The company maintains a vulnerable capital structure with a debt-to-equity ratio of 3.09 as of 2026Q1, limiting financial flexibility in a challenging interest rate environment.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Assets | 6.3B | 6.06B | 6B | 5.96B | 6.2B | 9.47B | 3.19B | 3.54B | 2.61B | 1.58B | 1.25B | 1.28B | 514.22M | 36.37M | 0 |
| Asset Growth % | 0.32% | 0.91% | 0.79% | -4% | -34.52% | 197.03% | -9.91% | 35.86% | 64.56% | 26.88% | -2.68% | 149.4% | 1313.86% | - | - |
| Real Estate & Other Assets | 347.35M | 354.57M | 353.58M | 238.7M | 180.48M | 106.15M | 37.59M | 44.33M | -2.61B | -1.58B | -1.25B | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 0 |
| Total Current Assets | 5.24B | 5.04B | 5.39B | 5.43B | 5.75B | 9.32B | 2.97B | 3.09B | 2.58B | 1.58B | 1.2B | 1.15B | 463.99M | 31.36M | 573 |
| Cash & Equivalents | 115.6M | 167.29M | 184.44M | 337.6M | 179.31M | 154.93M | 82.07M | 87.25M | 191.39M | 83.71M | 118.05M | 20.17M | 386K | 178K | 573 |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Current Assets | 20.84M | 17.89M | 12.42M | 6.09M | 11.17M | 56.44M | 1.53M | 16.55M | 0 | 3.99M | 3.1M | 12.72M | 6.72M | 355K | 0 |
| Intangible Assets | 324.9M | 327.77M | 39.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 4.82B | 4.53B | 4.48B | 4.37B | 4.63B | 7.76B | 2.39B | 2.72B | 1.87B | 973.32M | 614.48M | 628.15M | 183.71M | 9.27M | 756.72K |
| Total Debt | 4.58B | 4.25B | 4.31B | 4.18B | 4.45B | 7.57B | 2.15B | 2.49B | 1.71B | 956.57M | 602.75M | 610.68M | 176.44M | 7.3M | 0 |
| Net Debt | 4.46B | 4.08B | 4.13B | 3.85B | 4.27B | 7.42B | 2.07B | 2.4B | 1.52B | 872.86M | 484.7M | 590.51M | 176.05M | 7.13M | -573 |
| Long-Term Debt | 4.37B | 4.06B | 4.08B | 4.01B | 4B | 3.39B | 1.96B | 2.08B | 1.52B | 851.85M | 278.45M | 493.47M | 76.47M | 0 | 121.5K |
| Short-Term Borrowings | 212.17M | 187.37M | 236.61M | 174.06M | 440.01M | 4.18B | 186.83M | 394.36M | 44.54M | 39.03M | 66.64M | 117.21M | 99.97M | 7.3M | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 6.43M | 0 | 0 | 6.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 283.59M | 273.36M | 315.53M | 270.52M | 522.14M | 4.24B | 219.28M | 421.94M | 61.12M | 55.43M | 78.36M | 543.8M | 107.24M | 9.27M | 635.22K |
| Accounts Payable | 20.31M | 18.89M | 14.44M | 13.34M | 17.67M | 12.71M | 5.13M | 10.93M | 4.5M | 4.51M | 1.17M | 0 | 0 | 0 | 635.22K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 150K | 1.73B | 973.32M | 614.48M | 409.13M | 0 | 0 | 0 |
| Other Liabilities | 169.26M | 189.5M | 90.46M | 89.75M | 94.81M | 128.95M | 209.66M | 210.69M | 296.55M | -784.11M | -278.45M | -409.11M | 0 | 0 | -121.5K |
| Total Equity | 1.48B | 1.53B | 1.52B | 1.59B | 1.58B | 1.71B | 798.44M | 816.8M | 2.24B | 1.48B | 1.11B | 654.33M | 330.51M | 26.02M | 184.47K |
| Equity Growth % | -1.31% | 0.75% | -4.17% | 0.5% | -7.77% | 114.34% | -2.25% | -63.5% | 51.71% | 32.5% | 70.15% | 97.98% | 1170.3% | 14003.81% | - |
| Shareholders Equity | 1.39B | 1.44B | 1.51B | 1.56B | 1.56B | 1.71B | 798.44M | 816.8M | 733.23M | 610.34M | 633.65M | 654.33M | 330.51M | 26.02M | 184.47K |
| Minority Interest | 88.58M | 89.95M | 7.5M | 27.09M | 15.41M | 5.76M | 0 | 0 | 1.5B | 864.87M | 479.68M | 0 | 0 | 0 | 0 |
| Common Stock | 755K | 808K | 818K | 820K | 826K | 441K | 446K | 441K | 395K | 320K | 319K | 314K | 155K | 13K | 0 |
| Additional Paid-in Capital | 1.55B | 1.59B | 1.6B | 1.6B | 1.6B | 903.26M | 912.73M | 903.31M | 827.56M | 704.1M | 704.5M | 0 | 0 | 0 | 0 |
| Retained Earnings | -420.74M | -411.1M | -348.07M | -298.94M | -299.23M | -167.18M | -106.47M | -85.97M | -94.27M | -94.08M | -70.67M | -35.32M | -10.22M | -605K | -15.53K |
| Preferred Stock | 258.74M | 258.74M | 258.74M | 258.74M | 258.74M | 969.17M | 0 | 209.11M | 145.79M | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 1.19% | 1.36% | 1.15% | 2.39% | 0.18% | 0.41% | 1.63% | 2.73% | 2.52% | 2.39% | 2.37% | 2.78% | 1.97% | 0.28% | - |
| Return on Equity (ROE) | 4.73% | 5.39% | 4.44% | 9.18% | 0.88% | 2.05% | 6.78% | 5.49% | 2.85% | 2.61% | 3.39% | 5.06% | 3.04% | 0.78% | -52.04% |
| Debt / Assets | 72.69% | 70.17% | 71.85% | 70.24% | 71.7% | 79.91% | 67.38% | 70.2% | 65.58% | 60.4% | 48.29% | 47.62% | 34.31% | 20.09% | - |
| Debt / Equity | 3.09x | 2.78x | 2.84x | 2.64x | 2.82x | 4.42x | 2.69x | 3.04x | 0.76x | 0.65x | 0.54x | 0.93x | 0.53x | 0.28x | - |
| Net Debt / EBITDA | 28.00x | 41.85x | 34.11x | 23.56x | 23.42x | 35.90x | 33.66x | 31.54x | 17.01x | 13.43x | 8.13x | 14.02x | - | - | - |
| Book Value per Share | 18.52 | 17.77 | 18.57 | 19.27 | 22.04 | 19.70 | 8.99 | 9.18 | 25.15 | 16.58 | 12.51 | 7.35 | 22.85 | 24.54 | - |
Collateral impairment and leverage
As reported in financial statements, FBRT maintains a debt-to-equity ratio of 3.09 as of 2026Q1, a level that suggests limited capacity for further balance sheet expansion without risking significant covenant breaches or further erosion of the company's already strained net interest margins.
The reliance on $4.6 billion in total debt to support a $6.3 billion asset base leaves the company highly sensitive to fluctuations in collateral values. Investors should monitor whether the current debt load, primarily composed of floating-rate obligations, will necessitate further asset liquidations to deleverage if property-level performance continues to weaken.
Based on the provided quarterly data, cash reserves have fluctuated significantly, dropping to $115.6 million in 2026Q1 from a peak of $414.1 million in 2025Q2, which may indicate an increasing reliance on external financing to meet ongoing operational and debt service requirements.
The rapid depletion of cash reserves appears to coincide with the need to manage distressed assets and potential maturity defaults within the loan portfolio. This trend warrants further investigation into the company's ability to maintain sufficient liquidity to fund future loan originations or support the current dividend payout.
According to recent SEC filings, total assets have trended downward from $6.3 billion in 2024Q3 to $6.3 billion in 2026Q1, a stagnation that suggests the company is struggling to replace maturing loans with new, high-quality originations in the current high-interest rate environment.
The lack of meaningful asset growth, combined with the migration of loans to the watch list, suggests that the company's primary focus has shifted from expansion to capital preservation. This trajectory may indicate that the portfolio is becoming increasingly concentrated in legacy assets that are difficult to refinance.
As indicated by the financial data, the absence of net property, plant, and equipment on the balance sheet underscores the company's role as a pure-play lender, yet the potential for unrecognized impairment in the loan book remains a significant, non-obvious risk to book value.
While the balance sheet appears straightforward, the reliance on internal marks for transitional loans may mask the true extent of credit deterioration. Investors should be wary that the reported equity of $1.4 billion could be subject to material downward revisions if the underlying collateral fails to meet performance expectations.
Quick answers to the most common questions about buying FBRT stock.
As of 2025, Franklin BSP Realty Trust, Inc. (FBRT) had total assets of $6.06B including $5.04B in current assets.
Franklin BSP Realty Trust, Inc. (FBRT) carries total debt of $4.25B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Franklin BSP Realty Trust, Inc. (FBRT) has total shareholders' equity (book value) of $1.44B ($17.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Franklin BSP Realty Trust, Inc. (FBRT) reported a current ratio of 18.43x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.