Franklin BSP Realty Trust, Inc. (FBRT)
Franklin BSP Realty Trust, Inc. functions as a real estate finance firm, primarily engaged in the creation, acquisition, and management of a varied portfolio of commercial real estate debt, secured by properties located across the United States. Its operations also include originating conduit loans and investing in commercial real estate securities. Additionally, the company owns real estate assets obtained via foreclosure, deed-in-lieu transactions, or direct purchase for investment. Its investment scope within commercial real estate debt encompasses first mortgage loans, mezzanine loans, bridge loans, and other related credit instruments. The company holds the qualification of a Real Estate Investment Trust (REIT) for federal tax purposes, which typically allows it to avoid federal corporate income taxes, provided it distributes at least 90% of its taxable income to its stockholders. Incorporated in 2012 and headquartered in New York, New York, the company was previously known as Benefit Street Partners Realty Trust, Inc.
Sector: Real Estate Investment Trusts
Industry: REIT - Mortgage
Franklin BSP Realty Trust, Inc.
NYSE:FBRTReal Estate · REIT - Mortgage
-0.16%$6.24
AH Close$6.24+0.00%vs close
AH Close$6.24+0.00%vs close
Mkt Cap$518.2M
Float81.97M
O/S83.05M
Inst Own56.7%
SI7.6%
Div Yield15.30%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$555.97M
Net Income$82.27M
Total Assets$6.06B
Free Cash Flow$291.94M
Debt & Equity
Debt 71%
Equity 24%
Preferred 4%
Total Debt$4.25B
Total Equity$1.44B
Preferred Stock$258.74M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in FBRT's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$6.06B
Liabilities$4.53B
Accounts Receivable$4.85B
Accounts Payable$18.89M
Inventory$0
PP&E (Net)$0
Goodwill$92.05M
Intangible Assets$327.77M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Revenue | $555.97M | $548.92M | $569.53M | $367.36M | $221.65M | $184.17M | $198.47M | $152.29M | $89.56M | $79.4M | $59.39M | $12.7M | $743K | $0 |
| YoY Growth | 1.3% | -3.6% | 55.0% | 65.7% | 20.3% | -7.2% | 30.3% | 70.0% | 12.8% | 33.7% | 367.7% | 1609.3% | - | - |
| Cost of Revenue | $43.68M | $338.47M | $305.58M | $165.71M | $60.84M | $70.21M | $93.22M | $70M | $32.36M | $23.17M | $12.27M | $4.39M | $0 | $0 |
| Gross Profit | $512.28M | $210.45M | $263.95M | $201.65M | $160.81M | $113.96M | $105.25M | $82.29M | $57.2M | $56.23M | $47.13M | $8.31M | $743K | $0 |
| Gross Margin | 92.1% | 38.3% | 46.3% | 54.9% | 72.6% | 61.9% | 53.0% | 54.0% | 63.9% | 70.8% | 79.3% | 65.5% | 100.0% | - |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $129.91M | $58.35M | $68.32M | $64.17M | $47.42M | $39.26M | $44.22M | $32.06M | $21.48M | $19.35M | $12.61M | $1.68M | $87K | $96K |
| Other | $2M | -$8.17M | $40.87M | $41.52M | -$3.08M | $15.53M | $3.51M | -$4.89M | -$3.84M | -$2.34M | -$1.35M | $0 | $0 | $0 |
| Total Operating Expenses | $131.91M | $50.17M | $109.18M | $105.69M | $44.33M | $54.79M | $47.73M | $35.43M | $20.77M | $20.64M | $12.93M | $2.69M | $641K | $96K |
| Operating Income (EBIT) | $380.37M | $115.41M | $154.77M | $52.31M | $164.96M | $59.17M | $22.85M | $46.85M | $36.44M | $35.59M | $34.2M | $5.51M | $102K | -$96K |
| Operating Margin | 68.4% | 21.0% | 27.2% | 14.2% | 74.4% | 32.1% | 11.5% | 30.8% | 40.7% | 44.8% | 57.6% | 43.4% | 13.7% | - |
| Interest Expense | $288.33M | $338.47M | $305.58M | $165.71M | $60.84M | $66.56M | $90.42M | $70M | $32.36M | $23.17M | $12.27M | $2.2M | $32.31M | $0 |
| Interest Income | $430.28M | $526.08M | $552.51M | $357.7M | $216.89M | $179.87M | $195.3M | $152.29M | $89.56M | $79.4M | $59.39M | $15.47M | $775.06M | $0 |
| Other Income (Expense) | -$292.4M | -$338.47M | -$13.01M | -$4.37M | -$149.14M | -$6.49M | $38.17M | $86.98M | $5.06M | -$5.61M | -$12.27M | $112K | $101.56M | $0 |
| Income Before Tax (EBT) | $87.97M | $93.52M | $141.75M | $13.82M | $29.3M | $52.68M | $88.41M | $52.9M | $34M | $29.99M | $24.93M | $5.62M | $102K | -$96K |
| Income Tax Expense | $3.88M | $1.12M | -$2.76M | -$399K | $3.6M | -$2.06M | $4.48M | $79K | $225K | $0 | $0 | $209K | $101.67M | $0 |
| Net Income | $82.27M | $68.89M | $145.22M | $14.43M | $25.7M | $54.75M | $83.92M | $52.83M | $33.78M | $29.99M | $24.93M | $5.42M | $102K | -$96K |
| Net Income Margin | 14.8% | 12.5% | 25.5% | 3.9% | 11.6% | 29.7% | 42.3% | 34.7% | 37.7% | 37.8% | 42.0% | 42.6% | 13.7% | - |
| Supplementary Data | ||||||||||||||
| EPS | 0.67 | 0.82 | 1.42 | -0.38 | -0.18 | 0.90 | 1.50 | 1.11 | 0.76 | 0.67 | 0.56 | 0.75 | 0.19 | 0.00 |
| Diluted EPS | 0.64 | 0.82 | 1.42 | -0.38 | -0.18 | 0.90 | 1.50 | 1.11 | 0.76 | 0.67 | 0.56 | 0.75 | 0.19 | 0.00 |
| Weighted Average OS | 81.97M | 81.85M | 82.31M | 71.63M | 86.84M | 88.77M | 88.99M | 88.99M | 88.99M | 88.99M | 88.99M | 14.45M | 1.06M | 0 |
| EBITDA | $385.89M | $437.62M | $161.89M | $106.47M | $123.23M | $61.4M | $58.02M | $59.54M | $41.09M | $39.64M | $37.01M | $7.9M | $134K | $96K |
| EBITDA Margin | 69.4% | 79.7% | 28.4% | 29.0% | 55.6% | 33.3% | 29.2% | 39.1% | 45.9% | 49.9% | 62.3% | 62.2% | 18.0% | - |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Assets | ||||||||||||||
| Current Assets | ||||||||||||||
| Cash and Cash Equivalents | $167.29M | $184.44M | $337.6M | $179.31M | $154.93M | $82.07M | $87.25M | $191.39M | $83.71M | $118.05M | $20.17M | $386K | $178K | $573 |
| Short-Term Investments | $0 | $0 | $0 | $235.73M | $4.57B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $167.29M | $184.44M | $337.6M | $415.04M | $4.72B | $82.07M | $87.25M | $191.39M | $83.71M | $118.05M | $20.17M | $386K | $178K | $573 |
| Accounts Receivable | $4.85B | $5.2B | $5.09B | $5.32B | $4.53B | $2.88B | $2.98B | $2.37B | $1.49B | $1.07B | $6.67M | $456.88M | $30.83M | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$846K | -$132K | $0 | $0 | $0 | $0 | $0 |
| Other Current Assets | $17.89M | $12.42M | $6.09M | $11.17M | $56.44M | $1.53M | $16.55M | $0 | $3.99M | $3.1M | $12.72M | $6.72M | $355K | $0 |
| Total Current Assets | $5.04B | $5.39B | $5.43B | $5.75B | $9.32B | $2.97B | $3.09B | $2.58B | $1.58B | $1.2B | $1.15B | $463.99M | $31.36M | $573 |
| Long-Term Assets | ||||||||||||||
| Property, Plant & Equipment Net | $0 | $0 | $0 | $0 | $0 | $0 | $5.98M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $92.05M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $327.77M | $39.83M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $243.83M | $216.37M | $242.57M | $221.03M | $4.57B | $171.14M | $386.32M | $26.41M | $0 | $49.05M | $130.75M | $50.23M | $5M | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.61B | $1.58B | $1.25B | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $354.57M | $353.58M | $238.7M | $180.48M | $106.15M | $37.59M | $44.33M | -$2.61B | -$1.58B | -$1.25B | $0 | $0 | $0 | $0 |
| Total Long-Term Assets | $1.02B | $609.78M | $524.06M | $456.33M | $154.63M | $222.28M | $451M | $27.26M | $132K | $49.05M | $130.75M | $50.23M | $5M | $0 |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $6.06B | $6B | $5.96B | $6.2B | $9.47B | $3.19B | $3.54B | $2.61B | $1.58B | $1.25B | $1.28B | $514.22M | $36.37M | $0 |
| Liabilities | ||||||||||||||
| Current Liabilities | ||||||||||||||
| Accounts Payable | $18.89M | $14.44M | $13.34M | $17.67M | $12.71M | $5.13M | $10.93M | $4.5M | $4.51M | $1.17M | $0 | $0 | $0 | $635K |
| Short-Term Debt | $187.37M | $236.61M | $174.06M | $440.01M | $4.18B | $186.83M | $394.36M | $44.54M | $39.03M | $66.64M | $117.21M | $99.97M | $7.3M | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $409.13M | $0 | $0 | $0 |
| Other Current Liabilities | $0 | $1.29M | $12.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $10.65M | $4.89M | $231K | $0 |
| Total Current Liabilities | $273.36M | $315.53M | $270.52M | $522.14M | $4.24B | $219.28M | $421.94M | $61.12M | $55.43M | $78.36M | $543.8M | $107.24M | $9.27M | $635K |
| Long-Term Liabilities | ||||||||||||||
| Long-Term Debt | $4.06B | $4.08B | $4.01B | $4B | $3.39B | $1.96B | $2.08B | $1.52B | $851.85M | $278.45M | $493.47M | $76.47M | $0 | $122K |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $150K | $1.73B | $973.32M | $614.48M | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$1.73B | -$973.32M | -$485.05M | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $189.5M | $90.46M | $89.75M | $94.81M | $128.95M | $209.66M | $210.69M | $296.55M | -$784.11M | -$278.45M | -$409.11M | $0 | $0 | -$122K |
| Total Long-Term Liabilities | $4.25B | $4.17B | $4.1B | $4.1B | $3.52B | $2.17B | $2.3B | $1.81B | $917.89M | $536.11M | $84.36M | $76.47M | $0 | $122K |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $4.53B | $4.48B | $4.37B | $4.63B | $7.76B | $2.39B | $2.72B | $1.87B | $973.32M | $614.48M | $628.15M | $183.71M | $9.27M | $757K |
| Stockholders' Equity | ||||||||||||||
| Preferred Stock | $258.74M | $258.74M | $258.74M | $258.74M | $969.17M | $0 | $209.11M | $145.79M | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $808K | $818K | $820K | $826K | $441K | $446K | $441K | $395K | $320K | $319K | $314K | $155K | $13K | $0 |
| Retained Earnings | -$411.1M | -$348.07M | -$298.94M | -$299.23M | -$167.18M | -$106.47M | -$85.97M | -$94.27M | -$94.08M | -$70.67M | -$35.32M | -$10.22M | -$605K | -$16K |
| Comprehensive Income & Other | -$284K | $79K | -$703K | $390K | -$62K | -$8.26M | -$978K | -$459K | $610.34M | -$500K | $691.9M | -$306K | -$10K | $0 |
| Other Stockholders' Equity | $1.85B | $1.86B | $1.86B | $1.86B | $1.87B | $904.47M | $902.33M | $827.1M | $704.1M | $704M | $689.34M | $340.57M | $26.61M | $200K |
| Total Equity | $1.44B | $1.51B | $1.56B | $1.56B | $1.71B | $798.44M | $816.8M | $733.23M | $610.34M | $633.65M | $654.33M | $330.51M | $26.02M | $184K |
| Minority Interest | $89.95M | $7.5M | $27.09M | $15.41M | $5.76M | $0 | $0 | $1.5B | $864.87M | $479.68M | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $5.97B | $5.99B | $5.93B | $6.19B | $9.47B | $3.19B | $3.54B | $2.61B | $1.58B | $1.25B | $1.28B | $514.22M | $35.29M | $941K |
| Supplementary Data | ||||||||||||||
| Total Debt | $4.25B | $4.31B | $4.18B | $4.45B | $7.57B | $2.15B | $2.49B | $1.71B | $956.57M | $602.75M | $610.68M | $176.44M | $7.3M | $0 |
| Net Debt | $4.08B | $4.13B | $3.85B | $4.27B | $7.42B | $2.07B | $2.4B | $1.52B | $872.86M | $484.7M | $590.51M | $176.05M | $7.13M | -$573 |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Operating Activities | ||||||||||||||
| Net Income | $84.08M | $92.4M | $145.22M | $14.21M | $25.7M | $54.75M | $83.92M | $52.83M | $33.78M | $29.99M | $24.93M | $5.42M | $102K | -$96K |
| Depreciation & Amortization | $9.59M | $5.63M | $7.13M | $5.33M | $2.11M | $2.23M | $507K | $12.68M | $4.65M | $4.05M | $2.82M | $80K | $0 | $96K |
| Deferred Income Tax | $0 | $0 | $0 | $0 | $13.13M | $19.33M | -$3.44M | -$3.26M | -$2.79M | $1.8M | -$940K | $276K | $0 | $0 |
| Stock-Based Compensation | $9.12M | $8.17M | $4.76M | $2.52M | $211K | $193K | $156K | $157K | $97K | $44K | $30K | $28K | $16K | $0 |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | $9.15M | $6.76M | -$906K | -$563K | -$4.67M | $7.42M | -$765K | -$3.06M | -$2.2M | $940K | -$1.43M | -$2.57M | -$126K | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Payable | $793K | $6.49M | -$1.19M | $5.03M | $3.64M | -$5.84M | $6.43M | -$13K | $3.34M | $360K | -$1.71M | -$276K | $1.09B | $0 |
| Other Working Capital | $947K | -$10.61M | -$1.08M | $1.03M | $103.59M | -$4.51M | -$527K | -$5.84M | -$2.44M | -$243K | $3.1M | -$496K | -$229K | $0 |
| Total Working Capital Change | $10.89M | $2.63M | -$2.27M | $5.5M | $102.56M | -$2.92M | $5.14M | -$8.92M | -$1.29M | $1.06M | -$38K | -$3.07M | -$355K | $0 |
| Other Non-Cash Items | $178.26M | -$51.61M | $42.56M | $124.95M | $2.79M | $41.75M | -$40.91M | -$46.39M | -$26.09M | -$1.91M | -$1.37M | $312K | $1.01M | $0 |
| Net Cash from Operating | $291.94M | $57.23M | $197.39M | $152.51M | $146.5M | $115.33M | $45.37M | $7.1M | $8.35M | $35.02M | $25.43M | $2.69M | $776K | $0 |
| Investing Activities | ||||||||||||||
| Capital Expenditures | -$360K | $0 | $0 | -$663K | $2.88B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Acquisitions | $0 | $0 | $0 | $0 | $174.08M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$143.88M | -$79.5M | -$223.77M | -$221.79M | -$2.88B | -$149.39M | -$368.58M | -$40.31M | -$592K | $1.21B | -$85.46M | -$45.6M | -$5.01B | $0 |
| Sales of Investments | $245.86M | $154.48M | $419M | $3.73B | $2.06B | $346.2M | $9.37M | $12.46M | $49.89M | $81.3M | $3.01M | $0 | $0 | $0 |
| Other Investing Activities | $279.19M | -$230.45M | $604.58M | -$411.99M | -$1.17B | $43.88M | -$610.03M | -$827.96M | -$382.05M | -$1.15B | -$667.39M | -$471.64M | -$35.76M | $0 |
| Net Cash from Investing | $380.81M | -$155.47M | $380.81M | $3.1B | $1.07B | $240.69M | -$969.24M | -$855.81M | -$332.76M | $139.41M | -$749.85M | -$471.64M | -$35.76M | $0 |
| Financing Activities | ||||||||||||||
| Debt Repaid | $465.57M | -$56.27M | -$879K | -$602.65M | -$1.35B | $116.14M | -$414.44M | -$738.26M | -$572M | -$37.46M | -$342.85M | -$166.94M | -$7.3M | - |
| Common Stock Issuance | $0 | $0 | $0 | $0 | $0 | $10.67M | $75.55M | $124.33M | $0 | $0 | $385.2M | $345.48M | $32.21B | $0 |
| Common Stock Repurchases | -$14.37M | -$4.87M | -$12.51M | -$16.58M | -$11.42M | -$10.26M | -$13.81M | -$15.09M | -$20.55M | -$18.96M | -$2.56M | -$464K | -$35K | $0 |
| Dividends Paid | -$145.58M | -$144.91M | -$144.35M | -$139.41M | -$67.95M | -$49.79M | -$60.61M | -$36.95M | -$38.83M | -$40.25M | -$26.95M | -$7.59M | -$287K | $0 |
| Other Financing Activities | -$9.68M | -$17.63M | -$3.07M | $64.63M | -$9.52M | $0 | $0 | $0 | -$11.96M | $793K | -$50.66M | -$67K | $956K | $6K |
| Net Cash from Financing | -$684.43M | -$48.58M | -$424.99M | -$3.23B | -$1.14B | -$373M | $828.58M | $961.43M | $290.07M | -$71.54M | $738.84M | $469.16M | $35.16M | $6K |
| Forex Effect | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $469.23M | $0 | $0 |
| Net Change in Cash | -$11.68M | -$146.82M | $153.2M | $22.29M | $76.06M | -$16.98M | -$95.3M | $112.71M | -$34.34M | $102.9M | $14.42M | $208K | -$395K | $6K |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $291.94M | $57.23M | $197.39M | $152.51M | $146.5M | $115.33M | $45.37M | $7.1M | $8.35M | $35.02M | $25.43M | $2.69M | $776K | $0 |
| Capital Expenditure | -$360K | $0 | $0 | -$663K | $2.88B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $291.94M | $57.23M | $197.39M | $151.85M | $3.03B | $115.33M | $45.37M | $7.1M | $8.35M | $35.02M | $25.43M | $2.69M | $776K | $0 |
| Cash at Beginning | $196.86M | $343.69M | $190.49M | $168.2M | $92.14M | $109.12M | $204.42M | $91.71M | $118.05M | $20.17M | $386K | $178K | $573K | $0 |
| Cash at End | $185.18M | $196.86M | $343.69M | $190.49M | $168.2M | $92.14M | $109.12M | $204.42M | $83.71M | $123.07M | $14.81M | $386K | $178K | $6K |