Franklin BSP Realty Trust (FBRT) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Franklin BSP Realty Trust

NYSE•Real Estate•REIT - Mortgage

$6.10+0.09(0.01%)Pre-market

Market Cap

$489.76M

P/E

26.4x

P/S

1.7x

P/B

0.4x

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.

How this company scores

WeakMetricSide Score: 50/100

Grade capped at D — Interest coverage below 1× (0.3x) — earnings cannot cover interest. Strongest: Growth (17/25); weakest: Balance Sheet & Red Flags (5/25).

Profitability13/25

Growth17/25

Balance Sheet & Red Flags5/25

Cash & Earnings Quality15/25

Strengths

Growing revenueStrong marginsConsistent growthImproving margins

Grade capped at D

Interest coverage below 1× (0.3x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 26.4x5y range 7.6x – 64.0x

Currently above its 17-quarter median.

P/S · 1.7x5y range 1.7x – 5.4x

Currently below its 20-quarter median.

P/B · 0.4x5y range 0.4x – 0.7x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 33.1% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $489.76M

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $295.72M
Q. Revenue: $74.94M
TTM EBITDA: $86.75M
TTM Op. Income: $75.71M
Q. Op. Income: $18.89M
TTM Net Income: $18.56M
Q. Net Income: $-26.68M
EPS: $-0.41
Shares Out.: $80.29M

$295.72M in TTM revenue grew 20.8% YoY, reaching $74.94M last quarter. TTM EBITDA of $86.75M and TTM operating income of $75.71M show growth is flowing through to the bottom line. TTM net income of $18.56M means revenue is converting into profit. Over the past year, TTM revenue is up 21% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 28.2%
Op. Margin: 25.2%
Net Margin: -35.6%

Op. margin of 25.2% is up 7.0% YoY — cost efficiency is improving. Net margin at -35.6% Over the past year, operating margin is up 39% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 26.4x
P/S Ratio: 1.7x
P/B Ratio: 0.4x

At 26.4x P/E, the stock trades within typical market levels. P/S of 1.7x and P/B of 0.4x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $6.03B
Cash: $100.82M
Long-Term Debt: $3.02B
Book Value: $1.35B
D/E Ratio: 2.2
Debt/EBITDA: 142.9

With $6.03B in assets and $3.02B in long-term debt, D/E is 2.2and book value is $1.35B — elevated leverage, meaning significant financial risk in a downturn. Over the past year, debt/equity is up 10% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-89.71M
TTM Free Cash Flow: $212.05M
FCF Margin: 71.7%
FCF / Net Income: 11.4

TTM FCF of $212.05M on $-89.71M in operating cash flow. The FCF / Net Income ratio of 11.4x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.