Franklin BSP Realty Trust, Inc. FBRT

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

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.

Last close 6.24 2026-10-23
Market cap $518.2M 2026-06-30 share count
52-week range 5.90 - 10.87

Valuation FY2025 figures against the last close

P/S17.5x
P/E9.8x
P/FCF1.8x
EV/EBITDA—
Dividend yield28.1%
Diluted EPS0.64

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 0.650.821.42-0.38-0.180.901.601.441.060.95
EPS, diluted 0.640.821.42-0.38-0.180.901.601.441.060.95
Shares, diluted (wtd. avg.) 86.2M81.8M82.3M71.6M43.4M44.4M41.9M36.8M31.8M31.7M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 50M 100M 150M Revenue, FY2016: 56.2M Net income, FY2016: 30M Revenue, FY2017: 57.2M Net income, FY2017: 33.8M Revenue, FY2018: 82.3M Net income, FY2018: 52.8M Revenue, FY2019: 3.2M Net income, FY2019: 83.9M Revenue, FY2020: 4.3M Net income, FY2020: 54.7M Revenue, FY2021: 4.8M Net income, FY2021: 25.7M Revenue, FY2022: 9.7M Net income, FY2022: 14.2M Revenue, FY2023: 17M Net income, FY2023: 144.5M Revenue, FY2024: 22.8M Net income, FY2024: 92.4M Revenue, FY2025: 29.6M Net income, FY2025: 84.1M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $56.2M $57.2M $82.3M $3.2M $4.3M $4.8M $9.7M $17.0M $22.8M $29.6M
Gross profit — — — — — — — — — —
Net income $30.0M $33.8M $52.8M $83.9M $54.7M $25.7M $14.2M $144.5M $92.4M $84.1M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote Item 5.07
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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