A Business at a Glance
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Franklin BSP Realty Trust, Inc.
FBRT
$649M
Mkt Cap
$7.81
+2.63%
Franklin BSP Realty Trust, Inc. (FBRT) has a current P/E ratio of 12.2, compared to its historical median P/E of 14.2. The stock is currently considered Fair based on its historical valuation range.
Franklin BSP Realty Trust, Inc. (FBRT) has a 5-year average return on invested capital (ROIC) of 17.2%. This indicates strong capital allocation and a potential competitive advantage.
Franklin BSP Realty Trust, Inc. (FBRT) has a market capitalization of $603M. It is classified as a small-cap stock.
Yes, Franklin BSP Realty Trust, Inc. (FBRT) pays a dividend with a trailing twelve-month yield of 24.09%. The company also returns capital through share buybacks, with a buyback yield of 8.99%.
Based on historical P/E analysis, Franklin BSP Realty Trust, Inc. (FBRT) appears fair. The current P/E of 12.2 is 14% below its historical median of 14.2. The estimated fair value CAGR (P/E method) is 42.5%.
Franklin BSP Realty Trust, Inc. (FBRT) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Franklin BSP Realty Trust, Inc. (the “Company”), is a real estate finance company, formed as a Maryland corporation, that has elected to be treated as a real estate investment trust (“REIT”) for U.S. federal income tax purposes since 2013. Substantially all of the Company’s business is conducted through FBRT OP LLC, a Delaware limited liability company (the “OP”) and to its subsidiaries. The Company is the managing member of the OP and directly or indirectly held 91% of the common units of membership interests in the OP as of December 31, 2025. As discussed in more detail below, the Company’s operations are organized into two business units: (i) Commercial Real Estate Financing, and (ii) Agency Business. On July 1, 2025, through a wholly owned subsidiary, the Company acquired NewPoint Holdings JV LLC (“NewPoint”), which now comprises the Company’s Agency Business unit. The Company is externally managed by Benefit Street Partners L.L.C.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 294M | 270M | 223M | 269M | 207M | 165M |
| Net Income | 42M | 53M | 67M | 117M | -27M | 26M |
| EPS | $0.52 | $0.64 | $0.82 | $1.42 | $-0.38 | $0.29 |
| Free Cash Flow | 0 | 292M | 57M | 197M | 153M | 146M |
| ROIC | 0.0% | 22.4% | 29.5% | 24.8% | 5.7% | 3.4% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.13 | 0.13 | 0.05 | 0.05 | 0.45 | 0.61 |
| Dividends/Share | $1.88 | $1.42 | $1.42 | $1.42 | $1.42 | $0.63 |
| Operating Income | 0 | 345M | 407M | 420M | 133M | 85M |
| Operating Margin | 0.0% | - | - | - | 64.2% | 51.7% |
| ROE | 3.0% | 3.6% | 4.4% | 7.5% | -1.7% | 2.1% |
| Shares Outstanding | 77M | 83M | 82M | 82M | 72M | 88M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 13M | 47M | 56M | 57M | 82M | 108M | 118M | 165M | 207M | 269M | 223M | 270M | 294M |
| Gross Margin | 58.9% | 25.4% | 34.5% | 79.4% | 83.7% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | 6.8M | 13M | 16M | 13M | 7.7M | 13M | 14M | 9.7M | 13M | 12M |
| EBIT | 7.8M | 37M | 53M | 66M | 119M | 162M | 104M | 85M | 133M | 420M | 407M | 345M | 0 |
| Op. Margin | 58.9% | 78.9% | 94.5% | N/A | N/A | N/A | 88.7% | 51.7% | 64.2% | N/A | N/A | N/A | 0.0% |
| Net Income | 5.4M | 25M | 30M | 34M | 49M | 67M | 40M | 26M | -27M | 117M | 67M | 53M | 42M |
| Net Margin | 40.8% | 52.9% | 53.3% | 59.0% | 59.8% | 61.9% | 33.9% | 15.5% | -13.2% | 43.6% | 30.0% | 19.7% | 14.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 398K | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 4.1% | 5.9% | 6.3% | 9.2% | 17.9% | 21.0% | 14.4% | 3.4% | 5.7% | 24.8% | 29.5% | 22.4% | 0.0% |
| ROE | 3.0% | 5.1% | 4.7% | 5.4% | 7.3% | 8.6% | 4.9% | 2.1% | -1.7% | 7.5% | 4.4% | 3.6% | 3.0% |
| ROA | 2.0% | 2.8% | 2.4% | 2.4% | 2.3% | 2.2% | 1.2% | 0.4% | -0.3% | 1.9% | 1.1% | 0.9% | 0.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 2.7M | 25M | 35M | 8.4M | 7.1M | 45M | 115M | 146M | 153M | 197M | 57M | 292M | 122M |
| Free Cash Flow | 2.7M | 25M | 35M | 8.4M | 7.1M | 45M | 115M | 146M | 153M | 197M | 57M | 292M | 0 |
| Owner Earnings | 2.7M | 25M | 35M | 8.3M | 6.9M | 45M | 113M | 144M | 145M | 184M | 43M | 273M | 101M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 2.2M | 2.1M | 5.3M | 8.4M | 5.6M | 9.6M | 12M |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 0 | 0 | 0 | 0 | 0 | 0 | 2.2M | 2.1M | 5.3M | 8.4M | 5.6M | 9.6M | 12M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 7.6M | 27M | 40M | 39M | 37M | 61M | 50M | 68M | 139M | 144M | 145M | 146M | 145M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7.8% | 21.8% | 18.1% | 17.0% | 17.1% | 24.1% |
| Share Buybacks | 464K | 2.6M | 19M | 21M | 15M | 14M | 10M | 11M | 17M | 13M | 4.9M | 14M | 54M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.5% | 2.6% | 1.4% | 0.5% | 1.7% | 9.0% |
| Stock-Based Comp | 27K | 30K | 44K | 97K | 157K | 156K | 193K | 211K | 2.5M | 4.8M | 8.2M | 9.1M | 9.3M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -386K | 272M | 140M | 7.7M | -32M | -192M | 52M | 889M | 526M | -256M | -103M | 18M | 70M |
| Cash & Equiv. | 386K | 15M | 118M | 84M | 191M | 87M | 82M | 155M | 179M | 338M | 184M | 167M | 116M |
| Long-Term Debt | 0 | N/A | 0 | 26M | 9.9M | 29M | 29M | 24M | 24M | 24M | 24M | 24M | 24M |
| Debt/Equity | 0.00 | 0.44 | 0.41 | 0.15 | 0.22 | 0.34 | 0.38 | 0.61 | 0.45 | 0.05 | 0.05 | 0.13 | 0.13 |
| Interest Coverage | 3.6 | 3.0 | 2.3 | 2.1 | 1.7 | 1.8 | 1.6 | 1.5 | 0.8 | 1.4 | 1.2 | 1.2 | 1.2 |
| Equity | 331M | 654M | 634M | 610M | 733M | 817M | 798M | 1.7B | 1.6B | 1.6B | 1.5B | 1.4B | 1.4B |
| Total Assets | 514M | 1.3B | 1.2B | 1.6B | 2.6B | 3.5B | 3.2B | 9.5B | 6.2B | 6.0B | 6.0B | 6.1B | 6.3B |
| Total Liabilities | 184M | 628M | 614M | 973M | 1.7B | 2.5B | 2.2B | 7.7B | 4.5B | 4.3B | 4.4B | 4.4B | 4.7B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 40M | 116M | 113M |
| Retained Earnings | -10M | -35M | -71M | -94M | -94M | -86M | -106M | -167M | -299M | -299M | -348M | -411M | -421M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 11M |
| Per Share Data | |||||||||||||
| EPS | 0.17 | 0.52 | 0.48 | 0.53 | 0.72 | 0.80 | 0.45 | 0.29 | -0.38 | 1.42 | 0.82 | 0.64 | 0.52 |
| Owner EPS | 0.09 | 0.52 | 0.55 | 0.13 | 0.10 | 0.54 | 1.28 | 1.64 | 2.01 | 2.23 | 0.53 | 3.29 | 1.31 |
| Book Value | 10.68 | 13.52 | 10.04 | 9.58 | 10.73 | 9.77 | 9.02 | 19.40 | 21.75 | 18.91 | 18.49 | 17.34 | 18.02 |
| Cash Flow/Share | 0.09 | 0.53 | 0.55 | 0.13 | 0.10 | 0.54 | 1.30 | 1.67 | 2.12 | 2.39 | 0.70 | 3.51 | 0.70 |
| Dividends/Share | 0.25 | 0.56 | 0.64 | 0.90 | 0.72 | 0.72 | 0.65 | 0.63 | 1.42 | 1.42 | 1.42 | 1.42 | 1.88 |
| Shares Out. | 30.9M | 48.4M | 63.1M | 63.7M | 68.3M | 83.6M | 88.5M | 87.9M | 71.9M | 82.4M | 81.8M | 83.1M | 77.2M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 30.1 | N/A | 7.5 | 12.9 | 15.4 | 15.1 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5.6 | 4.2 | 4.5 | 15.1 | 2.8 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 16.7 | 7.4 | 0.7 | 1.5 | 2.0 | N/A |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.5 | 0.4 | 0.6 | 0.6 | 0.6 | 0.4 |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5.1 | 3.1 | 3.1 | 3.9 | 3.3 | 2.0 |
| FCF Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 18.9% | 23.9% | 22.2% | 6.4% | 34.3% | N/A |
| Market Cap | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 774M | 639M | 887M | 890M | 851M | 603M |
| Avg. Price | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 9.88 | 8.90 | 9.68 | 10.41 | 10.24 | 7.81 |
| Year-End Price | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 9.34 | 8.89 | 10.66 | 10.59 | 9.86 | 7.81 |
Franklin BSP Realty Trust, Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Franklin BSP Realty Trust, Inc. trades at 12.2x trailing earnings, compared to its 15-year median P/E of 14.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 2.3x vs a median of 4.5x. The company's 5-year average ROIC is 17.2%. Total shareholder yield (dividends + buybacks) is 33.1%. At current prices, the estimated annualized return to fair value is +1.0%.
Franklin BSP Realty Trust, Inc. (FBRT) reported annual revenue of $270 million in its most recent fiscal year, based on SEC EDGAR filings.
Franklin BSP Realty Trust, Inc. (FBRT) has a net profit margin of 19.7%. This is a healthy margin.
Franklin BSP Realty Trust, Inc. (FBRT) generated $292 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Franklin BSP Realty Trust, Inc. (FBRT) has a debt-to-equity ratio of 0.13. This indicates a conservatively financed balance sheet.
Franklin BSP Realty Trust, Inc. (FBRT) reported earnings per share (EPS) of $0.64 in its most recent fiscal year.
Franklin BSP Realty Trust, Inc. (FBRT) has a return on equity (ROE) of 3.6%. This indicates moderate shareholder returns.
The Ledger Terminal provides 13 years of financial data for Franklin BSP Realty Trust, Inc. (FBRT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Franklin BSP Realty Trust, Inc. (FBRT) has a book value per share of $17.34, based on its most recent annual SEC filing.