Franklin BSP Realty Trust, Inc. FBRT
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $29.6M | $22.8M | $17.0M | $9.7M | $4.8M | $4.3M | $3.2M | $82.3M | $57.2M | $56.2M |
| SG&A | $13.3M | $9.7M | $14.4M | $12.9M | $7.7M | $13.1M | $16.4M | $13.4M | $6.8M | — |
| Total operating expenses | $186.4M | $86.4M | $87.8M | $77.5M | $143.0M | $49.2M | $52.2M | $37.4M | $29.5M | $22.5M |
| Interest expense | $142.0M | $187.6M | $246.9M | $197.2M | $56.2M | $66.6M | $90.4M | $70.0M | $32.4M | $23.2M |
| Pre-tax income | $88.0M | $93.5M | $147.3M | $14.6M | $11.4M | -$15.8M | $32.6M | $8.0M | $6.3M | -$3.8M |
| Income tax | $3.9M | $1.1M | $2.8M | $399.0K | $3.6M | $2.1M | $4.5M | $79.0K | $225.0K | $0 |
| Net income | $84.1M | $92.4M | $144.5M | $14.2M | $25.7M | $54.7M | $83.9M | $52.8M | $33.8M | $30.0M |
| EPS, basic | 0.65 | 0.82 | 1.42 | -0.38 | -0.18 | 0.90 | 1.60 | 1.44 | 1.06 | 0.95 |
| EPS, diluted | 0.64 | 0.82 | 1.42 | -0.38 | -0.18 | 0.90 | 1.60 | 1.44 | 1.06 | 0.95 |
| Shares, diluted (wtd. avg.) | $86.2M | $81.8M | $82.3M | $71.6M | $43.4M | $44.4M | $41.9M | $36.8M | $31.8M | $31.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $167.3M | $184.4M | $337.6M | $179.3M | $154.9M | $82.1M | $87.2M | $204.4M | $91.7M | $123.1M |
| Goodwill | $92.0M | $0 | — | — | — | — | — | — | — | — |
| Other intangibles | $115.6M | $39.8M | — | — | — | — | — | — | — | — |
| Total assets | $6.06B | $6.00B | $5.96B | $6.20B | $9.47B | $3.19B | $3.54B | $2.61B | $1.58B | $1.25B |
| Total liabilities | $4.44B | $4.39B | $4.28B | $4.53B | $7.67B | $2.18B | $2.51B | $1.73B | $973.3M | $614.5M |
| Retained earnings | -$411.1M | -$348.1M | -$298.9M | -$299.2M | -$167.2M | -$106.5M | -$86.0M | -$94.3M | -$94.1M | -$70.7M |
| Total equity | $1.44B | $1.51B | $1.59B | $1.58B | $1.71B | $798.4M | $816.8M | $733.2M | $610.3M | $633.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $291.9M | $57.2M | $197.4M | $152.5M | $146.5M | $115.3M | $45.4M | $7.1M | $8.4M | $35.0M |
| Depreciation and amortisation | $9.6M | $5.6M | $8.4M | $5.3M | $2.1M | $2.2M | $0 | — | — | — |
| Stock-based compensation | $9.1M | $8.2M | $4.8M | $2.5M | $211.0K | $193.0K | $156.0K | $157.0K | $97.0K | $44.0K |
| Investing cash flow | $380.8M | -$155.5M | $380.8M | $3.10B | $1.07B | $240.7M | -$969.2M | -$855.8M | -$332.8M | $139.4M |
| Financing cash flow | -$684.4M | -$48.6M | -$425.0M | -$3.23B | -$1.14B | -$373.0M | $828.6M | $961.4M | $293.0M | -$71.5M |
| Dividends paid | $145.6M | $144.9M | $144.3M | $139.4M | $68.0M | $49.8M | $60.6M | $37.0M | $38.8M | $40.3M |
| Buybacks | $14.4M | $4.9M | $12.5M | $16.6M | $11.4M | $10.3M | $13.8M | $15.1M | $20.5M | $19.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-161379.
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