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FBRT

Franklin BSP Realty Trust, Inc.

FBRT

Franklin BSP Realty Trust, Inc. • NYSE
$10.42 ▲ 0.58% (+0.06)
Market Cap $854.92 M
52w High $13.58
52w Low $9.71
Dividend Yield 1.42%
P/E 13.02
Volume 336.35K
Outstanding Shares 82.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $136.618M ▲ $58.405M ▲ $17.314M ▼ 12.673% ▼ $0.12 ▼ $5.153M ▼
Q2-2025 $119.507M ▼ $16.329M ▼ $23.201M ▼ 19.414% ▲ $0.19 ▼ $34.346M ▼
Q1-2025 $164.02M ▲ $30.34M ▲ $24.058M ▲ 14.668% ▲ $0.2 ▼ $95.377M ▲
Q4-2024 $135.422M ▼ $-86.437M ▼ $3.976M ▼ 2.936% ▼ $0.28 ▼ $-31.296M ▼
Q3-2024 $139.554M $15.548M $31.614M 22.654% $0.3 $35.509M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $116.652M ▼ $6.218B ▲ $4.652B ▲ $1.472B ▼
Q2-2025 $414.085M ▲ $5.63B ▼ $4.135B ▼ $1.489B ▼
Q1-2025 $215.368M ▲ $5.654B ▼ $4.149B ▼ $1.5B ▼
Q4-2024 $184.443M ▼ $6.002B ▼ $4.482B ▼ $1.513B ▼
Q3-2024 $346.153M $6.335B $4.811B $1.516B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $24.384M ▲ $11.819M ▼ $238.871M ▼ $-52.014M ▲ $198.676M ▲ $11.819M ▼
Q1-2025 $23.705M ▼ $116.238M ▲ $286.943M ▲ $-375.941M ▼ $27.24M ▲ $116.238M ▲
Q4-2024 $30.168M ▼ $-55.089M ▼ $264.963M ▲ $-366.883M ▼ $-157.009M ▼ $-55.089M ▼
Q3-2024 $30.173M ▲ $97.438M ▲ $108.807M ▲ $41.892M ▼ $248.137M ▲ $97.438M ▲
Q2-2024 $-2.625M $1.914M $-389.911M $245.611M $-142.386M $1.914M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Real Estate Owned
Real Estate Owned
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement FBRT’s revenue base has grown over time, but with meaningful ups and downs, which is normal for a lender tied to commercial real estate activity and interest-rate cycles. Profitability has been volatile: the company has swung from losses to solid profits and then to more moderate earnings, reflecting credit conditions, funding costs, and one‑off items. The most recent period shows the business still profitable but not at the peak levels seen in the prior year, suggesting a more normalized environment rather than a runaway growth story. Overall, the income statement tells a story of a platform that is maturing, but whose results can move around as markets shift.

Balance Sheet

Balance Sheet The balance sheet is typical for a mortgage REIT: asset‑heavy and funded largely by debt, with equity representing a smaller but stable slice of the capital structure. Over the last few years, FBRT has reduced its borrowings relative to earlier levels while keeping its equity base roughly steady or slightly higher, which points to gradual de‑risking. Cash balances are modest compared with total assets, so access to credit lines and capital markets remains important. In simple terms, the balance sheet looks more disciplined than a few years ago but still relies heavily on leverage, as is standard in this industry.

Cash Flow

Cash Flow FBRT has consistently generated positive cash flow from its operations, which is encouraging for a lender whose income depends on interest and fees. Free cash flow has generally tracked operating cash flow, with only one standout year linked to a large investment and integration activity, likely tied to strategic expansion rather than routine spending. Capital expenditures are normally very light, since this is a financial platform, not a manufacturer. The cash flow profile suggests a business that can fund itself day‑to‑day, but whose long‑term growth and portfolio shifts still depend on capital markets and deal activity.

Competitive Edge

Competitive Edge FBRT’s main edge is its integrated, “one‑stop shop” platform for commercial real estate financing. Through the NewPoint acquisition, it can offer everything from short‑term bridge loans to long‑term agency loans, plus servicing, which deepens relationships and creates recurring fee income. Strong ties with brokers and borrowers, a national footprint, and an experienced team give it access to proprietary deal flow that can be hard for smaller or newer players to match. The flip side is that it still operates in a crowded, cyclical, and rate‑sensitive space where competition on terms and credit risk management remains intense.

Innovation and R&D

Innovation and R&D FBRT is not an R&D‑heavy technology company; its “innovation” is more about process, data use, and product design than about big lab budgets. The NewPoint platform appears to use solid technology and data analytics to streamline underwriting and servicing, improving speed and risk assessment rather than reinventing the wheel. The firm has also introduced specialized offerings such as its affordable‑housing focused impact platform, which blends private capital with government‑backed programs. Future innovation is likely to come from deeper data analytics, new financing structures, and ESG‑aligned products, rather than from breakthrough tech in the traditional sense.

Summary

Overall, FBRT looks like a maturing commercial real estate finance platform with improving scale, more disciplined leverage, and steady underlying cash generation, but with earnings that can swing as markets change. Its main strength is the integrated lending and servicing model built around the NewPoint acquisition, which provides diversification across loan types and a stream of servicing income. Key risks center on credit quality, real estate valuations, and interest‑rate moves, all of which can quickly affect both earnings and book value for a mortgage REIT. The story going forward will likely hinge on how well FBRT continues to integrate its platform, manage credit through the cycle, and use data‑driven processes to balance growth with risk control.

NEWS

October 29, 2025 · 5:00 PM UTC

Franklin BSP Realty Trust, Inc. Announces Third Quarter 2025 Results

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October 14, 2025 · 4:15 PM UTC

Franklin BSP Realty Trust, Inc. Schedules Third Quarter 2025 Earnings Release and Conference Call

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September 24, 2025 · 5:36 PM UTC

Franklin BSP Realty Trust, Inc. Announces Pricing of a $1.076 Billion CRE CLO

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September 15, 2025 · 6:00 AM UTC

Franklin BSP Realty Trust, Inc. Announces Third Quarter 2025 Common Stock Dividend of $0.355 Per Share and Series E Cumulative Redeemable Preferred Stock Dividend of $0.46875 Per Share

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