Franklin BSP Realty Trust, Inc.
- Open
- 7.91
- Day high
- 8.23
- Day low
- 7.88
- Prev close
- 8.15
- Volume
- 892K
- Mkt cap
- $666M
- P/E (TTM)
- 15.6
- EPS (TTM)
- $0.52
- P/B
- 0.5
- P/S
- 1.2
- Yield
- 13.66%
- Per share
- $1.11
- ▲Insiders net buying $492K over the last 3 months (3 open-market buys, 0 sales)
- 🏛Institutions mixed (13F)
Franklin BSP Realty Trust, Inc. (FBRT) is a Real Estate company listed on NYSE. The stock is down 25% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 0 sales (SEC Form 4).
Franklin BSP Realty Trust, Inc. (FBRT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FBRT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.22 | $0.22 | +0.0% | $74M | +1.8% |
| Feb 11, 2026 | $0.26 | $0.12 | -53.8% | $145M | +54.8% |
| Oct 29, 2025 | $0.29 | $0.22 | -25.4% | $90M | +10.0% |
| Jul 30, 2025 | $0.31 | $0.27 | -12.9% | $120M | +46.8% |
| Feb 13, 2025 | $0.27 | $0.30 | +11.1% | $135M | +170.1% |
| Jul 31, 2024 | $0.41 | $0.31 | -24.4% | $133M | +141.2% |
| Feb 14, 2024 | $0.42 | $0.39 | -7.1% | $-203M | -445.9% |
| May 3, 2023 | $0.37 | $0.42 | +13.5% | $134M | +99.2% |
| Feb 22, 2023 | $0.35 | $0.37 | +5.7% | $121M | +127.0% |
| Nov 9, 2022 | $0.31 | $0.33 | +6.5% | $96M | +93.8% |
| Jul 29, 2022 | $0.37 | $0.29 | -21.6% | $73M | +31.7% |
| May 4, 2022 | $0.40 | $0.09 | -77.5% | $78M | +33.9% |
FBRT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | ORTALE BUFORD Hdirector | Buy | 10,000 | $20.00 |
| Jun 17, 2026 | ORTALE BUFORD Hdirector | Buy | 3,697 | $19.75 |
| Jun 17, 2026 | ORTALE BUFORD Hdirector | Buy | 25,900 | $8.44 |
| Jun 10, 2026 | McDonough Peter Jdirector | Grant | 12,835 | — |
| Jun 10, 2026 | Tuppeny Elizabeth K.director | Grant | 12,835 | — |
| Jun 10, 2026 | Dumars Joedirector | Grant | 12,835 | — |
| Jun 10, 2026 | ORTALE BUFORD Hdirector | Grant | 12,835 | — |
| Jun 10, 2026 | Augustine Patsy Josephdirector | Grant | 12,835 | — |
| Mar 4, 2026 | Buffone Brianofficer: President | Buy | 27,000 | $9.41 |
| Feb 19, 2026 | ORTALE BUFORD Hdirector | Buy | 2,000 | $8.88 |
| Jan 28, 2026 | Baglien Jerome S.officer: CFO and COO | Grant | 100,261 | — |
| Jan 28, 2026 | Byrne Richard Jdirector, officer: Chairman and CEO | Grant | 66,841 | — |
| Jan 28, 2026 | Baglien Jerome S.officer: CFO and COO | Tax | 27,264 | $10.17 |
| Jan 28, 2026 | Comparato Michaelofficer: President | Grant | 66,841 | — |
| Jan 28, 2026 | Byrne Richard Jdirector, officer: Chairman and CEO | Tax | 41,207 | $10.17 |
Source: FBRT SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full FBRT insider & 13F page →Franklin BSP Realty Trust, Inc. company profile
Overview
Franklin BSP Realty Trust, Inc. (NYSE:FBRT) is a commercial real estate finance company that specializes in originating, acquiring, and managing a portfolio of commercial real estate debt investments. Founded in 2012 and formerly known as Benefit Street Partners Realty Trust, the company went public in October 2021. Headquartered in New York, Franklin BSP operates as a real estate investment trust (REIT) and focuses primarily on providing financing solutions for commercial properties across the United States, with particular emphasis on multifamily residential properties.
Business
Franklin BSP Realty Trust operates in the commercial real estate finance industry, functioning as a mortgage REIT that provides debt financing for commercial properties. The company's core business involves originating and managing commercial real estate loans, which are debt instruments secured by commercial properties such as apartment buildings, office buildings, hotels, and industrial facilities. The company's primary product offerings include several types of commercial real estate financing: 1. First mortgage loans represent the company's primary focus, accounting for 99% of their senior mortgage portfolio. These are traditional loans secured by commercial properties where Franklin BSP holds the first lien position, meaning they have priority in case of borrower default. 2. Mezzanine loans are subordinate debt instruments that typically carry higher interest rates and provide financing above the first mortgage level. These loans often include equity participation features. 3. Bridge loans are short-term financing solutions designed to help borrowers transition between different financing arrangements or complete property improvements before securing permanent financing. 4. Conduit loans are originated with the intention of being packaged and sold into commercial mortgage-backed securities (CMBS), providing the company with fee income and capital recycling opportunities. The company's portfolio is heavily concentrated in the multifamily sector, which represents approximately 71% of their total portfolio. Multifamily properties are residential buildings with multiple units, such as apartment complexes and condominium buildings. This sector focus reflects management's belief in the stability and growth potential of rental housing demand. The remaining portfolio includes exposure to hospitality, industrial, and office properties, with office exposure deliberately reduced to just 2.3% of the total portfolio due to sector challenges. Franklin BSP maintains a portfolio of approximately $5.0 billion in principal balance across 157 loans, with an average loan size of $35 million. The company's loans are predominantly floating-rate instruments (95% of portfolio), meaning the interest rates adjust with market conditions, typically based on the Secured Overnight Financing Rate (SOFR) plus a spread.
Revenue model
Franklin BSP Realty Trust generates revenue through multiple streams within its commercial real estate lending business model: 1. Interest income from loan portfolio represents the primary revenue source. The company earns interest on its portfolio of commercial real estate loans, with borrowers paying regular interest payments based on floating rates tied to SOFR plus spreads averaging 300-400 basis points. With 95% of the portfolio being floating-rate loans, the company benefits from rising interest rate environments. 2. Origination fees and other loan-related income are earned when new loans are originated. These upfront fees typically range from 1-2% of the loan amount and provide immediate income upon loan closing. 3. Conduit business income is generated through the origination and sale of loans into the CMBS market. This business line provides fee income and allows for capital recycling, though it can be volatile based on market conditions. 4. Real estate investment income comes from properties acquired through foreclosure or deed-in-lieu arrangements. The company may hold and operate these properties temporarily to maximize recovery value before sale. The company's customers are primarily commercial real estate developers, owners, and operators who need financing for property acquisitions, refinancing, construction, or renovation projects. These borrowers typically operate in the multifamily, hospitality, industrial, and office sectors. Several factors significantly impact Franklin BSP's profitability margins: Positive margin drivers include rising interest rates (benefiting their floating-rate portfolio), limited competition from traditional banks (allowing for wider spreads), strong multifamily fundamentals supporting borrower performance, and the company's focus on high-quality, low loan-to-value ratio loans that reduce credit risk. Negative margin pressures come from credit losses on underperforming loans (particularly legacy 2021-2022 vintage loans originated during low interest rate periods), higher funding costs as the company's own borrowing rates increase, potential real estate market downturns affecting collateral values, and the need to maintain significant loss reserves under current expected credit loss (CECL) accounting standards. The company has been actively managing a portfolio of watch-list loans and real estate owned (REO) properties that create earnings drag through non-accrual status and property carrying costs.
Competitive moat
Franklin BSP Realty Trust operates in a moderately competitive commercial real estate lending market with several factors that provide some defensive characteristics, though the company lacks a truly strong economic moat. The company's competitive advantages include its specialized expertise in commercial real estate lending, particularly in the multifamily sector where it has developed deep market knowledge and relationships. Franklin BSP benefits from its affiliation with Franklin Templeton, a large asset management firm, which provides access to capital, operational infrastructure, and institutional relationships. The company's ability to offer a broad range of financing products (first mortgages, mezzanine, bridge loans, and conduit lending) creates some customer stickiness and cross-selling opportunities. The company has also demonstrated operational flexibility during market stress, including the ability to acquire and manage REO properties, modify loan terms with borrowers, and adjust origination strategies based on market conditions. Their focus on floating-rate loans provides some protection against interest rate risk compared to fixed-rate lenders. However, Franklin BSP faces significant competitive pressures and disruption risks. The commercial real estate lending market includes numerous participants such as banks, other mortgage REITs, insurance companies, and private credit funds, many with substantially larger balance sheets and lower cost of capital. Banks, in particular, can offer more attractive financing terms when they are actively lending, though regulatory constraints have created opportunities for non-bank lenders like Franklin BSP. The company's moat is relatively narrow because commercial real estate lending is largely a commodity business where pricing and terms are the primary differentiators. The company must continuously compete for deals and cannot rely on significant switching costs or network effects. Additionally, the cyclical nature of real estate markets means that competitive advantages can quickly erode during market downturns when credit losses mount and funding becomes more expensive. The pending acquisition of NewPoint, a multifamily lending platform, represents an attempt to strengthen the company's competitive position by creating a more comprehensive product offering, though the ultimate success of this strategy remains to be proven.
Risks & safety
Franklin BSP Realty Trust presents a mixed margin of safety profile with both strengths and significant risks that investors should carefully consider. Overall Assessment: Moderate risk profile with adequate liquidity but meaningful credit and valuation concerns. Liquidity and Solvency: - Strong liquidity position with $913 million available as of Q1 2025 - Cash and short-term investments of $215 million - No immediate solvency concerns given substantial unencumbered assets - Debt-to-equity ratio of 2.85x indicates moderate leverage levels - 78% of liabilities are non-recourse and non-mark-to-market, providing some protection Credit and Operational Risks: - Watch list loans represent 4% of total portfolio, indicating manageable but present credit stress - 12 foreclosure REO positions requiring active management and potential losses - Distributable earnings negative in recent quarters, indicating dividend coverage concerns - Legacy loan portfolio (pre-2023 vintage) continues to create earnings drag - Significant CECL provisions indicating expected credit losses Valuation Metrics: - Price-to-book ratio of 0.70x suggests trading below book value - Price-to-earnings ratio of 10.9x appears reasonable for a mortgage REIT - Book value per share of $14.95 vs. current trading price provides some downside protection - EV/EBITDA of 2.2x indicates potentially attractive valuation Other Considerations: - REIT structure requires 90% of taxable income distribution, limiting capital retention - Floating-rate portfolio provides some interest rate protection but exposes to credit risk - Concentration in multifamily sector reduces diversification - Management's proactive approach to problem assets demonstrates competent risk management
Recent development
Over the past few years, Franklin BSP Realty Trust has undergone significant strategic evolution focused on portfolio optimization and risk management. The company has been actively cycling out of its legacy loan portfolio originated during the zero interest rate policy period of 2021-2022, which has proven problematic as interest rates rose and real estate fundamentals weakened. Management has successfully recycled approximately $1.1 billion in full payoffs from these vintage loans while originating $2.0 billion in new loan commitments in 2024 alone. A key strategic development has been the company's deliberate sector rotation, dramatically reducing office exposure from 6% to just 2.3% of the portfolio while maintaining heavy concentration in multifamily properties at 71%. This reflects management's view that office real estate faces structural headwinds while multifamily benefits from favorable demographic trends and rental demand. The company has also enhanced its capital markets capabilities, successfully issuing multiple collateralized loan obligations (CLOs) including a $1 billion CRE CLO in 2024 with a 36-month reinvestment period. These securitizations provide non-recourse, non-mark-to-market financing that reduces funding risk and improves returns on equity. Operational improvements include the development of more sophisticated asset management capabilities, particularly in handling REO properties where the company has sold $159 million of properties in 2024 while working to stabilize remaining assets before sale to maximize recovery values. The company has also implemented more rigorous underwriting standards for new originations, focusing on lower loan-to-value ratios and higher-quality borrowers. The pending acquisition of NewPoint represents a significant strategic initiative to create a comprehensive multifamily lending platform. This acquisition is intended to enhance the company's origination capabilities and create a unique multi-product offering in the multifamily space, potentially improving competitive positioning and deal flow. Throughout this period, management has maintained an active capital allocation strategy, including share repurchases when the stock trades below book value, demonstrating confidence in the company's intrinsic value while returning capital to shareholders.
FBRT company profile · for informational purposes only — not investment advice.
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