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Franklin BSP Realty Trust
(NYSE:FBRT)
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Rating:55Neutral
Price Target:
$7.50
â–¼(-4.21% Downside)
Action:Reiterated
Date:07/30/26
The score is held back primarily by middling financial performance (sharp TTM revenue decline, high leverage, and lumpy earnings quality) and a clearly negative technical trend (price below key moving averages). These are partially offset by attractive income-oriented valuation (high dividend yield) and an earnings call showing near-term support from dividend coverage, liquidity, and accretive buybacks—tempered by weaker origination momentum and guidance uncertainty.
Positive Factors
Strong liquidity buffer
Nearly $800M of committed liquidity provides durable funding flexibility to cover maturities, support originations or purchases opportunistically, and sustain distributions during funding stress. That structural cushion reduces short-term refinancing risk and supports strategic capital allocation over months.
Negative Factors
Elevated leverage
Substantial leverage magnifies earnings volatility and increases sensitivity to credit-spread widening and funding-cost swings. High debt levels limit flexibility for opportunistic deployments or larger buybacks, raise refinancing exposure, and reduce the cushion available to absorb credit losses over a multi-month horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity buffer
Nearly $800M of committed liquidity provides durable funding flexibility to cover maturities, support originations or purchases opportunistically, and sustain distributions during funding stress. That structural cushion reduces short-term refinancing risk and supports strategic capital allocation over months.
Read all positive factors
Franklin BSP Realty Trust Key Performance Indicators (KPIs)
Any
Net Income by Segment
Shows profit contribution from each business line or property type, highlighting which segments are the primary earnings drivers and which are lagging. Investors can use it to spot recurring versus one‑off profits, assess operational efficiency by segment, and judge how shifts in portfolio mix could affect future payouts.
Shows profit contribution from each business line or property type, highlighting which segments are the primary earnings drivers and which are lagging. Investors can use it to spot recurring versus one‑off profits, assess operational efficiency by segment, and judge how shifts in portfolio mix could affect future payouts.
Data provided by:
The Fly
The FlyFranklin BSP Realty Trust (FBRT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$630.31M
Dividend Yield14.62%
Average Volume (3M)1.19M
Price to Earnings (P/E)16.8
Beta (1Y)0.58
Revenue Growth11.14%
EPS Growth-54.56%
CountryUS
Employees243
SectorReal Estate
Sector Strength53
IndustryREIT - Mortgage
Share Statistics
EPS (TTM)0.45
Shares Outstanding83,045,420
10 Day Avg. Volume1,039,792
30 Day Avg. Volume1,185,403
Financial Highlights & Ratios
PEG Ratio-0.82
Price to Book (P/B)0.57
Price to Sales (P/S)1.48
P/FCF Ratio2.82
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$13.00Price Target Upside66.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.9
Revenue Forecast (FY)$319.28M
Franklin BSP Realty Trust Business Overview & Revenue Model
Company Description
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. I...
How the Company Makes Money
FBRT makes money primarily through net interest income earned on its real estate debt investments. The core model is to raise capital (including equity capital and borrowings) and deploy it into interest-bearing commercial real estate loans and re...
Franklin BSP Realty Trust Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call communicated a mix of constructive operating and balance-sheet progress alongside meaningful near-term market and legacy-asset challenges. Positives include distributable earnings that covered the dividend for the second consecutive quarter, a small increase in book value, nearly $800M of liquidity, active and accretive share repurchases, a large servicing platform (~$60B) providing recurring income, and a portfolio largely re-originated post-rate-hike (77%). Offsets include slower originations (net portfolio decline of ~$291M), ~$250M of equity in underperforming assets, a $5.2M CECL provision, elevated watchlist/REO activity, and lowered visibility on full-year NewPoint origination guidance given the higher-for-longer rate environment. Overall, management portrays a confident, constructive path forward but acknowledges material near-term headwinds that must be resolved.Positive Updates
Earnings and Distributable Income
GAAP net income of $16.3M ($0.13 per fully converted common share); distributable earnings of $28.3M ($0.25 per fully converted share). Distributable earnings before realized losses were $30.2M ($0.28 per share), excluding ~$1.9M of realized losses.
Negative Updates
Origination Slowdown and Portfolio Net Decline
Quarterly originations were limited: $167M of new loan commitments versus ~$458M of repayments, resulting in a net portfolio decline of roughly $291M. Management expects agency origination volumes to remain challenged in the higher-for-longer rate environment.
Read all updates
Q2-2026 Updates
Positive
Negative
Earnings and Distributable Income
GAAP net income of $16.3M ($0.13 per fully converted common share); distributable earnings of $28.3M ($0.25 per fully converted share). Distributable earnings before realized losses were $30.2M ($0.28 per share), excluding ~$1.9M of realized losses.
Read all positive updates
Company Guidance
Management reiterated prior NewPoint 2026 origination guidance of $4.5–$5.5 billion but acknowledged it will be difficult to hit after doing just over $1.0 billion year-to-date and $399 million of agency originations in Q2; NewPoint generated $7.4 million of distributable earnings and the servicing portfolio stands near $60 billion with about $1.7 billion quoted or in underwriting. Company-wide Q2 results included GAAP net income of $16.3 million ($0.13/share), distributable earnings of $28.3 million ($0.25/share) or $30.2 million ($0.28) before ~$1.9 million of realized losses, a $5.2 million CECL provision, book value per fully converted share of $14.24 (up from $14.18), and repurchases of >$16 million of stock at an average $8.70. The core loan book is roughly $4.3 billion (about 80% multifamily, 1% office), with nine new loan commitments of $167 million and repayments of ~$458 million, ~77% of assets originated post-rate-hike, legacy exposures down to ~23% of the book, ~$250 million of equity in underperforming assets, 12 watchlist loans, six REO/foreclosure assets (including a $9.7 million write-up), net leverage 2.6x (recourse 0.7x), ~79% of core financing non-mark-to-market, nearly $800 million of available liquidity, and the stock trading at roughly 0.59x book; management said volumes could snap back quickly (they cited a potential ~$1 billion quarter) if rates fall meaningfully (e.g., ~50 bps).Franklin BSP Realty Trust Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
48
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 556.92M | 555.97M | 548.92M | 569.53M | 367.36M | 221.65M |
| Gross Profit | 443.53M | 512.28M | 210.45M | 263.95M | 201.65M | 160.81M |
| EBITDA | 268.72M | 385.89M | 437.62M | 163.18M | 106.55M | 167.07M |
| Net Income | 64.12M | 82.27M | 68.89M | 145.22M | 14.43M | 25.70M |
Balance Sheet | ||||||
| Total Assets | 6.38B | 6.06B | 6.00B | 5.96B | 6.20B | 9.47B |
| Cash, Cash Equivalents and Short-Term Investments | 155.01M | 167.29M | 184.44M | 337.60M | 415.04M | 4.72B |
| Total Debt | 4.18B | 4.25B | 4.31B | 4.18B | 4.45B | 7.57B |
| Total Liabilities | 4.83B | 4.53B | 4.48B | 4.37B | 4.63B | 7.76B |
| Stockholders Equity | 1.46B | 1.44B | 1.51B | 1.56B | 1.56B | 1.71B |
Cash Flow | ||||||
| Free Cash Flow | 157.78M | 291.94M | 57.23M | 197.39M | 151.85M | 3.03B |
| Operating Cash Flow | 158.15M | 291.94M | 57.23M | 197.39M | 152.51M | 146.50M |
| Investing Cash Flow | -133.35M | 380.81M | -155.47M | 380.81M | 3.10B | 1.07B |
| Financing Cash Flow | -292.56M | -684.43M | -48.58M | -424.99M | -3.23B | -1.14B |
Franklin BSP Realty Trust Technical Analysis
Negative
7.83
Price Trends
8.05
Negative
8.33
Negative
8.88
Negative
Market Momentum
-0.12
Positive
45.27
Neutral
45.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FBRT, the sentiment is Negative. The current price of 7.83 is below the 20-day moving average (MA) of 7.88, below the 50-day MA of 8.05, and below the 200-day MA of 8.88, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 45.27 is Neutral, neither overbought nor oversold. The STOCH value of 45.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FBRT.
Franklin BSP Realty Trust Risk Analysis
Franklin BSP Realty Trust disclosed 59 risk factors in its most recent earnings report. Franklin BSP Realty Trust reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Franklin BSP Realty Trust Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
57 Neutral | $822.32M | 6.59 | 8.88% | 16.43% | 16.63% | 96.52% | |
56 Neutral | $925.54M | 8.35 | 7.43% | 15.75% | 2.05% | -11.87% | |
56 Neutral | $1.30B | 4.39 | 25.58% | 21.10% | 89.39% | 661.99% | |
55 Neutral | $630.31M | 16.80 | 4.52% | 14.21% | 11.14% | -54.56% | |
54 Neutral | $1.27B | -16.67 | -1.23% | 11.24% | 18.52% | 78.83% | |
46 Neutral | $574.02M | -214.55 | 0.59% | 14.63% | -8.93% | 93.51% |
* Real Estate Sector Average
FBRT
Franklin BSP Realty Trust
7.74
-1.90
-19.72%
MFA
MFA Financial
9.16
1.26
16.01%
TWO
Two Harbors
12.05
3.25
36.89%
RWT
Redwood
4.62
-0.39
-7.88%
PMT
PennyMac Mortgage
9.44
-1.13
-10.65%
ORC
Orchid Island Capital
6.47
0.54
9.20%
Franklin BSP Realty Trust Corporate Events
Executive/Board ChangesShareholder Meetings
Franklin BSP Realty Shareholders Approve Directors and Auditor
Positive
Jun 9, 2026
Franklin BSP Realty Trust, Inc. held its 2026 annual meeting of stockholders on June 8, 2026, where investors elected six directors, including Pat Augustine and Richard J. Byrne, to one-year terms ending at the 2027 annual meeting. The slate of no...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.