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Franklin BSP Realty Trust, Inc., a real estate finance company, originates and manages a diversified portfolio of commercial real estate debt investments through a REIT structure in the United States and internationally. The company operates through Real Estate Debt Business; Agency Business; Commercial Real Estate Conduit Business; and Real Estate Owned Business segments. The Real Estate Debt Business focuses on originating, acquiring, and asset managing commercial real estate debt investments, including first mortgages, subordinate mortgages, mezzanine loans, and participations in such loans and focuses on investing in and asset managing real estate securities. The Agency Business focuses on originating, selling, and servicing loans under programs offered by government-sponsored enterprises and agencies. The Commercial Real Estate Conduit Business is focused on generating risk-adjusted returns by originating and selling fixed-rate commercial real estate loans. The Real Estate Owned Business represents real estate acquired by the company through foreclosure, deed-in-lieu of foreclosure, and purchase. It also originates conduit loans. Franklin BSP Realty Trust, Inc. was formerly known as Benefit Street Partners Realty Trust, Inc. and changed its name to Franklin BSP Realty Trust, Inc. in October 2021. Franklin BSP Realty Trust, Inc. was incorporated in 2012 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $501M | $95M | $82M | $292M | 7.0% | -8.7% | -14.2% |
| 2024 | $549M | $116M | $96M | $57M | 7.6% | -3.6% | -34.0% |
| 2023 | $570M | $163M | $145M | $197M | 11.2% | 55.0% | 906.3% |
| 2022 | $367M | $107M | $14M | $153M | 1.1% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 367.36 | 569.53 | 548.92 | 501 |
| Operating Revenue | - | 367.36 | 569.53 | 548.92 | 501 |
| Cost Of Revenue | - | 160.53 | 305.58 | 338.47 | 288.33 |
| Gross Profit | - | 206.83 | 263.95 | 210.45 | 212.67 |
| Operating Expense | - | 105.69 | 109.18 | 99.68 | 127.65 |
| Selling General And Administration | - | 64.17 | 68.32 | 58.35 | 129.91 |
| Total Expenses | - | 266.22 | 414.76 | 438.15 | 415.98 |
| Operating Income | - | 101.14 | 154.77 | 110.78 | 85.02 |
| EBITDA | - | 106.55 | 163.18 | 116.41 | 94.62 |
| Normalized EBITDA | - | 187.30 | 165.06 | 112.19 | 49.33 |
| EBIT | - | 101.14 | 154.77 | 110.78 | 85.02 |
| Other Non Operating Income Expenses | - | -6.57 | -11.14 | -21.47 | -45.92 |
| Other Income Expense | - | -87.32 | -13.01 | -17.26 | 2.95 |
| Pretax Income | - | 13.82 | 141.75 | 93.52 | 87.97 |
| Tax Provision | - | -0.40 | -2.76 | 1.12 | 3.88 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -16.96 | -0.39 | 0.05 | 2.01 |
| Net Income Continuous Operations | - | 14.22 | 144.51 | 92.40 | 84.08 |
| Net Income From Continuing And Discontinued Operation | - | 14.43 | 145.22 | 95.88 | 82.27 |
| Net Income From Continuing Operation Net Minority Interest | - | 14.43 | 145.22 | 95.88 | 82.27 |
| Net Income | - | 14.43 | 145.22 | 95.88 | 82.27 |
| Net Income Common Stockholders | - | -27.31 | 118.22 | 68.89 | 55.28 |
| Net Income Including Noncontrolling Interests | - | 14.22 | 144.51 | 92.40 | 84.08 |
| Normalized Income | - | 78.23 | 146.70 | 91.71 | 38.99 |
| Diluted NI Availto Com Stockholders | - | -27.31 | 118.22 | 68.89 | 55.28 |
| Basic Average Shares | - | 71.63 | 82.31 | 81.85 | 81.97 |
| Diluted Average Shares | - | 71.63 | 82.31 | 81.85 | 86.19 |
| Reconciled Depreciation | - | 5.33 | 8.41 | 5.63 | 9.59 |
| Reconciled Cost Of Revenue | - | 160.60 | 304.29 | 338.47 | 288.33 |
| Total Unusual Items | - | -80.75 | -1.88 | 4.22 | 45.28 |
| Total Unusual Items Excluding Goodwill | - | -80.75 | -1.88 | 4.22 | 45.28 |
| Preferred Stock Dividends | - | 41.74 | 26.99 | 26.99 | 26.99 |
| Minority Interests | - | 0.22 | 0.71 | 3.48 | -1.81 |
| Special Income Charges | - | -6.53 | 0.96 | -1 | -8.61 |
| Other Special Charges | 4.64 | 5.17 | -2.20 | - | 7.66 |
| Write Off | 88.28 | 0 | 0 | - | - |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Restructuring And Mergern Acquisition | - | 1.36 | 1.24 | 1 | 0.95 |
| Gain On Sale Of Security | - | -74.23 | -2.84 | 5.21 | 53.89 |
| Depreciation Amortization Depletion Income Statement | - | 5.41 | 7.13 | 5.63 | 9.59 |
| Depreciation And Amortization In Income Statement | - | 5.41 | 7.13 | 5.63 | 9.59 |
| General And Administrative Expense | - | 64.17 | 68.32 | 58.35 | 129.91 |
| Other Gand A | - | 61.65 | 63.56 | 50.17 | 67.05 |
| Salaries And Wages | - | 2.52 | 4.76 | 8.17 | 62.86 |
| Provision For Doubtful Accounts | - | 36.12 | 33.74 | 35.70 | -11.85 |
| Otherunder Preferred Stock Dividend | 0 | 0 | - | - | - |
| Earnings From Equity Interest | - | - | 0 | 0 | 3.58 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Franklin BSP Realty Trust, Inc.this co. | FBRT | $658M | 8.00↓ discount | 0.56 | 7.0% | 50.11 |
| BrightSpire Capital, Inc. | BRSP | $726M | -23.30 | 0.77 | -3.3% | -13935.72 |
| CTO Realty Growth, Inc. | CTO | $678M | 67.19 | 1.20 | 1.8% | 13.39 |
| Redwood Trust, Inc. | RWT | $667M | -9.53 | 0.73 | -7.6% | - |
| AH REALTY TRUST INC | AHRT |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $660M |
| 117.68 |
| 1.44 |
| 1.2% |
| 12.87 |
| TPG RE Finance Trust, Inc. | TRTX | $653M | 10.83 | 0.61 | 5.6% | - |
| Summit Hotel Properties, Inc. | INN | $645M | - | 0.75 | -2.7% | 9.23 |
| Gladstone Commercial Corporation | GOOD | $616M | 31.92 | 3.58 | 11.2% | 12.18 |
| Industrial Logistics Properties Trust | ILPT | $589M | -8.90 | 1.20 | -13.5% | 15.29 |
| Peer Median | - | 10.83 | 0.98 | -0.8% | 12.52 | |