Franklin BSP Realty Trust, Inc. (FBRT) 10-Year Financial Performance & Capital Metrics

FBRT • • REIT / Real Estate

Real EstateMortgage REITsCommercial Mortgage REITsDiversified Commercial Lenders

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 $549M -3.6%
FFO $75M -51.5%
FFO/Share 0.91 -51.2%
FFO Payout 194.47% +107.0%
FFO per Share 0.91 -51.2%
NOI Margin 38.34% -17.3%
FFO Margin 13.57% -49.7%
ROE 4.44% -51.7%
ROA 1.15% -51.8%
Debt/Assets 71.85% +2.3%
Net Debt/EBITDA 34.11 +44.7%
Book Value/Share 18.57 -3.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.6x book value

✗Weaknesses

✗High debt to equity ratio of 2.8x
✗Weak 3Y average ROE of 4.8%
✗Weak Piotroski F-Score: 3/9
✗FFO declining 13.6% TTM
✗Dividend exceeds FFO - may not be sustainable
✗Low NOI margin of 38.3%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y45.74%

5Y22.56%

3Y35.3%

TTM1.49%

Profit (Net Income) CAGR

10Y28.96%

5Y-3.87%

3Y38.91%

TTM-12.86%

EPS CAGR

10Y0.9%

5Y-11.38%

3Y-

TTM16.87%

ROCE

10Y Avg2.72%

5Y Avg2.34%

3Y Avg1.9%

Latest2.03%

Peer Comparison

Diversified Commercial Lenders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ACRACRES Commercial Realty Corp.	150.01M	20.59	17.90	-8.39%	29.62%	7.27%	12.92%	3.13
NREFNexPoint Real Estate Finance, Inc.	263.17M	14.85	14.56	162.1%	57.58%	12.44%	11.13%	8.44
FBRTFranklin BSP Realty Trust, Inc.	836.47M	10.25	12.50	-3.62%	14.83%	5.54%	6.84%	2.84
TRTXTPG RE Finance Trust, Inc.	716.09M	9.15	11.88	302.62%	31.56%	6.15%	14.92%	2.31
ABRArbor Realty Trust, Inc.	1.61B	8.21	6.96	-12.72%	49.85%	5.9%	28.72%	3.19
RPTRithm Property Trust Inc.	123.34M	16.30	-7.12	380.09%	-17.24%	-2.24%	0.24%	2.93
ACREAres Commercial Real Estate Corporation	280.08M	5.09	-7.95	78.75%	-29.15%	-1.48%	12.69%	2.17
ARIApollo Commercial Real Estate Finance, Inc.	1.4B	10.09	-10.40	146.01%	23.05%	7.42%	2.19%	3.41

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	59.39M	79.4M	89.56M	152.29M	198.47M	184.17M	221.65M	367.36M	569.53M	548.92M
Revenue Growth %	3.68%	0.34%	0.13%	0.7%	0.3%	-0.07%	0.2%	0.66%	0.55%	-0.04%
Property Operating Expenses	12.27M	23.17M	32.36M	70M	93.22M	70.21M	60.84M	165.71M	305.58M	338.47M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	12.93M	20.64M	20.77M	35.43M	47.73M	54.79M	44.33M	105.69M	109.18M	50.17M
G&A Expenses	12.61M	19.35M	21.48M	32.06M	44.22M	39.26M	47.42M	64.17M	68.32M	58.35M
EBITDA+	42.11M	59.62M	65.01M	89.24M	76.02M	61.4M	206.57M	182.29M	163.18M	121.04M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	7.92M	24.03M	28.57M	42.38M	53.17M	2.23M	41.61M	129.98M	8.41M	5.63M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	34.2M	35.59M	36.44M	46.85M	22.85M	59.17M	164.96M	52.31M	154.77M	115.41M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	12.27M	23.17M	32.36M	70M	90.42M	66.56M	60.84M	165.71M	305.58M	338.47M
Interest Coverage	2.79x	1.54x	1.13x	0.67x	0.25x	0.89x	2.71x	0.32x	0.51x	0.34x
Non-Operating Income	3.01M	0	-7.5M	-80.94M	-7.27M	0	57.31M	-82.96M	0	0
Pretax Income+	24.93M	29.99M	34M	52.9M	88.41M	52.68M	29.3M	13.82M	141.75M	93.52M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	225K	79K	4.48M	-2.06M	3.6M	-399K	-2.76M	1.12M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	24.93M	29.99M	33.78M	52.83M	83.92M	54.75M	25.7M	14.43M	145.22M	68.89M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	3.6%	0.2%	0.13%	0.56%	0.59%	-0.35%	-0.53%	-0.44%	9.06%	-0.53%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	339.65%	0.64%	0.15%	0.53%	0.44%	-0.58%	0.18%	1.15%	0.06%	-0.51%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.56	0.67	0.76	1.11	1.50	0.90	-0.18	-0.38	1.42	0.82
EPS Growth %	-0.25%	0.2%	0.13%	0.46%	0.35%	-0.4%	-1.2%	-1.11%	4.74%	-0.42%
EPS (Basic)	0.56	0.67	0.76	1.11	1.50	0.90	-0.18	-0.38	1.42	0.82
Diluted Shares Outstanding	88.99M	88.99M	88.99M	88.99M	88.99M	88.8M	86.87M	71.63M	82.31M	81.85M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.28B	1.25B	1.58B	2.61B	3.54B	3.19B	9.47B	6.2B	5.96B	6B
Asset Growth %	1.49%	-0.03%	0.27%	0.65%	0.36%	-0.1%	1.97%	-0.35%	-0.04%	0.01%
Real Estate & Other Assets+	0	-1.25B	-1.58B	-2.61B	44.33M	37.59M	106.15M	180.48M	238.7M	353.58M
PP&E (Net)	0	0	0	0	5.98M	0	0	0	0	0
Investment Securities	1000K	1000K	0	1000K	1000K	1000K	0	1000K	1000K	1000K
Total Current Assets+	1.15B	1.2B	1.58B	2.58B	3.09B	2.97B	9.32B	5.75B	5.43B	5.39B
Cash & Equivalents	20.17M	118.05M	83.71M	191.39M	87.25M	82.07M	154.93M	179.31M	337.6M	184.44M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	12.72M	3.1M	3.99M	0	16.55M	1.53M	56.44M	11.17M	6.09M	12.42M
Intangible Assets	0	0	0	0	0	0	0	0	0	39.83M
Total Liabilities	628.15M	614.48M	973.32M	1.87B	2.72B	2.39B	7.76B	4.63B	4.37B	4.48B
Total Debt+	610.68M	602.75M	956.57M	1.71B	2.49B	2.15B	7.57B	4.45B	4.18B	4.31B
Net Debt	590.51M	484.7M	872.86M	1.52B	2.4B	2.07B	7.42B	4.27B	3.85B	4.13B
Long-Term Debt	493.47M	278.45M	851.85M	1.52B	2.08B	1.96B	3.39B	4B	4.01B	4.08B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	145.79M	6.14M	0	0	6.43M	0	0
Total Current Liabilities+	543.8M	78.36M	55.43M	61.12M	421.94M	219.28M	4.24B	522.14M	270.52M	315.53M
Accounts Payable	0	1.17M	4.51M	4.5M	10.93M	5.13M	12.71M	17.67M	13.34M	14.44M
Deferred Revenue	409.13M	0	0	0	0	0	0	0	0	0
Other Liabilities	-409.11M	-278.45M	-784.11M	296.55M	210.69M	209.66M	128.95M	94.81M	89.75M	90.46M
Total Equity+	654.33M	1.11B	1.48B	2.24B	816.8M	798.44M	1.71B	1.58B	1.59B	1.52B
Equity Growth %	0.98%	0.7%	0.33%	0.52%	-0.64%	-0.02%	1.14%	-0.08%	0%	-0.04%
Shareholders Equity	654.33M	633.65M	610.34M	733.23M	816.8M	798.44M	1.71B	1.56B	1.56B	1.51B
Minority Interest	0	479.68M	864.87M	1.5B	0	0	5.76M	15.41M	27.09M	7.5M
Common Stock	314K	319K	320K	395K	441K	446K	441K	826K	820K	818K
Additional Paid-in Capital	0	704.5M	704.1M	827.56M	903.31M	912.73M	903.26M	1.6B	1.6B	1.6B
Retained Earnings	-35.32M	-70.67M	-94.08M	-94.27M	-85.97M	-106.47M	-167.18M	-299.23M	-298.94M	-348.07M
Preferred Stock	0	0	0	145.79M	209.11M	0	969.17M	258.74M	258.74M	258.74M
Return on Assets (ROA)	0.03%	0.02%	0.02%	0.03%	0.03%	0.02%	0%	0%	0.02%	0.01%
Return on Equity (ROE)	0.05%	0.03%	0.03%	0.03%	0.05%	0.07%	0.02%	0.01%	0.09%	0.04%
Debt / Assets	0.48%	0.48%	0.6%	0.66%	0.7%	0.67%	0.8%	0.72%	0.7%	0.72%
Debt / Equity	0.93x	0.54x	0.65x	0.76x	3.04x	2.69x	4.42x	2.82x	2.64x	2.84x
Net Debt / EBITDA	14.02x	8.13x	13.43x	17.01x	31.54x	33.66x	35.90x	23.42x	23.56x	34.11x
Book Value per Share	7.35	12.51	16.58	25.15	9.18	8.99	19.70	22.04	19.27	18.57

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	25.43M	35.02M	8.35M	7.1M	45.37M	115.33M	146.5M	152.51M	197.39M	57.23M
Operating CF Growth %	8.47%	0.38%	-0.76%	-0.15%	5.39%	1.54%	0.27%	0.04%	0.29%	-0.71%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	24.93M	29.99M	33.78M	52.83M	83.92M	54.75M	25.7M	14.21M	145.22M	92.4M
Depreciation & Amortization	1.26M	1.71M	2.1M	8.11M	3.44M	2.23M	2.11M	5.33M	7.13M	5.63M
Stock-Based Compensation	30K	44K	97K	157K	156K	193K	211K	2.52M	4.76M	8.17M
Other Non-Cash Items	190K	424K	-23.53M	-41.82M	-43.85M	41.75M	2.79M	124.95M	42.56M	-51.61M
Working Capital Changes	-38K	1.06M	-1.29M	-8.92M	5.14M	-2.92M	102.56M	5.5M	-2.27M	2.63M
Cash from Investing+	-749.85M	139.41M	-332.76M	-855.81M	-969.24M	240.69M	1.07B	3.1B	380.81M	-155.47M
Acquisitions (Net)	0	0	0	0	0	0	174.08M	0	0	0
Purchase of Investments	-85.46M	1.21B	-592K	-40.31M	-368.58M	-149.39M	-2.88B	-221.79M	-223.77M	-79.5M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	1000K
Other Investing	-667.39M	-1.15B	-382.05M	-827.96M	-610.03M	43.88M	-1.17B	-411.99M	604.58M	-230.45M
Cash from Financing+	738.84M	-71.54M	290.07M	961.43M	828.58M	-373M	-1.14B	-3.23B	-424.99M	-48.58M
Dividends Paid	-26.95M	-40.25M	-38.83M	-36.95M	-60.61M	-49.79M	-67.95M	-139.41M	-144.35M	-144.91M
Common Dividends	-26.95M	-40.25M	-38.83M	-36.95M	-60.61M	-49.79M	-67.95M	-139.41M	-144.35M	-144.91M
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	1000K
Share Repurchases	-2.56M	-18.96M	-20.55M	-15.09M	-13.81M	-10.26M	-11.42M	-16.58M	-12.51M	-4.87M
Other Financing	-50.66M	793K	-11.96M	0	0	0	-9.52M	64.63M	-3.07M	-17.63M
Net Change in Cash+	14.42M	102.9M	-34.34M	112.71M	-95.3M	-16.98M	76.06M	22.29M	153.2M	-146.82M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	386K	20.17M	118.05M	91.71M	204.42M	109.12M	92.14M	168.2M	190.49M	343.69M
Cash at End	14.81M	123.07M	83.71M	204.42M	109.12M	92.14M	168.2M	190.49M	343.69M	196.86M
Free Cash Flow+	25.43M	35.02M	8.35M	7.1M	45.37M	115.33M	3.03B	151.85M	197.39M	57.23M
FCF Growth %	8.47%	0.38%	-0.76%	-0.15%	5.39%	1.54%	25.25%	-0.95%	0.3%	-0.71%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	0.37	0.61	0.7	1.07	1.54	0.64	0.77	2.02	1.87	0.91
FFO Payout Ratio	82.04%	74.51%	62.27%	38.81%	44.21%	87.38%	100.95%	96.54%	93.96%	194.47%
NOI Margin	79.34%	70.82%	63.87%	54.03%	53.03%	61.88%	72.55%	54.89%	46.35%	38.34%
Net Debt / EBITDA	14.02x	8.13x	13.43x	17.01x	31.54x	33.66x	35.90x	23.42x	23.56x	34.11x
Debt / Assets	47.62%	48.29%	60.4%	65.58%	70.2%	67.38%	79.91%	71.7%	70.24%	71.85%
Interest Coverage	2.79x	1.54x	1.13x	0.67x	0.25x	0.89x	2.71x	0.32x	0.51x	0.34x
Book Value / Share	7.35	12.51	16.58	25.15	9.18	8.99	19.7	22.04	19.27	18.57
Revenue Growth	367.66%	33.69%	12.8%	70.03%	30.32%	-7.2%	20.35%	65.74%	55.03%	-3.62%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Real Estate Owned	-	-	4.76M	9.65M	17.02M	22.85M
Real Estate Owned Growth	-	-	-	102.88%	76.29%	34.24%
Real Estate Debt	-	-	-	-	-	-
Real Estate Debt Growth	-	-	-	-	-	-
Real Estate Securities	-	-	-	-	-	-
Real Estate Securities Growth	-	-	-	-	-	-
Taxable REIT Subsidiaries	-	-	-	-	-	-
Taxable REIT Subsidiaries Growth	-	-	-	-	-	-
Real Estate, Other	3.17M	4.3M	-	-	-	-
Real Estate, Other Growth	-	35.66%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Franklin BSP Realty Trust, Inc. (FBRT) has a price-to-earnings (P/E) ratio of 12.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Franklin BSP Realty Trust, Inc. (FBRT) reported $558.5M in revenue for fiscal year 2024.

Franklin BSP Realty Trust, Inc. (FBRT) saw revenue decline by 3.6% over the past year.

Yes, Franklin BSP Realty Trust, Inc. (FBRT) is profitable, generating $82.8M in net income for fiscal year 2024 (12.5% net margin).

Dividend & Returns

Yes, Franklin BSP Realty Trust, Inc. (FBRT) pays a dividend with a yield of 17.27%. This makes it attractive for income-focused investors.

Franklin BSP Realty Trust, Inc. (FBRT) has a return on equity (ROE) of 4.4%. This is below average, suggesting room for improvement.

Industry Metrics

Franklin BSP Realty Trust, Inc. (FBRT) generated Funds From Operations (FFO) of $88.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Franklin BSP Realty Trust, Inc. (FBRT) offers a 17.27% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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