(FBRT) BSP Realty Trust - Overview
Stock: Commercial Mortgage Loans, Mezzanine Financing, Bridge Loans, CRE Securities, REO Holdings
| Risk 5d forecast | |
|---|---|
| Volatility | 37.2% |
| Relative Tail Risk | -1.82% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.98 |
| Alpha | -31.79 |
| Character TTM | |
|---|---|
| Beta | 0.470 |
| Beta Downside | 0.732 |
| Drawdowns 3y | |
|---|---|
| Max DD | 27.25% |
| CAGR/Max DD | -0.04 |
EPS (Earnings per Share)
Revenue
Description: FBRT BSP Realty Trust March 01, 2026
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.
Piotroski VR‑10 (Strict, 0-10) 3.5
| Net Income: 83.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.00 > 0.02 and ΔFCF/TA -1.29 > 1.0 |
| NWC/Revenue: 7.41% < 20% (prev 924.9%; Δ -917.5% < -1%) |
| CFO/TA -0.00 > 3% & CFO -20.1m > Net Income 83.8m |
| Net Debt (4.05b) to EBITDA (234.0m): 17.33 < 3 |
| Current Ratio: 1.22 > 1.5 & < 3 |
| Outstanding Shares: last quarter (150.5m) vs 12m ago 83.93% < -2% |
| Gross Margin: 59.06% > 18% (prev 0.39%; Δ 5866 % > 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'' -0.02
| A: 0.01 (Total Current Assets 229.2m - Total Current Liabilities 187.4m) / 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: -0.02 = B |
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: 0.02 (NI 83.8m - CFO -20.1m) / TA 6.06b) |
| Beneish M-Score: cannot calculate (missing components) |
What is the price of FBRT shares?
Over the past week, the price has changed by +0.11%, over one month by -11.19%, over three months by -9.30% and over the past year by -22.22%.
Is FBRT a buy, sell or hold?
- StrongBuy: 4
- Buy: 1
- Hold: 0
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the FBRT price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 13.3 | 45.1% |
| Analysts Target Price | 13.3 | 45.1% |
FBRT Fundamental Data Overview February 24, 2026
P/S = 2.6399
P/B = 0.6288
Revenue TTM = 565.1m USD
EBIT TTM = 224.4m USD
EBITDA TTM = 234.0m USD
Long Term Debt = 4.23b USD (from longTermDebt, two quarters ago)
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 = 4.80b USD (744.3m + Debt 4.24b - CCE 185.2m)
Interest Coverage Ratio = 0.78 (Ebit TTM 224.4m / Interest Expense TTM 288.3m)
EV/FCF = -237.0x (Enterprise Value 4.80b / FCF TTM -20.2m)
FCF Yield = -0.42% (FCF TTM -20.2m / Enterprise Value 4.80b)
FCF Margin = -3.58% (FCF TTM -20.2m / 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 = 0.79 (Enterprise Value 4.80b / 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 = 1.22 (Total Current Assets 229.2m / Total Current Liabilities 187.4m)
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 = -200.2 (out of range, set to none) (Net Debt 4.05b / FCF TTM -20.2m)
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 = 3.92% (EBIT 224.4m / Capital Employed (Equity 1.50b + L.T.Debt 4.23b))
RoIC = 3.14% (NOPAT 167.3m / Invested Capital 5.33b)
WACC = 2.21% (E(744.3m)/V(4.98b) * Re(7.65%) + D(4.24b)/V(4.98b) * Rd(1.68%) * (1-Tc(0.25)))
Discount Rate = 7.65% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 33.33 | Cagr: 35.24%
[DCF] Fair Price = unknown (Cash Flow -20.2m)
EPS Correlation: -46.46 | EPS CAGR: -26.97% | SUE: -0.90 | # QB: 0
Revenue Correlation: 66.10 | Revenue CAGR: 18.15% | SUE: 1.43 | # QB: 1
EPS next Quarter (2026-03-31): EPS=0.28 | Chg7d=-0.025 | Chg30d=-0.025 | Revisions Net=+0 | Analysts=3
EPS current Year (2026-12-31): EPS=1.28 | Chg7d=-0.068 | Chg30d=-0.068 | Revisions Net=-1 | Growth EPS=+161.7% | Growth Revenue=+25.7%
EPS next Year (2027-12-31): EPS=1.30 | Chg7d=-0.200 | Chg30d=-0.200 | Revisions Net=+0 | Growth EPS=+1.4% | Growth Revenue=-0.4%
[Analyst] Revisions Ratio: -1.00 (0 Up / 1 Down within 30d for Current Year)
[Growth] Implied Growth Rate = 0.9% (Discount Rate 7.9% - Earnings Yield 7.0%)
[Growth] Growth Spread = +55.0% (Analyst 55.9% - Implied 0.9%)