FBRT Stock Analysis: BSP Realty Trust | NYSE
REIT - Mortgage | NYSE, USA | Market Cap: 635m USD | 12M Return: -17.1% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 10.4M
EPS Trend: -87.6%
Qual. Beats: -2
Rev. Trend: 17.8%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Franklin BSP Realty Trust, Inc. (FBRT) is a New York-based real estate finance company that operates as a REIT, originating and managing a diversified portfolio of commercial real estate debt investments across the U.S. and internationally. Its operations are organized into four segments: Real Estate Debt Business (first mortgages, subordinate mortgages, mezzanine loans, participations, and real estate securities), Agency Business (originating, selling, and servicing loans through government-sponsored enterprises), Commercial Real Estate Conduit Business (originating and selling fixed-rate CRE loans), and Real Estate Owned Business (managing real estate acquired through foreclosure or similar processes). Incorporated in 2012 and formerly known as Benefit Street Partners Realty Trust, the company rebranded to its current name in October 2021.
The commercial real estate debt sector in which FBRT operates includes mortgage REITs (mREITs) and business development companies (BDCs) that provide financing for income-producing properties such as office, multifamily, retail, and industrial assets. These entities typically generate income through the net interest spread between loan yields and their cost of capital, supplementing fee-based revenue from origination, servicing, and asset management activities.
- CRE loan origination volume declines amid elevated rate environment
- Office sector credit losses weigh on book value and REO inventory
- Net interest margin compresses as funding costs outpace asset yields
| Net Income: 71.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -0.91 > 1.0 |
| NWC/Revenue: 926.1% < 20% (prev 835.2%; Δ 90.85% < -1%) |
| CFO/TA 0.02 > 3% & CFO 121.7m > Net Income 71.7m |
| Net Debt (4.47b) to EBITDA (220.4m): 20.26 < 3 |
| Current Ratio: 18.47 > 1.5 & < 3 |
| Outstanding Shares: last quarter (79.9m) vs 12m ago -2.59% < -2% |
| Gross Margin: 67.53% > 18% (prev 30.94%; Δ 36.59% > 0.5%) |
| Asset Turnover: 8.95% > 50% (prev 10.11%; Δ -1.16% > 0%) |
| Interest Coverage Ratio: 0.74 > 6 (EBIT TTM 208.8m / Interest Expense TTM 283.0m) |
| A: 0.79 (Total Current Assets 5.24b - Total Current Liabilities 283.6m) / Total Assets 6.30b |
| B: -0.07 (Retained Earnings -420.7m / Total Assets 6.30b) |
| C: 0.03 (EBIT TTM 208.8m / Avg Total Assets 5.98b) |
| D: 0.29 (Book Value of Equity 1.39b / Total Liabilities 4.82b) |
| Altman-Z'' = 5.48 = AAA |
As of July 05, 2026, the stock is trading at USD 8.07 with a total of 1,222,200 shares traded. Over the past week, the price has changed by +0.40%, over one month by -0.08%, over three months by -1.51% and over the past year by -17.14%.
Current recommended Stop Loss: 7.70 (which is 4.6% or 1.6 ATR below the current price).
BSP Realty Trust has received a consensus analysts rating of 4.80. Therefore, it is recommended to buy FBRT.
- StrongBuy: 4
- Buy: 1
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 13 | 61.1% |
P/E Trailing = 16.1863
P/S = 2.2263
P/B = 0.5531
Revenue TTM = 534.9m USD
EBIT TTM = 208.8m USD
EBITDA TTM = 220.4m USD
Long Term Debt = 4.37b USD (from longTermDebt, last quarter)
Short Term Debt = 212.2m USD (from shortTermDebt, last quarter)
Debt = 4.58b USD (from shortLongTermDebtTotal, last quarter) + Leases 524k
Net Debt = 4.47b USD (calculated: Debt 4.58b - CCE 115.6m)
Enterprise Value = 5.10b USD (635.3m + Debt 4.58b - CCE 115.6m)
Interest Coverage Ratio = 0.74 (Ebit TTM 208.8m / Interest Expense TTM 283.0m)
EV/FCF = 42.04x (Enterprise Value 5.10b / FCF TTM 121.3m)
FCF Yield = 2.38% (FCF TTM 121.3m / Enterprise Value 5.10b)
FCF Margin = 22.68% (FCF TTM 121.3m / Revenue TTM 534.9m)
Net Margin = 13.41% (Net Income TTM 71.7m / Revenue TTM 534.9m)
Gross Margin = 67.53% ((Revenue TTM 534.9m - Cost of Revenue TTM 173.7m) / Revenue TTM)
Gross Margin QoQ = 90.37% (prev 90.29%)
Tobins Q-Ratio = 0.81 (Enterprise Value 5.10b / Total Assets 6.30b)
Interest Expense / Debt = 6.18% (Interest Expense 283.0m / Debt 4.58b)
Taxrate = 5.41% (4.16m / 76.8m)
NOPAT = 197.5m (EBIT 208.8m * (1 - 5.41%))
Current Ratio = 18.47 (Total Current Assets 5.24b / Total Current Liabilities 283.6m)
Debt / Equity = 3.29 (Debt 4.58b / totalStockholderEquity, last quarter 1.39b)
Debt / EBITDA = 20.26 (Net Debt 4.47b / EBITDA 220.4m)
Debt / FCF = 36.80 (Net Debt 4.47b / FCF TTM 121.3m)
Total Stockholder Equity = 1.45b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.20% (Net Income 71.7m / Total Assets 6.30b)
RoE = 4.95% (Net Income TTM 71.7m / Total Stockholder Equity 1.45b)
RoCE = 3.59% (EBIT 208.8m / Capital Employed (Equity 1.45b + L.T.Debt 4.37b))
RoIC = 3.18% (NOPAT 197.5m / Invested Capital 6.20b)
WACC = 6.11% (E(635.3m)/V(5.22b) * Re(8.02%) + D(4.58b)/V(5.22b) * Rd(6.18%) * (1-Tc(0.05)))
Discount Rate = 8.02% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 15.56 | Cagr: -1.30%
[DCF] Terminal Value 73.10% ; FCFF base≈137.0m ; Y1≈120.1m ; Y5≈97.1m
[DCF] Fair Price = N/A (negative equity: EV 1.56b - Net Debt 4.47b = -2.91b; debt exceeds intrinsic value)
EPS Correlation: -87.59 | EPS CAGR: -41.57% | SUE: -1.11 | # QB: -2
Revenue Correlation: 17.84 | Revenue CAGR: 0.66% | SUE: 0.58 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.26 | Chg30d=-3.70% | Revisions=+0% | Analysts=4
EPS next Quarter (2026-09-30): EPS=0.29 | Chg30d=+0.85% | Revisions=+0% | Analysts=4
EPS current Year (2026-12-31): EPS=1.01 | Chg30d=-13.89% | Revisions=-40% | GrowthEPS=+105.6% | GrowthRev=+17.9%
EPS next Year (2027-12-31): EPS=1.21 | Chg30d=-0.96% | Revisions=+25% | GrowthEPS=+19.6% | GrowthRev=+2.2%
[Analyst] Revisions Ratio: -10% (up=3, down=4)