F
Franklin BSP Realty Trust, Inc.
Period
FY 2025
Revenue
$270.07M
Net Income
$82.27M
Total Assets
$6.06B
Equity
$1.44B
Shares Out
76.96M
Op. Cash Flow
$291.94M
Business
Franklin BSP Realty Trust, Inc. is a real estate finance REIT that originates, acquires and asset-manages commercial real estate debt and securities. The Commercial Real Estate Financing unit invests in first mortgage loans, mezzanine loans, bridge loans, participations, CMBS bonds, and real estate equity. The Agency Business unit originates and services multifamily loans under GSE and HUD programs including Fannie Mae, Freddie Mac, and Ginnie Mae. The company is externally managed by Benefit Street Partners.
Summary from 10-K filed 2026-02-25
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Interest income | 430 | 526 | 553 | 358 | 217 | |
| Less: Interest expense | 288 | 338 | 306 | 161 | 56 | |
| Net interest income | 142 | 188 | 247 | 197 | 161 | |
| Gain/(loss) on sales, including fee-based services, net | 58 | 13 | 4 | — | — | |
| Mortgage servicing rights | 29 | 0 | 0 | — | — | |
| Servicing revenue, net | 13 | 0 | 0 | — | — | |
| Gain/(loss) on derivatives | −200,000 | −211,000 | 858,000 | — | — | |
| Revenue from real estate owned | 30 | 23 | 17 | — | — | |
| Total income | 270 | 223 | 269 | 207 | 165 | |
| Compensation and benefits | 54 | 0 | 0 | — | — | |
| Asset management and subordinated performance fee | 24 | 26 | 34 | 26 | 28 | |
| Acquisition expenses | 951,000 | 996,000 | 1 | 1 | 1 | |
| Administrative services expenses | 13 | 10 | 14 | 13 | 8 | |
| Professional fees | 29 | 15 | 15 | 23 | 12 | |
| Other expenses | 46 | 21 | 11 | 7 | 4 | |
| Depreciation and amortization | 10 | 6 | 7 | 5 | 2 | |
| Share-based compensation | 9 | 8 | 5 | 3 | 0 | |
| Total expenses | 186 | 86 | 88 | 78 | 143 | |
| (Provision)/benefit for credit losses | 12 | −36 | −34 | −36 | 5 | |
| Realized gain/(loss) on sale of commercial mortgage loans, held for investment | 0 | 138,000 | 0 | 0 | — | |
| Realized gain/(loss) on sale of commercial mortgage loans, held for sale | −246,000 | 0 | 0 | −354,000 | 26,000 | |
| Realized gain/(loss) on real estate securities, available for sale | 112,000 | 143,000 | 80,000 | 0 | 0 | |
| Realized gain/(loss) on extinguishment of debt | −8 | 0 | 2 | −5 | −5 | |
| Gain/(loss) on other real estate investments | −3 | −8 | −7 | −692,000 | — | |
| Income/(loss) from equity method investments | 4 | 0 | 0 | — | — | |
| Trading gain/(loss) | 0 | 0 | −605,000 | −119 | −36 | |
| Total other income/(loss) | 4 | −43 | −39 | −116 | 7 | |
| Income/(loss) before taxes | 88 | 94 | 142 | 14 | 29 | |
| (Provision)/benefit for income tax | −4 | −1 | 3 | 400,000 | −4 | |
| Net income/(loss) | 84 | 92 | 145 | 14 | 26 | |
| Net (income)/loss attributable to non-controlling interest | −2 | 3 | 706,000 | 216,000 | 0 | |
| Net income/(loss) attributable to Franklin BSP Realty Trust, Inc. | 82 | 96 | 145 | 14 | 26 | |
| Less: Preferred stock dividends | 27 | 27 | 27 | 42 | — | |
| Net income/(loss) attributable to common stock, basic | 55 | 69 | 118 | −27 | −8 | |
| Net income/(loss) attributable to common stock, diluted | 55 | 69 | 118 | −27 | −8 | |
| Basic earnings per share (in dollars per share) | 0.65 | 0.82 | 1.42 | −0.38 | −0.18 | |
| Diluted earnings per share (in dollars per share) | 0.64 | 0.82 | 1.42 | −0.38 | −0.18 | |
| Basic weighted average shares outstanding (in shares) | 82 | 82 | 82 | 72 | 43 | |
| Diluted weighted average shares outstanding (in shares) | 86 | 82 | 82 | 72 | 43 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 167 | 184 | 338 | 179 | 155 | |
| Restricted cash | 18 | 12 | 6 | 11 | 13 | |
| Investment securities, held to maturity | 20 | 0 | — | — | — | |
| Commercial mortgage loans, held for investment, net of allowance for credit losses of $38,302 and $78,083 as of December 31, 2025 and 2024, respectively | 4,383 | 4,909 | 4,990 | 5,229 | 4,211 | |
| Commercial mortgage loans, held for sale, measured at fair value | 361 | 87 | 0 | 16 | 35 | |
| Real estate securities, available for sale, measured at fair value, amortized cost of $151,946 and $202,894 as of December 31, 2025 and 2024, respectively | 152 | 203 | 243 | 221 | 0 | |
| Mortgage servicing rights, net | 212 | 0 | — | — | — | |
| Accrued interest receivable | 41 | 42 | 42 | 34 | 30 | |
| Receivable for loan repayment | 51 | 158 | 55 | 43 | 252 | |
| Prepaid expenses and other assets | 45 | 18 | 19 | 16 | 14 | |
| Real estate owned, net of depreciation | 99 | 113 | 116 | 128 | 90 | |
| Real estate owned, held for sale | 199 | 223 | 104 | 36 | 0 | |
| Equity method investments | 72 | 13 | 0 | — | — | |
| Intangible assets, net of amortization | 116 | 40 | 43 | 55 | 48 | |
| Goodwill | 92 | 0 | — | — | — | |
| Derivative instruments, measured at fair value | 11 | 0 | 0 | 415,000 | 436,000 | |
| Loans eligible for repurchase | 18 | 0 | — | — | — | |
| Total assets | 6,057 | 6,002 | 5,955 | 6,204 | 9,475 | |
| Collateralized loan obligations | 2,736 | 3,628 | 3,567 | 3,122 | 2,162 | |
| Unsecured debt | 185 | 81 | 81 | 99 | 149 | |
| Mortgage note payable | 24 | 24 | 24 | 24 | 24 | |
| Allowance for loss sharing | 19 | 0 | — | — | — | |
| Accrued compensation | 44 | 0 | — | — | — | |
| Liability for loans eligible for repurchase | 18 | 0 | — | — | — | |
| Interest payable | 16 | 13 | 15 | 13 | 3 | |
| Distributions payable | 39 | 36 | 36 | 36 | 30 | |
| Accounts payable and accrued expenses | 19 | 4 | 13 | 18 | 13 | |
| Due to affiliates | 12 | 14 | — | — | — | |
| Derivative instruments, measured at fair value | 7 | 713,000 | 0 | 64,000 | 32 | |
| Other liabilities | 30 | 12 | — | — | — | |
| Total liabilities | 4,436 | 4,393 | 4,279 | 4,530 | 7,667 | |
| Commitments and Contingencies | — | — | — | — | — | |
| Total redeemable convertible preferred stock | 90 | 90 | 90 | 95 | 97 | |
| Common stock, $0.01 par value, 900,000,000 shares authorized, 81,553,982 and 83,066,789 issued and outstanding as of December 31, 2025 and 2024, respectively | 808,000 | 818,000 | 820,000 | 826,000 | 441,000 | |
| Additional paid-in capital | 1,593 | 1,601 | 1,599 | 1,602 | 903 | |
| Accumulated other comprehensive income (loss) | −284,000 | 79,000 | −703,000 | 390,000 | −62,000 | |
| Accumulated deficit | −411 | −348 | −299 | −299 | −167 | |
| Total stockholders' equity | 1,442 | 1,513 | 1,559 | 1,563 | 1,706 | |
| Non-controlling interest | 90 | 7 | 27 | 15 | 6 | |
| Total equity | 1,531 | 1,520 | 1,586 | 1,578 | 1,711 | |
| Total liabilities, redeemable convertible preferred stock and equity | 6,057 | 6,002 | 5,955 | 6,204 | 9,475 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Premium amortization and (discount accretion), net | −10 | −10 | −13 | −13 | −7 | |
| Accretion of deferred commitment fees | −5 | −7 | −8 | −9 | −10 | |
| Amortization of deferred financing costs | 13 | 13 | 8 | 6 | 5 | |
| Share-based compensation | 9 | 8 | 5 | 3 | 211,000 | |
| Realized (gain)/loss on sale of available for sale securities, measured at fair value | −113,000 | −143,000 | −80,000 | 0 | 0 | |
| Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value | −18 | −13 | −4 | 354,000 | — | |
| Realized (gain)/loss on sale of commercial mortgage loans, held for sale | 246,000 | 0 | 0 | 354,000 | 0 | |
| Unrealized (gain)/loss on commercial mortgage loans, held for sale, measured at fair value | 0 | 0 | −44,000 | — | — | |
| Unrealized (gain)/losses on derivative instruments | 200,000 | −1 | 140,000 | 16 | −7 | |
| (Gain)/loss on other real estate investments | 3 | 8 | 7 | 659,000 | 19,000 | |
| Trading (gain)/loss | 0 | 0 | 605,000 | 119 | 36 | |
| Depreciation and amortization | 10 | 6 | 8 | 5 | 2 | |
| Straight line rental income | 946,000 | −4 | −4 | −1 | — | |
| Origination of commercial mortgage loans, held for sale, measured at fair value | −3,637 | −358 | −103 | −367 | −421 | |
| Proceeds from sale or repayment of commercial mortgage loans, held for sale, measured at fair value | 3,804 | 284 | 122 | 385 | 454 | |
| Origination and purchase of commercial mortgage loans, held for sale | −7 | 0 | 0 | — | — | |
| Proceeds from sale of commercial mortgage loans, held for sale | 41 | 0 | 0 | 9 | 53 | |
| Distributions from equity method investments | 2 | 0 | 0 | — | — | |
| MSR impairment and amortization | 22 | 0 | 0 | — | — | |
| Mortgage banking activities | −24 | 0 | 0 | — | — | |
| Accrued interest receivable | 9 | 7 | −906,000 | −563,000 | −5 | |
| Prepaid expenses and other assets | −893,000 | −3 | 700,000 | −6 | 95 | |
| Accounts payable and accrued expenses | 3 | 6 | −5 | 5 | 4 | |
| Due to affiliates | −2 | −5 | 4 | −2 | 8 | |
| Interest payable | 2 | −3 | 3 | 10 | 715,000 | |
| Accrued compensation | 9 | 0 | 0 | — | — | |
| Other liabilities | −9 | 0 | 0 | — | — | |
| Net cash provided by operating activities | 292 | 57 | 197 | 153 | 146 | |
| Origination and purchase of commercial mortgage loans, held for investment | −924 | −1,759 | −936 | −2,228 | −2,882 | |
| Principal repayments received on commercial mortgage loans, held for investment | 1,468 | 1,507 | 1,066 | 1,258 | 1,226 | |
| Purchase of equity method investments | −10 | −13 | 0 | — | — | |
| Distributions from equity method investments | 834,000 | 0 | 0 | — | — | |
| Proceeds from sale of real estate owned, held for sale | 61 | 34 | 40 | 2 | 30 | |
| Purchase of real estate owned and capital expenditures | −2 | −324,000 | −1 | −663,000 | −134 | |
| Proceeds from sale of commercial mortgage loans, held for investment | 35 | 33 | 0 | 0 | — | |
| Purchase of NewPoint Holdings JV LLC | −297 | 0 | 0 | — | — | |
| Payment of software development costs | −360,000 | 0 | 0 | — | — | |
| Purchase of real estate securities, available for sale | −132 | −80 | −224 | −221 | 0 | |
| Proceeds from sale or paydown of real estate securities, available for sale | 184 | 120 | 419 | 3,732 | 2,059 | |
| Purchases of investment securities, held to maturity | −11 | 0 | 0 | — | — | |
| Proceeds from sale of investment securities, held to maturity | 9 | 0 | 0 | — | — | |
| Principal collateral on mortgage investments | 0 | 0 | 18 | 545 | 541 | |
| Proceeds from sale/(purchase) of derivative instruments | −171,000 | 2 | 211,000 | −1 | 1 | |
| Net cash (used in)/provided by investing activities | 381 | −155 | 381 | 3,097 | 1,069 | |
| Payments for common stock repurchases | −14 | −5 | −13 | −17 | −11 | |
| Shares canceled for tax withholding on vested equity awards | −2 | −2 | −812,000 | 0 | 0 | |
| Payments of offering costs | 0 | 0 | −269,000 | 0 | 0 | |
| Borrowings on collateralized loan obligations | 947 | 914 | 689 | 1,631 | 1,410 | |
| Repayments of collateralized loan obligations | −1,847 | −855 | −241 | −662 | −870 | |
| Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans | 5,015 | 893 | 600 | 1,919 | 1,875 | |
| Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans | −4,672 | −863 | −981 | −2,257 | −1,131 | |
| Net borrowings (paydowns) on repurchase agreements - real estate securities, less than 90 days maturity | −49 | 63 | −266 | — | — | |
| Borrowings on other financings | 0 | 0 | 60 | 39 | 7 | |
| Repayments on other financings | 0 | −24 | −99 | −139,000 | 0 | |
| Borrowings on unsecured debt | 107 | 0 | 0 | 0 | 210 | |
| Repayments of unsecured debt | 0 | 0 | −13 | −50 | −160 | |
| Payments of deferred financing costs | −16 | −9 | −13 | −15 | −9 | |
| Distributions to non-controlling interest | −7 | −16 | −2 | −745,000 | 0 | |
| Contributions from non-controlling interest | 128,000 | 64,000 | 0 | 125,000 | 0 | |
| Distributions paid to common and preferred shareholders | −146 | −145 | −144 | −139 | −68 | |
| Net cash used in financing activities: | −684 | −49 | −425 | −3,227 | −1,139 | |
| Net change in cash, cash equivalents and restricted cash | −12 | −147 | 153 | 22 | 76 | |
| Cash payments for income taxes | 1 | 1 | 325,000 | 1 | 140,000 | |
| Cash payments for interest | 276 | 325 | 295 | 144 | 51 | |
| Common stock issued through distribution reinvestment plan | 0 | 0 | 769,000 | 2 | 5 | |
| Loans transferred from commercial mortgage loans, held for investment to commercial mortgage loans, held for sale | 34 | 0 | 0 | 9 | 53 | |
| Loans transferred from commercial mortgage loans, held for investment to real estate owned, held for sale | 197 | 308 | 77 | — | — | |
| Modification accounted for as repayment and new loan | 60 | 42 | 0 | 0 | — | |
| Seller-based financing on sales of real estate owned, held for sale | 169 | 95 | 0 | 0 | — | |
| Reclassification of real estate owned assets held for investment to held for sale | 11 | 0 | 115 | 0 | 0 | |
| Reclassification of real estate owned liabilities held for investment to held for sale | 0 | 0 | 14 | 0 | 0 |
Filings
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Frequently asked questions
What is Franklin BSP Realty Trust, Inc.'s CIK number?
Franklin BSP Realty Trust, Inc.'s SEC CIK number is 0001562528 (1562528). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Franklin BSP Realty Trust, Inc.'s SEC filings?
All of Franklin BSP Realty Trust, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Franklin BSP Realty Trust, Inc. last report earnings?
Franklin BSP Realty Trust, Inc. (FBRT) most recently filed an earnings 8-K with the SEC on Apr 29, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001562528-26-000016). This is Franklin BSP Realty Trust, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Franklin BSP Realty Trust, Inc.'s most recent earnings 8-K?
Franklin BSP Realty Trust, Inc.'s latest earnings 8-K (Item 2.02) was filed Apr 29, 2026 under accession 0001562528-26-000016. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Franklin BSP Realty Trust, Inc.'s latest earnings 8-K →
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