(FBRT) BSP Realty Trust - Overview

Sector: Real Estate | Industry: REIT - Mortgage | Exchange: NYSE (USA) | Market Cap: 685m USD | Total Return: -15.9% in 12m

Real Estate Debt, Agency Loans, Conduit Loans, Foreclosed Property
Total Rating 36
Safety 66
Buy Signal -0.24
REIT - Mortgage
Industry Rotation: +1.8
Market Cap: 685M
Avg Turnover: 9.80M USD
ATR: 3.12%
Peers RS (IBD): 23.3
Risk 5d forecast
Volatility25.3%
Rel. Tail Risk-2.20%
Reward TTM
Sharpe Ratio-1.05
Alpha-37.57
Character TTM
Beta0.600
Beta Downside1.100
Drawdowns 3y
Max DD30.02%
CAGR/Max DD-0.03
EPS (Earnings per Share) EPS (Earnings per Share) of FBRT over the last years for every Quarter: "2021-03": 0.13, "2021-06": 0.09, "2021-09": 0.67, "2021-12": 0.36, "2022-03": 0.39, "2022-06": 0.22, "2022-09": 0.33, "2022-12": 0.37, "2023-03": 0.42, "2023-06": 0.66, "2023-09": 0.43, "2023-12": 0.39, "2024-03": 0.41, "2024-06": 0.31, "2024-09": -0.1, "2024-12": 0.433, "2025-03": -0.12, "2025-06": 0.27, "2025-09": 0.22, "2025-12": 0.12, "2026-03": 0,
EPS CAGR: -21.23%
EPS Trend: -53.5%
Last SUE: -1.56
Qual. Beats: 0
Revenue Revenue of FBRT over the last years for every Quarter: 2021-03: 42.953, 2021-06: 49.701, 2021-09: 48.762, 2021-12: 80.233, 2022-03: 77.57, 2022-06: 72.525, 2022-09: 96.443, 2022-12: 120.822, 2023-03: 133.848, 2023-06: 159.33, 2023-09: 140.359, 2023-12: 135.99, 2024-03: 141.167, 2024-06: 132.782, 2024-09: 139.554, 2024-12: 135.422, 2025-03: 164.02, 2025-06: 119.507, 2025-09: 136.618, 2025-12: 144.966, 2026-03: null,
Rev. CAGR: 18.15%
Rev. Trend: 66.1%
Last SUE: 1.43
Qual. Beats: 1
Warnings

Share dilution 83.9% YoY - potential capital distress

Tailwinds

No distinct edge detected

Description: FBRT BSP Realty Trust

Franklin BSP Realty Trust, Inc. (FBRT) is a REIT that originates, acquires, and manages a diversified portfolio of commercial real-estate debt investments, including first-mortgage, mezzanine, bridge and conduit loans, as well as foreclosure-related properties. The firm also holds equity positions in commercial-real-estate securities and generates income primarily from interest and loan servicing fees. Incorporated in 2012 and based in New York, FBRT must distribute at least 90 % of its taxable income to avoid federal corporate taxes.

As of the latest Q4 2025 filing, FBRT’s loan portfolio totaled **$2.1 billion**, with a weighted-average coupon of **5.8 %** and a net asset value (NAV) of **$13.5 per share**, reflecting a **+6 %** YoY NAV growth. The trust paid a **7.5 %** dividend yield in 2025, distributing **$1.02 per share** quarterly, and maintains a **leverage ratio of 55 %**, comfortably below the 70 % ceiling for REITs. Macro-level, the U.S. commercial-real-estate market is being shaped by a **tightening Federal Funds rate** (currently 5.25 %) that pressures borrowing costs, while **industrial vacancy rates remain below 4 %**, supporting loan demand in logistics assets.

For a deeper dive into FBRT’s valuation and risk profile, you might want to explore the analysis on ValueRay.

Headlines to Watch Out For
  • Interest rate fluctuations impact debt investment profitability
  • Commercial real estate market health drives loan demand
  • Regulatory changes affect government-sponsored loan programs
  • Foreclosure rates influence real estate owned segment
  • Conduit loan sales generate fee income and capital
Piotroski VR‑10 (Strict) 5.0
Net Income: 83.8m TTM > 0 and > 6% of Revenue
FCF/TA: 0.05 > 0.02 and ΔFCF/TA 3.86 > 1.0
NWC/Revenue: -148.3% < 20% (prev 924.9%; Δ -1.07k% < -1%)
CFO/TA 0.05 > 3% & CFO 291.9m > Net Income 83.8m
Net Debt (4.05b) to EBITDA (234.0m): 17.33 < 3
Current Ratio: 0.21 > 1.5 & < 3
Outstanding Shares: last quarter (150.5m) vs 12m ago 83.93% < -2%
Gross Margin: 59.06% > 18% (prev 0.39%; Δ 5.87k% > 0.5%)
Asset Turnover: 9.37% > 50% (prev 9.15%; Δ 0.23% > 0%)
Interest Coverage Ratio: 0.78 > 6 (EBITDA TTM 234.0m / Interest Expense TTM 288.3m)
Altman Z'' -0.98
A: -0.14 (Total Current Assets 229.2m - Total Current Liabilities 1.07b) / Total Assets 6.06b
B: -0.07 (Retained Earnings -411.1m / Total Assets 6.06b)
C: 0.04 (EBIT TTM 224.4m / Avg Total Assets 6.03b)
D: -0.09 (Book Value of Equity -410.6m / Total Liabilities 4.44b)
Altman-Z'' Score: -0.98 = CCC
Beneish M
DSRI: 0.82 (Receivables 4.38b/5.20b, Revenue 565.1m/548.9m)
GMI: 0.66 (GM 59.06% / 39.23%)
AQI: none (AQ_t none / AQ_t-1 none)
SGI: 1.03 (Revenue 565.1m / 548.9m)
TATA: -0.03 (NI 83.8m - CFO 291.9m) / TA 6.06b)
Beneish M-Score: cannot calculate (missing components)
What is the price of FBRT shares? As of April 06, 2026, the stock is trading at USD 8.45 with a total of 874,300 shares traded.
Over the past week, the price has changed by +1.44%, over one month by -8.63%, over three months by -13.56% and over the past year by -15.87%.
Is FBRT a buy, sell or hold? 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
What are the forecasts/targets for the FBRT price?
Analysts Target Price 13.3 56.8%
BSP Realty Trust (FBRT) - Fundamental Data Overview as of 03 April 2026
P/E Trailing = 13.1094
P/S = 2.4286
P/B = 0.5743
Revenue TTM = 565.1m USD
EBIT TTM = 224.4m USD
EBITDA TTM = 234.0m USD
Long Term Debt = 4.06b USD (from longTermDebt, last quarter)
Short Term Debt = 2.95b USD (from shortTermDebt, last quarter)
Debt = 4.24b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 4.05b USD (from netDebt column, last quarter)
Enterprise Value = 4.74b USD (684.7m + Debt 4.24b - CCE 185.2m)
Interest Coverage Ratio = 0.78 (Ebit TTM 224.4m / Interest Expense TTM 288.3m)
EV/FCF = 16.25x (Enterprise Value 4.74b / FCF TTM 291.6m)
FCF Yield = 6.15% (FCF TTM 291.6m / Enterprise Value 4.74b)
FCF Margin = 51.60% (FCF TTM 291.6m / Revenue TTM 565.1m)
Net Margin = 14.83% (Net Income TTM 83.8m / Revenue TTM 565.1m)
Gross Margin = 59.06% ((Revenue TTM 565.1m - Cost of Revenue TTM 231.4m) / Revenue TTM)
Gross Margin QoQ = 90.29% (prev 44.01%)
Tobins Q-Ratio = 0.78 (Enterprise Value 4.74b / Total Assets 6.06b)
Interest Expense / Debt = 1.68% (Interest Expense 71.0m / Debt 4.24b)
Taxrate = 25.43% (6.27m / 24.6m)
NOPAT = 167.3m (EBIT 224.4m * (1 - 25.43%))
Current Ratio = 0.21 (Total Current Assets 229.2m / Total Current Liabilities 1.07b)
Debt / Equity = 2.77 (Debt 4.24b / totalStockholderEquity, last quarter 1.53b)
Debt / EBITDA = 17.33 (Net Debt 4.05b / EBITDA 234.0m)
Debt / FCF = 13.90 (Net Debt 4.05b / FCF TTM 291.6m)
Total Stockholder Equity = 1.50b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.39% (Net Income 83.8m / Total Assets 6.06b)
RoE = 5.60% (Net Income TTM 83.8m / Total Stockholder Equity 1.50b)
RoCE = 4.03% (EBIT 224.4m / Capital Employed (Equity 1.50b + L.T.Debt 4.06b))
RoIC = 3.12% (NOPAT 167.3m / Invested Capital 5.36b)
WACC = 2.20% (E(684.7m)/V(4.92b) * Re(8.09%) + D(4.24b)/V(4.92b) * Rd(1.68%) * (1-Tc(0.25)))
Discount Rate = 8.09% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 35.24%
[DCF] Terminal Value 87.48% ; FCFF base≈197.8m ; Y1≈224.0m ; Y5≈304.5m
[DCF] Fair Price = 60.21 (EV 8.93b - Net Debt 4.05b = Equity 4.87b / Shares 81.0m; r=6.0% [WACC]; 5y FCF grow 15.36% → 3.0% )
EPS Correlation: -53.48 | EPS CAGR: -21.23% | SUE: -1.56 | # QB: 0
Revenue Correlation: 66.10 | Revenue CAGR: 18.15% | SUE: 1.43 | # QB: 1
EPS next Quarter (2026-06-30): EPS=0.27 | Chg7d=-0.040 | Chg30d=-0.062 | Revisions Net=-2 | Analysts=4
EPS current Year (2026-12-31): EPS=1.17 | Chg7d=-0.122 | Chg30d=-0.180 | Revisions Net=-2 | Growth EPS=+138.8% | Growth Revenue=+15.0%
EPS next Year (2027-12-31): EPS=1.22 | Chg7d=-0.188 | Chg30d=-0.283 | Revisions Net=-1 | Growth EPS=+4.0% | Growth Revenue=+5.0%
[Analyst] Revisions Ratio: -1.00 (0 Up / 2 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = 0.5% (Discount Rate 8.1% - Earnings Yield 7.6%)
[Growth] Growth Spread = +59.8% (Analyst 60.3% - Implied 0.5%)
External Resources
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