Franklin BSP Realty Trust, Inc. (FBRT) is a publicly traded real estate investment trust listed on the New York Stock Exchange under the symbol FBRT. The company operates as a real estate finance firm, specializing in the creation, acquisition, and management of a diversified portfolio of commercial real estate debt ...Franklin BSP Realty Trust, Inc. (FBRT) is a publicly traded real estate investment trust listed on the New York Stock Exchange under the symbol FBRT. The company operates as a real estate finance firm, specializing in the creation, acquisition, and management of a diversified portfolio of commercial real estate debt secured by properties across the United States. Its investment scope includes first mortgage loans, mezzanine loans, bridge loans, and other related credit instruments. Additionally, FBRT originates conduit loans and invests in commercial real estate securities, and it may own real estate assets acquired through foreclosure, deed-in-lieu transactions, or direct purchase for investment.
FBRT is structured as a REIT, which allows it to avoid federal corporate income taxes by distributing at least 90% of its taxable income to shareholders. The company was incorporated in 2012 and is headquartered in New York City. It was formerly known as Benefit Street Partners Realty Trust, Inc. before rebranding to Franklin BSP Realty Trust. The BSP platform was established in 2008 and is a wholly owned subsidiary of Franklin Templeton, a global investment management firm.
As of the latest data, FBRT has approximately 223 full-time employees. The company's market capitalization is around $656 million, with a stock price of $7.91. It pays a dividend of $1.11 per share, reflecting a dividend yield of about 14%. Financially, FBRT exhibits a gross profit margin of 79.6% and an operating profit margin of 44.5%, indicating strong operational efficiency. However, its net profit margin is lower at 11.5% due to interest expenses and other costs. The company has a debt-to-equity ratio of 2.855, suggesting significant leverage, which is typical for REITs that rely on borrowing to finance their investments. Despite high leverage, FBRT maintains a price-to-book ratio of 0.413, trading at a discount to its book value.
Under the leadership of CEO Michael Comparato and Chairman Richard Byrne, FBRT focuses on originating and acquiring commercial real estate debt to generate stable returns and dividends for investors. The company's strategy emphasizes diversification across property types and geographies to manage risk. With a long track record since the platform's establishment in 2008, FBRT continues to play a significant role in the commercial real estate lending market, leveraging its expertise and the resources of Franklin Templeton.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$556.0M
+1.3%
+5.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$82.3M
+19.4%
+30.0%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+92.1%
+140.3%
+2.9%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+68.4%
+225.4%
+14.5%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+14.8%
+17.9%
+22.9%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$291.9M
+410.1%
+189.4%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+52.5%
+403.6%
+184.5%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
294.8%
+3.4%
-13.3%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
18.43x
+7.9%
-97.2%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good day, and welcome to the Franklin BSP Realty Trust Second Quarter 2026 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today’s presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touchtone phone. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference call over to Ms. Lindsey Crabbe. Ms. Crabbe, the floor is yours, ma’am.
Lindsey Crabbe: Hello, and good morning, everyone. Welcome to FBRT’s second-quarter earnings call. Thank you for joining us. As the operator mentioned, I am Lindsey Crabbe. With me on the call today are Michael Comparato, Chief Executive Officer of FBRT; Jerome Baglien, Chief Financial Officer and Chief Operating Officer of FBRT; and Brian Buffone, President of FBRT. Before we begin, I want to mention that some of today’s comments are forward-looking statements and are based on certain assumptions. Those comments and assumptions are subject to inherent risks and uncertainties described in our most recently filed SEC periodic reports, and actual future results may differ materially. The information conveyed on this call is current only as of the date of this call, July 30, 2026. The company assumes no obligation to update any statements made during this call, including any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Additionally, we will refer to certain non-GAAP financial measures, which are reconciled to GAAP figures in our earnings release and supplementary slide deck, each of which is available on our website at [www.fbrtreit.com](http://www.fbrtreit.com). We will refer to the supplementary slide deck on today’s call. With that, I will turn the call over to Michael Comparato.
Michael Comparato: Thank you, Lindsey, and good morning, everyone, and thank you for joining us today. I will begin with a few thoughts on the current market environment and our second-quarter performance. Then I will hand it over to Jerome Baglien, who will review our financial results, and Brian will provide an update on the portfolio and overall credit trends. The commercial real estate market remained unsettled during the second quarter. Ongoing geopolitical concerns and conflict continued to put uncertainty in the minds of investors. Higher oil prices have led to inflation concerns, which have in turn led to higher interest rates. At the moment, the higher-for-longer interest rate environment appears to be fairly sticky. The buy-sell transactional volume in the multifamily sector slowed, as the bid-ask spread between buyers and sellers is very wide in the current rate environment. We have remained selective in deploying capital, focusing on our opportunities where our …
