Franklin BSP Realty Trust

FBRT

REIT - Mortgage · Real Estate

Price

$8.39

+0.32 (+3.97%)

Market Cap

$696.8M

Exchange

New York Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Weak

Cash Flow

Exceptional

Stability

Weak

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Franklin BSP Realty Trust is a real estate investment trust (REIT) that lends money to commercial property owners instead of owning buildings directly. It focuses on making loans backed by commercial real estate — things like apartment complexes, office buildings, and hotels. The company is managed by Benefit Street Partners, a large credit-focused investment firm.

Franklin BSP Realty Trust makes money primarily by collecting interest on the loans it issues, which is a common model for mortgage REITs. It operates mainly in the United States and has a portfolio worth several billion dollars in commercial real estate debt. Because it borrows money at lower rates and lends at higher rates, its profits depend heavily on the spread between those two rates — meaning rising interest rates or a weak commercial real estate market can quickly squeeze earnings and increase loan defaults, which is the main risk the business faces.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+18.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-36.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

2.5%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$467M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Franklin BSP Realty Trust is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.8% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 86.9M (2021) → 86.2M (2025)

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

93.0%

Premium pricing power — 93.0% gross margin

Profit after running costs

Operating Margin

56.5%

Excellent — 56.5% operating margin

Return on the money invested

ROCE

4.4%

Weak — 4.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+7.3%

Steady sales growth (+7.3% YoY)

Profit growth

EPS YoY

-53.4%

Earnings shrinking (-53.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

247%

Turns 247% of profit into real cash

Spare cash per sale

FCF Margin

28.4%

Converts sales into free cash efficiently (28.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

2.85

Heavy debt load (2.85)

Covers its interest

Interest Cover

0.88x

Dangerous — barely covers interest (0.9x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

18.6x

Fair value — P/E 18.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+0.6

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

9.54%

Healthy income — 9.54% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-21.8%

Dividend cut (-21.8% YoY) — warning sign

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