FBRT Real Estate

Franklin BSP Realty Trust, Inc.

$6.19+1.48%

Price as of close on Nov 3, 2026 · Financials updated Nov 4, 2026

Basics

Sector: Real Estate
Industry: REIT - Mortgage
Country: United States
Market cap: 468.4M USD
Enterprise value: 3.3B USD
Full-time employees: 252

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its share price swings more than most peers’ (beta 1.14 vs a peer median of 0.75)bigger price swings (beta 1.14 vs peers 0.75)
Drawback: more debt relative to equity (2.16× vs a peer median of 0.80×)more debt vs equity (2.16× vs peers 0.80×)
About average: risk (debt, liquidity and share-price swings)risk
Not enough data: valuation

Would rank #335 of 632 fully scored real estate companies (bottom 48%)

Partial overall score — 3/4 categories available.

See how it ranks against its peers

Worth knowing

Buybacks largely absorbed by stock pay. Stock-based pay expense $22M vs $32M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +0.1% from December 2022 to July 2026.
Over three fiscal years Franklin BSP Realty Trust recorded $22M of stock-based pay expense and spent $32M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (+0.1%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Franklin BSP Realty Trust recorded $22M of stock-based pay expense and spent $32M repurchasing shares. The share count barely moved (+0.1%), so much of the repurchasing offset new employee shares rather than shrinking the count.
Cash flow well above reported profit. Free cash flow is 3.6× reported profit.
Free cash flow is 3.6× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.
Fast revenue growth. Revenue grew 37% in the 12 months to June 2026 vs the 12 months before, faster than 91% of peers.
Revenue grew 37% in the 12 months to June 2026 vs the 12 months before, faster than 91% of its peers.

StockQuotient Score

50/ 100▼ 5 since Oct 27 close

Oct 5 55 → Nov 4 50 (-5)

Valuation

Is the price right?

Insufficient data

Insufficient data: 1 of 2 inputs reported (at least 2 needed). We leave it blank rather than fill the gap with a made-up middle value.

Growth

Is it growing?

70/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 5.5%

Why

Stronger than most peers on:

▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-39.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.64Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth5.7%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.25Sector median: 0.0378 · MAD: 0.0744

Revenue growth37.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.67Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

17/100

Weak▼ 7 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Net margin fell 3.8 points to 21.1%

Why it changed since the Oct 27, 2026 close: Score 24 → 17

Company's reported figures updated-7

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ ROIC
▼ ROA
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin17.0%

Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Reported value33% base weight · Z-score -0.44Sector median: 0.2683 · MAD: 0.2257

Return on assets1.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.82Sector median: 0.0211 · MAD: 0.0134

Return on invested capital-2.9%

Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score -3.18Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity4.7%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 72 → 62

Company's reported figures updated-11
Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ Current ratio
▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.14

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.19Sector median: 0.7490 · MAD: 0.3270

Current ratio5.18×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score 5.52Sector median: 1.1950 · MAD: 0.7210

Debt / equity2.16×

SEC filings · latest balance sheetReported value33% base weight · Z-score -3.49Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Franklin BSP Realty Trust

Is Franklin BSP Realty Trust getting weaker?: Its latest SEC filing (Jul 29, 2026) got weaker in some ways: net margin fell 3.8 points to 21.1%; share count up 7.9%. Its overall score is 50/100, down 5 since Oct 28, 2026.
How is Franklin BSP Realty Trust valued vs its peers?: Insufficient data: 1 of 2 inputs reported (at least 2 needed).
Is Franklin BSP Realty Trust growing?: Yes, faster than most of its peers. Growth scores 70/100 against 762 real estate peers. Revenue growth 37.0% vs a peer median of 3.0% (stronger than 91% of peers).Revenue growth 37.0% vs peers 3.0% (stronger than 91% of peers). Earnings per share growth -39.8% vs a peer median of 11.2% (weaker than 84% of peers).Earnings per share growth -39.8% vs peers 11.2% (weaker than 84% of peers).
How profitable is Franklin BSP Realty Trust?: Less profitable than most of its peers. Profitability scores 17/100 against 762 real estate peers. Return on invested capital -2.9% vs a peer median of 3.4% (weaker than 92% of peers).Return on invested capital -2.9% vs peers 3.4% (weaker than 92% of peers).
How risky is Franklin BSP Realty Trust?: Moderate risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 5.18× vs a peer median of 1.20× (stronger than 94% of peers).Current ratio 5.18× vs peers 1.20× (stronger than 94% of peers). Debt / equity 2.16× vs a peer median of 0.80× (weaker than 88% of peers).Debt / equity 2.16× vs peers 0.80× (weaker than 88% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 29, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Net margin fell 3.8 points to 21.1%
Share count up 7.9% (existing holders diluted)

Worth watching: Franklin BSP Realty Trust is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	289.4M USD	305.4M USD	+5.5%
Net income (12 months)	72.0M USD	64.4M USD	−10.6%
Debt	2.7B USD	3.0B USD	+11.5%
Cash	115.6M USD	136.3M USD	+17.9%
Shares outstanding	77.0M	83.0M	+7.9%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Mortgage companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	2.8%	—	—	—	—	—
Net margin	15.5%	7.0%	54.0%	42.9%	30.5%	▼ 12 pts
Return on assets (ROA)	0.3%	0.2%	2.4%	1.6%	1.4%	▼ 0.2 pts
Return on equity (ROE)	1.5%	0.9%	9.3%	6.3%	5.7%	▼ 0.6 pts
Debt to equity	1.28×	2.01×	2.30×	2.41×	1.91×	▼ 21%
Interest coverage	0.08×	—	—	—	—	—

FBRT price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its share price swings more than most peers’ (beta 1.14 vs a peer median of 0.75)bigger price swings (beta 1.14 vs peers 0.75)

Drawback: more debt relative to equity (2.16× vs a peer median of 0.80×)more debt vs equity (2.16× vs peers 0.80×)

About average: risk (debt, liquidity and share-price swings)risk

Not enough data: valuation

Would rank #335 of 632 fully scored real estate companies (bottom 48%)

Partial overall score — 3/4 categories available.

See how it ranks against its peers

Worth knowing

Buybacks largely absorbed by stock pay. Stock-based pay expense $22M vs $32M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +0.1% from December 2022 to July 2026.

Over three fiscal years Franklin BSP Realty Trust recorded $22M of stock-based pay expense and spent $32M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (+0.1%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Franklin BSP Realty Trust recorded $22M of stock-based pay expense and spent $32M repurchasing shares. The share count barely moved (+0.1%), so much of the repurchasing offset new employee shares rather than shrinking the count.

Cash flow well above reported profit. Free cash flow is 3.6× reported profit.

Free cash flow is 3.6× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Fast revenue growth. Revenue grew 37% in the 12 months to June 2026 vs the 12 months before, faster than 91% of peers.

Revenue grew 37% in the 12 months to June 2026 vs the 12 months before, faster than 91% of its peers.

Questions investors ask about Franklin BSP Realty Trust

Is Franklin BSP Realty Trust getting weaker?

Its latest SEC filing (Jul 29, 2026) got weaker in some ways: net margin fell 3.8 points to 21.1%; share count up 7.9%. Its overall score is 50/100, down 5 since Oct 28, 2026.

How is Franklin BSP Realty Trust valued vs its peers?

Insufficient data: 1 of 2 inputs reported (at least 2 needed).

Is Franklin BSP Realty Trust growing?

Yes, faster than most of its peers. Growth scores 70/100 against 762 real estate peers. Revenue growth 37.0% vs a peer median of 3.0% (stronger than 91% of peers).Revenue growth 37.0% vs peers 3.0% (stronger than 91% of peers). Earnings per share growth -39.8% vs a peer median of 11.2% (weaker than 84% of peers).Earnings per share growth -39.8% vs peers 11.2% (weaker than 84% of peers).

How profitable is Franklin BSP Realty Trust?

Less profitable than most of its peers. Profitability scores 17/100 against 762 real estate peers. Return on invested capital -2.9% vs a peer median of 3.4% (weaker than 92% of peers).Return on invested capital -2.9% vs peers 3.4% (weaker than 92% of peers).

How risky is Franklin BSP Realty Trust?

Moderate risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 5.18× vs a peer median of 1.20× (stronger than 94% of peers).Current ratio 5.18× vs peers 1.20× (stronger than 94% of peers). Debt / equity 2.16× vs a peer median of 0.80× (weaker than 88% of peers).Debt / equity 2.16× vs peers 0.80× (weaker than 88% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

289.4M USD

305.4M USD

+5.5%

Net income (12 months)

72.0M USD

64.4M USD

−10.6%

Debt

2.7B USD

3.0B USD

+11.5%

Cash

115.6M USD

136.3M USD

+17.9%

Shares outstanding

77.0M

83.0M

+7.9%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

2.8%

—

Net margin

15.5%

7.0%

54.0%

42.9%

30.5%

▼ 12 pts

Return on assets (ROA)

0.3%

0.2%

2.4%

1.6%

1.4%

▼ 0.2 pts

Return on equity (ROE)

1.5%

0.9%

9.3%

6.3%

5.7%

▼ 0.6 pts

Debt to equity

1.28×

2.01×

2.30×

2.41×

1.91×

▼ 21%

Interest coverage

0.08×

—