# Franklin BSP Realty Trust, Inc. (FBRT)

> Source: Nexqual · https://nexqual.com/FBRT · data as of 2026-10-23 18:17 UTC · cite as "Nexqual, Franklin BSP Realty Trust, Inc. (FBRT), nexqual.com/FBRT" · informational, not investment advice.

**Price:** USD 6.17 (-1.28% today) · US market open, as of October 23, 2026 at 18:17 UTC; quotes may be delayed. Prev close 6.25 · day 6.12–6.22 · 52w 5.9–10.88 · market cap $512M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $305M, net income $62.6M (20.5% margin) (SEC filings).
- Valuation: P/E 8.2x (avg 9.6x at the last 3 fiscal year-ends).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $492K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.20 on a 1–5 scale) (5 analysts), mean target USD 11.67 (range 10–13).
- Total return with dividends: 1Y -35.9% vs S&P 500 +14.5%; 5Y -34.8% vs S&P 500 +77.2%.
- Next earnings: 2026-10-28, EPS estimate USD 0.25, revenue estimate $73.1M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $165M | $207M | $269M | $223M | $270M | $305M |
| Net income | $25.7M | $14.4M | $145M | $95.9M | $82.3M | $62.6M |
| EPS (diluted) | -$0.18 | -$0.38 | $1.42 | $0.82 | $0.64 | — |
| Net margin | 15.5% | 7.0% | 54.0% | 42.9% | 30.5% | 20.5% |
| Revenue growth | +40.7% | +25.0% | +29.9% | -16.9% | +20.9% | — |
| Cash + short-term investments | $155M | $179M | $338M | $184M | $167M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 8.2x · P/S 1.7x · P/B 0.4x · Earnings yield 12.21% · Dividend yield (paid, TTM) 25.47% · Buyback yield (TTM) 13.70%
P/E at fiscal year-ends: Dec 2025 10.5x, Dec 2024 10.7x, Dec 2023 7.7x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $492K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2022-09-06…2026-06-15 | Ortale Buford H | Director | 39,597 | $492K | 12.42 | Too little history (no open-market trades in 2024 or 2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.20 on a 1–5 scale), 5 analysts; mean target USD 11.67 (low 10, high 13).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-18 | BTIG | Downgrade | Buy → Neutral |  |
| 2026-09-11 | Jones Trading | Maintained | Buy | $12 |
| 2026-07-06 | Citizens | Reiterated | Market Outperform | $11 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -35.9% | -34.8% |
| S&P 500 (SPY) | +14.5% | +77.2% |
| Per year | -35.9% | -8.2% |
| Volatility (annualized) | 31.1% | 27.5% |
| Max drawdown | -39.1% (Feb 2026→Oct 2026) | -44.0% (Feb 2025→Oct 2026) |

## Peers (REIT - Mortgage)
TRTX (TPG RE Finance Trust, Inc.) USD 6.24 +0.24% · ABR (Arbor Realty Trust) USD 2.83 -4.39% · BRSP (BrightSpire Capital, Inc.) USD 3.62 -0.82% · IVR (INVESCO MORTGAGE CAPITAL INC) USD 5.49 -0.63% · RWT (Redwood Trust, Inc.) USD 3.15 +0.80% · MFA (MFA Financial, Inc.) USD 6.61 -0.23%

## More
Full page: https://nexqual.com/FBRT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2025-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Real Estate Owned | $8.3M | 100.0% | +104.7% |
| Total revenue | $8.3M | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "Further, Distributable Earnings to Common, a non-GAAP measure, presents Distributable Earnings net of (x) perpetual preferred stock dividend payments and (y) non-controlling interests in joint ventures. 1 Fully Converted assumes conversion of our series of convertible preferred stock and OP Units along with full vesting of our outstanding equity compensation awards."
- "(7) Fully Converted assumes conversion of our series of convertible preferred stock and OP units along with full vesting of our outstanding equity compensation awards."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.25 | $0.28 | -9.1% | $73.1M | 5 |
| Next quarter (ends 2026-12-31) | $0.25 | $0.28 | -10.0% | $68.4M | 5 |
| Current fiscal year (ends 2026-12-31) | $0.84 | $0.92 | -8.5% | $281.2M | 5 |
| Next fiscal year (ends 2027-12-31) | $1.12 | $1.21 | -6.7% | $309.0M | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-10-28): ±13.6%; last 8 reports averaged ±3.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 39.8% | ±13.6% |
| 2027-03-19 | 147 | 30.5% | ±15.6% |