Franklin BSP Realty Trust

FBRT · NYSE · Real Estate · Financials, fiscal 2016 to 2025

FBRT · Last close · November 6, 2026

$6.20

Value Franklin BSP Realty Trust yourself

Franklin BSP Realty Trust's revenue rose 20.9% to $270 million in fiscal 2025. Its net margin was 30.5%, down from 42.9% a year earlier. Free cash flow was $292 million, up 409.5%. It paid out $160 million in dividends and buybacks, 55% of free cash flow. The diluted share count rose 5.3%.

FRANKLIN BSP REALTY TRUST, INC. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001562528-26-000008 Updated November 5, 2026

Revenue

$270M

20.9%

Net margin

30.5%

12.5 pts

Net income

$82M

14.2%

Free cash flow

$292M

409.5%

Return on capital

25.6%

6.6 pts

Market cap

$501M

Nov 6 close

P/E

—

Loss: no P/E

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Franklin BSP Realty Trust does

Franklin BSP Realty Trust is a real estate investment trust, or REIT, that lends against commercial real estate. It is externally managed by Benefit Street Partners, a Franklin Templeton company, which runs its day-to-day affairs and is paid fees for doing so. The company has two business units.

Commercial Real Estate Financing originates, buys and manages commercial property debt, including first mortgage loans, subordinated and mezzanine loans, and bridge loans. It also holds real estate securities such as commercial mortgage-backed securities, makes conduit loans that it plans to sell into securitizations, and owns some property it took over after loans defaulted.

The Agency Business came from the July 1, 2025 purchase of NewPoint. It originates, sells and services multifamily loans under programs of Fannie Mae, Freddie Mac, Ginnie Mae and the Federal Housing Administration. The company is an approved lender for several of these programs. The company earns mainly interest on its loans, and fees from the Agency Business. As of December 31, 2025, it had 223 employees, all at NewPoint.

Its biggest risks, as it describes them

A large amount of debt, and the chance it needs to borrow more.
Not earning more on its loans than it pays on its borrowings.
Lenders asking for more collateral when asset values fall, which could strain its cash.
Changes in short-term interest rates, which affect its net income.
The usual risks of commercial real estate behind its loans, including defaults and delays in resolving them.

From Franklin BSP Realty Trust's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 4.3% a year and net income grew 11.9% a year, as new shares raised the share count by 172% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	155	179	338	184	167
Debt incl. finance leases	0	6	0	0	0
Net debt (negative means net cash)	−155	−173	−338	−184	−167
Net debt to EBITDA	−2.2x	−1.0x	−0.7x	−0.4x	−0.5x
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	1.2x	1.1x	1.5x	1.3x	1.3x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Franklin BSP Realty Trust's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Franklin BSP Realty Trust's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 3 insiders bought $1.6 million of Franklin BSP Realty Trust shares on the open market, and 1 insider sold $15,000.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Nov 3, 2026	Richard J ByrneChairman and CEO, Director	Bought	162,600	$6.14	$998,364	Form 4
Nov 3, 2026	Buford H OrtaleDirector	Bought	1,046	$17.25	$18,044	Form 4
Nov 2, 2026	Buford H OrtaleDirector	Bought	1,018	$7.56	$7,700	Form 4
Jun 15, 2026	Buford H OrtaleDirector	Bought	29,597	$9.85	$291,612	Form 4
Mar 3, 2026	Brian BuffonePresident	Bought	27,000	$9.41	$254,070	Form 4
Feb 18, 2026	Buford H OrtaleDirector	Bought	2,000	$8.77	$17,540	Form 4
Feb 17, 2026	Buford H OrtaleDirector	Bought	2,000	$8.88	$17,760	Form 4
Nov 21, 2025	Peter J McDonoughDirector	Sold	1,500	$10.00	$15,000	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	103.4%	8.7%	128.9%
Altman Z''	—	—	—
Accruals ratio	−0.9%	0.7%	−3.5%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Fail	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	—	—	—
Share count didn't rise	Fail	Pass	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Franklin BSP Realty Trust side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Franklin BSP Realty Trust	FY25	20.9%	—	108.0%	25.6%	−0.5x	—
PennyMac Mortgage Investment Trust	FY25	−8.0%	—	—	37.6%	—	—	Compare
Arbor Realty Trust	FY25	−18.0%	34.6%	—	1.2%	53.0x	—	Compare
Starwood Property Trust	FY25	−5.3%	—	5.4%	—	—	—	Compare
AGNC Investment	FY25	19.5%	—	—	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	56	57	82	108	118	166	207	269	223	270
Revenue growth	19.3%	1.7%	43.9%	31.3%	8.8%	40.7%	25.0%	29.9%	−16.9%	20.9%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	30	34	53	84	55	26	14	145	96	82
Diluted EPS (US$)	0.95	1.06	1.44	1.60	0.90	−0.18	−0.38	1.42	0.82	0.64
Diluted shares (millions)	32	32	37	42	44	43	72	82	82	86
Cash flow
Cash from operations	35	8	7	45	115	146	152	197	57	292
Capital expenditure	—	—	—	—	—	—	—	0	0	0
Free cash flow	—	—	—	—	—	—	—	197	57	292
Dividends paid	40	39	37	61	50	68	139	144	145	146
Share buybacks	19	20	15	14	10	11	17	12	5	14
Acquisitions	0	0	0	0	0	0	0	0	0	297
Stock-based compensation	0	0	0	0	0	0	2	5	8	9
Balance sheet at fiscal year end
Cash and short-term investments	118	84	191	87	82	155	179	338	184	167
Debt incl. finance leases	0	0	0	0	0	0	6	0	0	0
Total assets	1,248	1,584	2,606	3,541	3,190	9,475	6,204	5,955	6,002	6,057
Total liabilities	614	973	1,727	2,515	2,182	7,667	4,530	4,279	4,393	4,436
Shareholders' equity	634	610	733	817	798	1,706	1,563	1,559	1,513	1,442
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	53.3%	59.0%	64.2%	77.7%	46.5%	15.5%	7.0%	54.0%	42.9%	30.5%
Free cash flow margin	—	—	—	—	—	—	—	73.5%	25.6%	108.0%
Rule of 40 (growth + FCF margin)	—	—	—	—	—	—	—	103.4%	8.7%	128.9%
Return on capital	2.7%	7.2%	14.5%	16.7%	5.5%	4.1%	11.8%	33.8%	32.2%	25.6%
Return on equity	4.7%	5.4%	7.9%	10.8%	6.8%	2.0%	0.9%	9.3%	6.2%	5.6%
Return on assets	2.4%	2.4%	2.5%	2.7%	1.6%	0.4%	0.2%	2.4%	1.6%	1.4%
Net debt to EBITDA	—	−2.2x	−2.5x	−0.7x	−1.6x	−2.2x	−1.0x	−0.7x	−0.4x	−0.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Franklin BSP Realty Trust's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Franklin BSP Realty Trust.