Common Stock320K395K441K446K441K826K820K818K808K755K
Additional Paid-in Capital704.1M827.56M903.31M912.73M903.26M1.6B1.6B1.6B1.59B1.55B
Retained Earnings-94.08M-94.27M-85.97M-106.47M-167.18M-299.23M-298.94M-348.07M-411.1M-420.74M
Preferred Stock0145.79M209.11M0969.17M258.74M258.74M258.74M258.74M258.74M
Return on Assets (ROA)2.39%2.52%2.73%1.63%0.41%0.18%2.39%1.15%1.36%1.19%
Return on Equity (ROE)2.61%2.85%5.49%6.78%2.05%0.88%9.18%4.44%5.39%4.73%
Debt / Assets60.4%65.58%70.2%67.38%79.91%71.7%70.24%71.85%70.17%72.69%
Debt / Equity0.65x0.76x3.04x2.69x4.42x2.82x2.64x2.84x2.78x2.78x
Net Debt / EBITDA13.43x17.01x31.54x33.66x35.90x23.42x23.56x34.11x41.85x41.85x
Book Value per Share16.5825.159.188.9919.7022.0419.2718.5717.7718.52

FBRT Cash Flow Statement

Franklin BSP Realty Trust, Inc. (FBRT) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations8.35M7.1M45.37M115.33M146.5M152.51M197.39M57.23M291.94M291.94M
Operating CF Growth %-76.15%-15.03%539.18%154.21%27.02%4.11%29.42%-71%410.09%785.39%
Operating CF / Revenue %9.33%4.66%22.86%62.62%66.09%41.52%34.66%10.43%-72.79%
Net Income33.78M52.83M83.92M54.75M25.7M14.21M145.22M92.4M82.27M71.75M
Depreciation & Amortization2.1M8.11M3.44M2.23M2.11M5.33M7.13M5.63M04.15M
Stock-Based Compensation97K157K156K193K211K2.52M4.76M8.17M9.12M9.28M
Other Non-Cash Items-23.53M-41.82M-43.85M41.75M2.79M124.95M42.56M-51.61M189.66M37.97M
Working Capital Changes-1.29M-8.92M5.14M-2.92M102.56M5.5M-2.27M2.63M10.89M-1.38M
Cash from Investing-332.76M-855.81M-969.24M240.69M1.07B3.1B380.81M-155.47M380.81M-152.25M
Acquisitions (Net)0000174.08M0000-297.31M
Purchase of Investments-592K-40.31M-368.58M-149.39M-2.88B-221.79M-223.77M-79.5M0-679.09M
Sale of Investments49.89M12.46M9.37M346.2M2.06B3.73B0154.48M0152.34M
Other Investing-382.05M-827.96M-610.03M43.88M-1.17B-411.99M604.58M-230.45M380.81M671.81M
Cash from Financing290.07M961.43M828.58M-373M-1.14B-3.23B-424.99M-48.58M-684.43M-57.1M
Dividends Paid-38.83M-36.95M-60.61M-49.79M-67.95M-139.41M-144.35M-144.91M-145.58M-109.34M
Common Dividends-38.83M-36.95M-60.61M-49.79M-67.95M-139.41M-144.35M-144.91M-145.58M-109.34M
Debt Issuance (Net)1000K1000K1000K-1000K-1000K-1000K-1000K1000K-1000K0
Share Repurchases-20.55M-15.09M-13.81M-10.26M-11.42M-16.58M-12.51M-4.87M-14.37M-51.8M
Other Financing-11.96M000-9.52M64.63M-3.07M-17.63M-9.68M-129.12M
Net Change in Cash
-34.34M▲ 0%
112.71M▲ 428.2%
-95.3M▼ 184.5%
-16.98M▲ 82.2%
76.06M▲ 547.9%
22.29M▼ 70.7%
153.2M▲ 587.4%
-146.82M▼ 195.8%
-11.68M▲ 92.0%
-87.66M▲ 0%
Exchange Rate Effect0000000000
Cash at Beginning118.05M91.71M204.42M109.12M92.14M168.2M190.49M343.69M196.86M185.18M
Cash at End83.71M204.42M109.12M92.14M168.2M190.49M343.69M196.86M185.18M136.44M
Free Cash Flow
8.35M▲ 0%
7.1M▼ 15.0%
45.37M▲ 539.2%
115.33M▲ 154.2%
3.03B▲ 2525.4%
151.85M▼ 95.0%
197.39M▲ 30.0%
57.23M▼ 71.0%
291.94M▲ 410.1%
121.33M▲ 0%
FCF Growth %-76.15%-15.03%539.18%154.21%2525.35%-94.98%29.99%-71%410.09%-24.41%
FCF / Revenue %9.33%4.66%22.86%62.62%1366.09%41.34%34.66%10.43%-30.25%

FBRT Key Ratios

Franklin BSP Realty Trust, Inc. (FBRT) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share0.71.071.540.640.772.021.870.911.071.04
FFO Payout Ratio62.27%38.81%44.21%87.38%100.95%96.54%93.96%194.47%158.47%131.14%
NOI Margin63.87%54.03%53.03%61.88%72.55%54.89%46.35%38.34%-79.89%
Net Debt / EBITDA13.43x17.01x31.54x33.66x35.90x23.42x23.56x34.11x41.85x41.85x
Debt / Assets60.4%65.58%70.2%67.38%79.91%71.7%70.24%71.85%70.17%72.69%
Interest Coverage1.13x0.67x0.64x0.89x1.99x0.61x0.51x1.28x--
Book Value / Share16.5825.159.188.9919.722.0419.2718.5717.7718.52
Revenue Growth12.8%70.03%30.32%-7.2%20.35%65.74%55.03%-3.62%-100%-1.64%

FBRT SEC Filings & Documents

Franklin BSP Realty Trust, Inc. (FBRT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 29, 2026·SEC

Material company update

Apr 20, 2026·SEC

Material company update

Feb 11, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 26, 2025·SEC

FY 2024

Feb 26, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 29, 2026·SEC

FY 2025

Nov 5, 2025·SEC

FY 2025

Jul 30, 2025·SEC

FBRT Frequently Asked Questions

Franklin BSP Realty Trust, Inc. (FBRT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Franklin BSP Realty Trust, Inc. (FBRT) reported $401.1M in revenue for fiscal year 2025.

Franklin BSP Realty Trust, Inc. (FBRT) saw revenue decline by 100.0% over the past year.

Yes, Franklin BSP Realty Trust, Inc. (FBRT) is profitable, generating $71.7M in net income for fiscal year 2025 (17.9% net margin).

Dividend & Returns

Yes, Franklin BSP Realty Trust, Inc. (FBRT) pays a dividend with a yield of 18.45%. This makes it attractive for income-focused investors.

Franklin BSP Realty Trust, Inc. (FBRT) has a return on equity (ROE) of 5.4%. This is below average, suggesting room for improvement.

Industry Metrics

Franklin BSP Realty Trust, Inc. (FBRT) generated Funds From Operations (FFO) of $83.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Franklin BSP Realty Trust, Inc. (FBRT) offers a 18.45% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More FBRT

Franklin BSP Realty Trust, Inc. (FBRT) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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