Franklin BSP Realty Trust, Inc.

Listed Company

FBRT-PECIK 0001562528NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

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 company that originates, acquires and manages a diversified portfolio of commercial real estate debt investments secured by properties within and outside the United States and is taxed as a REIT. Its primary products and services include first mortgage loans, subordinated mortgage loans (B-notes), mezzanine and bridge loans, conduit loans, participations, CMBS and other real estate securities, and ownership of real estate acquired through foreclosure. Substantially all business is conducted through its operating partnership and wholly-owned taxable REIT subsidiaries, with a third‑party advisor managing day‑to‑day operations. The company sources and distributes investments across U.S. and international real estate markets via direct origination, securitizations (including CMBS), repurchase facilities and public or private equity and debt offerings.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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	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	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

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro