FBRT on NYSE
Franklin BSP Realty Trust, Inc.
American real estate investment trust, incorporated in Maryland1
In its 2026 annual report the company says: “Franklin BSP Realty Trust, Inc., is a real estate finance company, formed as a Maryland corporation, that has elected to be treated as a real estate investment trust for U.S. federal income tax purposes since 2013. The Company is the managing member of the OP and directly or indirectly held 91% of the common units of membership interests in the OP as of December 31, 2025. Our objective is to provide our common shareholders attractive, risk-adjusted returns through dividends and capital growth.”4 It is headquartered in New York, New York.1 Its shares trade on NYSE under the symbol FBRT.1
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Last updated Oct 21, 2026.
Overview
Compare with Cedar Realty Trust, Seven Hills Realty Trust or FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC., or pick any stock.
- TickerFBRT on NYSE1
- IndustryReal Estate Investment Trusts1
- HeadquartersNew York, New York1
- Incorporated inMD2
- Business addressOne Madison Avenue, Suite 1600, New York, Ny 100102
- Filer categoryLarge accelerated filer2
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Franklin BSP Realty Trust, Inc. (the “Company”), is a real estate finance company, formed as a Maryland corporation, that has elected to be treated as a real estate investment trust (“REIT”) for U.S. federal income tax purposes since 2013. Substantially all of the Company’s business is conducted through FBRT OP LLC, a Delaware limited liability company (the “OP”) and to its subsidiaries. The Company is the managing member of the OP and directly or indirectly held 91% of the common units of membership interests in the OP as of December 31, 2025.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Real Estate Owned brought in 100% of the revenue Franklin BSP Realty Trust, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Real Estate Owned | $17.0M | $22.8M | $29.6M |
| Agency Business | $0 | $0 | $20.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Income tax5¢$3.9M
- Profit95¢$82.3M
Out of $29.6M in revenue.5
Where each dollar of operating cash went, fiscal 2025
- Dividends paid50¢$145.6M
- Share buybacks5¢$14.4M
- Kept or used elsewhere45¢$132.0M
Out of $291.9M of cash from operations.5
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Interest income | $430.3M | $526.1M | $552.5M |
| Less: Interest expense | $288.3M | $338.5M | $305.6M |
| Net interest income | $142.0M | $187.6M | $246.9M |
| Gain/(loss) on sales, including fee-based services, net | $57.6M | $13.1M | $3.9M |
| Mortgage servicing rights | $28.6M | $0 | $0 |
| Servicing revenue, net | $12.5M | $0 | $0 |
| Gain/(loss) on derivatives | -$200.0K | -$211.0K | $858.0K |
| Revenue from real estate owned | $29.6M | $22.8M | $17.0M |
| Total income | $270.1M | $223.4M | $268.7M |
| Compensation and benefits | $53.7M | $0 | $0 |
| Asset management and subordinated performance fee | $24.5M | $26.0M | $33.8M |
| Acquisition expenses | $951.0K | $996.0K | $1.2M |
| Administrative services expenses | $13.3M | $9.7M | $14.4M |
| Professional fees | $29.2M | $14.5M | $15.3M |
| Other expenses | $45.9M | $21.5M | $11.1M |
| Depreciation and amortization | $9.6M | $5.6M | $7.1M |
| Share-based compensation | $9.1M | $8.2M | $4.8M |
| Total expenses | $186.4M | $86.4M | $87.8M |
| (Provision)/benefit for credit losses | $11.8M | -$35.7M | -$33.7M |
| Realized gain/(loss) on sale of commercial mortgage loans, held for investment | $0 | $138.0K | $0 |
| Realized gain/(loss) on sale of commercial mortgage loans, held for sale | -$246.0K | $0 | $0 |
| Realized gain/(loss) on real estate securities, available for sale | $112.0K | $143.0K | $80.0K |
| Realized gain/(loss) on extinguishment of debt | -$7.7M | $0 | $2.2M |
| Gain/(loss) on other real estate investments | -$3.4M | -$8.0M | -$7.1M |
| Income/(loss) from equity method investments | $3.6M | $0 | $0 |
| Trading gain/(loss) | $0 | $0 | -$605.0K |
| Total other income/(loss) | $4.3M | -$43.4M | -$39.2M |
| Income/(loss) before taxes | $88.0M | $93.5M | $141.8M |
| (Provision)/benefit for income tax | -$3.9M | -$1.1M | $2.8M |
| Net income/(loss) | $84.1M | $92.4M | $144.5M |
| Net (income)/loss attributable to non-controlling interest | -$1.8M | $3.5M | $706.0K |
| Net income/(loss) attributable to Franklin BSP Realty Trust, Inc. | $82.3M | $95.9M | $145.2M |
| Less: Preferred stock dividends | $27.0M | $27.0M | $27.0M |
| Net income/(loss) attributable to common stock, basic | $55.3M | $68.9M | $118.2M |
| Net income/(loss) attributable to common stock, diluted | $55.3M | $68.9M | $118.2M |
| Basic earnings per share (in dollars per share) | $0.65 | $0.82 | $1.42 |
| Diluted earnings per share (in dollars per share) | $0.64 | $0.82 | $1.42 |
| Basic weighted average shares outstanding (in shares) | 82.0M shares | 81.8M shares | 82.3M shares |
| Diluted weighted average shares outstanding (in shares) | 86.2M shares | 81.8M shares | 82.3M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $167.3M | $184.4M | $337.6M | $179.3M |
| Restricted cash | $17.9M | $12.4M | $6.1M | $11.2M |
| Investment securities, held to maturity | $20.5M | $0 | ||
| Commercial mortgage loans, held for investment, net of allowance for credit losses of $38,302 and $78,083 as of December 31, 2025 and 2024, respectively | $4.4B | $4.9B | ||
| Commercial mortgage loans, held for sale, measured at fair value | $360.7M | $87.3M | ||
| Real estate securities, available for sale, measured at fair value, amortized cost of $151,946 and $202,894 as of December 31, 2025 and 2024, respectively | $151.7M | $203.0M | ||
| Mortgage servicing rights, net | $212.2M | $0 | ||
| Accrued interest receivable | $41.5M | $42.2M | ||
| Receivable for loan repayment | $50.6M | $157.6M | ||
| Prepaid expenses and other assets | $45.1M | $17.5M | ||
| Real estate owned, net of depreciation | $99.3M | $113.2M | ||
| Real estate owned, held for sale | $198.9M | $222.9M | ||
| Equity method investments | $71.7M | $13.4M | ||
| Intangible assets, net of amortization | $115.6M | $39.8M | ||
| Goodwill | $92.0M | $0 | ||
| Derivative instruments, measured at fair value | $11.3M | $0 | ||
| Loans eligible for repurchase | $17.9M | $0 | ||
| Total assets | $6.1B | $6.0B | $6.0B | |
| Collateralized loan obligations | $2.7B | $3.6B | ||
| Unsecured debt | $185.5M | $81.4M | ||
| Mortgage note payable | $24.0M | $24.0M | ||
| Allowance for loss sharing | $19.5M | $0 | ||
| Accrued compensation | $43.7M | $0 | ||
| Liability for loans eligible for repurchase | $17.9M | $0 | ||
| Interest payable | $16.1M | $12.8M | ||
| Distributions payable | $38.9M | $36.2M | $36.1M | |
| Accounts payable and accrued expenses | $18.9M | $4.1M | ||
| Due to affiliates | $12.1M | $14.1M | ||
| Derivative instruments, measured at fair value | $7.0M | $713.0K | ||
| Other liabilities | $29.7M | $11.7M | ||
| Total liabilities | $4.4B | $4.4B | ||
| Total redeemable convertible preferred stock | $89.7M | $89.7M | ||
| Common stock, $0.01 par value, 900,000,000 shares authorized, 81,553,982 and 83,066,789 issued and outstanding as of December 31, 2025 and 2024, respectively | $808.0K | $818.0K | ||
| Additional paid-in capital | $1.6B | $1.6B | ||
| Accumulated other comprehensive income (loss) | -$284.0K | $79.0K | ||
| Accumulated deficit | -$411.1M | -$348.1M | ||
| Total stockholders' equity | $1.4B | $1.5B | ||
| Non-controlling interest | $89.9M | $7.5M | ||
| Total equity | $1.5B | $1.5B | $1.6B | $1.6B |
| Total liabilities, redeemable convertible preferred stock and equity | $6.1B | $6.0B | ||
| Allowance for credit losses | $38.3M | $78.1M | ||
| Common stock, par value per share (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 900.0M shares | 900.0M shares | ||
| Common stock, shares issued (in shares) | 81.6M shares | 83.1M shares | ||
| Common Stock, shares outstanding (in shares) | 81.6M shares | 83.1M shares | ||
| Pledged assets | $20.2M |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $167.3M | $184.4M | $337.6M | $179.3M |
| Restricted cash | $17.9M | $12.4M | $6.1M | $11.2M |
| Investment securities, held to maturity | $20.5M | $0 | ||
| Commercial mortgage loans, held for investment, net of allowance for credit losses of $38,302 and $78,083 as of December 31, 2025 and 2024, respectively | $4.4B | $4.9B | ||
| Commercial mortgage loans, held for sale, measured at fair value | $360.7M | $87.3M | ||
| Real estate securities, available for sale, measured at fair value, amortized cost of $151,946 and $202,894 as of December 31, 2025 and 2024, respectively | $151.7M | $203.0M | ||
| Mortgage servicing rights, net | $212.2M | $0 | ||
| Accrued interest receivable | $41.5M | $42.2M | ||
| Receivable for loan repayment | $50.6M | $157.6M | ||
| Prepaid expenses and other assets | $45.1M | $17.5M | ||
| Real estate owned, net of depreciation | $99.3M | $113.2M | ||
| Real estate owned, held for sale | $198.9M | $222.9M | ||
| Equity method investments | $71.7M | $13.4M | ||
| Intangible assets, net of amortization | $115.6M | $39.8M | ||
| Goodwill | $92.0M | $0 | ||
| Derivative instruments, measured at fair value | $11.3M | $0 | ||
| Loans eligible for repurchase | $17.9M | $0 | ||
| Total assets | $6.1B | $6.0B | $6.0B | |
| Collateralized loan obligations | $2.7B | $3.6B | ||
| Unsecured debt | $185.5M | $81.4M | ||
| Mortgage note payable | $24.0M | $24.0M | ||
| Allowance for loss sharing | $19.5M | $0 | ||
| Accrued compensation | $43.7M | $0 | ||
| Liability for loans eligible for repurchase | $17.9M | $0 | ||
| Interest payable | $16.1M | $12.8M | ||
| Distributions payable | $38.9M | $36.2M | $36.1M | |
| Accounts payable and accrued expenses | $18.9M | $4.1M | ||
| Due to affiliates | $12.1M | $14.1M | ||
| Derivative instruments, measured at fair value | $7.0M | $713.0K | ||
| Other liabilities | $29.7M | $11.7M | ||
| Total liabilities | $4.4B | $4.4B | ||
| Total redeemable convertible preferred stock | $89.7M | $89.7M | ||
| Common stock, $0.01 par value, 900,000,000 shares authorized, 81,553,982 and 83,066,789 issued and outstanding as of December 31, 2025 and 2024, respectively | $808.0K | $818.0K | ||
| Additional paid-in capital | $1.6B | $1.6B | ||
| Accumulated other comprehensive income (loss) | -$284.0K | $79.0K | ||
| Accumulated deficit | -$411.1M | -$348.1M | ||
| Total stockholders' equity | $1.4B | $1.5B | ||
| Non-controlling interest | $89.9M | $7.5M | ||
| Total equity | $1.5B | $1.5B | $1.6B | $1.6B |
| Total liabilities, redeemable convertible preferred stock and equity | $6.1B | $6.0B | ||
| Allowance for credit losses | $38.3M | $78.1M | ||
| Common stock, par value per share (in dollars per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 900.0M shares | 900.0M shares | ||
| Common stock, shares issued (in shares) | 81.6M shares | 83.1M shares | ||
| Common Stock, shares outstanding (in shares) | 81.6M shares | 83.1M shares | ||
| Pledged assets | $20.2M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income/(loss) | $84.1M | $92.4M | $144.5M |
| Premium amortization and (discount accretion), net | -$9.7M | -$9.6M | -$13.1M |
| Accretion of deferred commitment fees | -$4.5M | -$6.6M | -$7.6M |
| Amortization of deferred financing costs | $13.0M | $13.0M | $7.8M |
| Share-based compensation | $9.1M | $8.2M | $4.8M |
| Realized (gain)/loss on extinguishment of debt | $7.7M | $0 | -$2.2M |
| Realized (gain)/loss on sale of available for sale securities, measured at fair value | -$113.0K | -$143.0K | -$80.0K |
| Realized (gain)/loss on sale of commercial mortgage loans, held for sale, measured at fair value | -$18.1M | -$13.1M | -$3.9M |
| Realized (gain)/loss on sale of commercial mortgage loans, held for sale | $246.0K | $0 | $0 |
| Realized (gain)/loss on sale of commercial mortgage loans, held for investment | $0 | -$138.0K | $0 |
| Unrealized (gain)/loss on commercial mortgage loans, held for sale, measured at fair value | $0 | $0 | -$44.0K |
| (Income)/loss from equity method investments | -$3.6M | $0 | $0 |
| Unrealized (gain)/losses on derivative instruments | $200.0K | -$1.1M | $140.0K |
| (Gain)/loss on other real estate investments | $3.4M | $8.0M | $7.1M |
| Trading (gain)/loss | $0 | $0 | $605.0K |
| Depreciation and amortization | $9.6M | $5.6M | $8.4M |
| Straight line rental income | $946.0K | -$3.5M | -$3.8M |
| Provision/(benefit) for credit losses | -$11.8M | $35.7M | $33.7M |
| Origination of commercial mortgage loans, held for sale, measured at fair value | -$3.6B | -$358.4M | -$102.5M |
| Proceeds from sale or repayment of commercial mortgage loans, held for sale, measured at fair value | $3.8B | $284.3M | $122.0M |
| Origination and purchase of commercial mortgage loans, held for sale | -$7.0M | $0 | $0 |
| Proceeds from sale of commercial mortgage loans, held for sale | $40.7M | $0 | $0 |
| Distributions from equity method investments | $1.9M | $0 | $0 |
| MSR impairment and amortization | $22.0M | $0 | $0 |
| Mortgage banking activities | -$23.5M | $0 | $0 |
| Accrued interest receivable | $9.1M | $6.8M | -$906.0K |
| Prepaid expenses and other assets | -$893.0K | -$2.9M | $700.0K |
| Accounts payable and accrued expenses | $2.8M | $6.5M | -$5.1M |
| Due to affiliates | -$2.1M | -$5.2M | $3.9M |
| Interest payable | $2.1M | -$2.5M | $2.9M |
| Accrued compensation | $9.0M | $0 | $0 |
| Other liabilities | -$9.3M | $0 | $0 |
| Net cash provided by operating activities | $291.9M | $57.2M | $197.4M |
| Origination and purchase of commercial mortgage loans, held for investment | -$924.4M | -$1.8B | -$936.3M |
| Principal repayments received on commercial mortgage loans, held for investment | $1.5B | $1.5B | $1.1B |
| Purchase of equity method investments | -$9.8M | -$13.4M | $0 |
| Distributions from equity method investments | $834.0K | $0 | $0 |
| Proceeds from sale of real estate owned, held for sale | $60.9M | $34.4M | $39.8M |
| Purchase of real estate owned and capital expenditures | -$1.6M | -$324.0K | -$1.2M |
| Proceeds from sale of commercial mortgage loans, held for investment | $35.2M | $33.4M | $0 |
| Purchase of NewPoint Holdings JV LLC | -$297.3M | $0 | $0 |
| Payment of software development costs | -$360.0K | $0 | $0 |
| Purchase of real estate securities, available for sale | -$132.3M | -$79.5M | -$223.8M |
| Proceeds from sale or paydown of real estate securities, available for sale | $184.0M | $120.0M | $418.8M |
| Purchases of investment securities, held to maturity | -$11.4M | $0 | $0 |
| Proceeds from sale of investment securities, held to maturity | $8.8M | $0 | $0 |
| Principal collateral on mortgage investments | $0 | $0 | $17.7M |
| Proceeds from sale/(purchase) of derivative instruments | -$171.0K | $1.8M | $211.0K |
| Net cash (used in)/provided by investing activities | $380.8M | -$155.5M | $380.8M |
| Payments for common stock repurchases | -$14.4M | -$4.9M | -$12.5M |
| Shares canceled for tax withholding on vested equity awards | -$2.4M | -$1.5M | -$812.0K |
| Payments of offering costs | $0 | $0 | -$269.0K |
| Borrowings on collateralized loan obligations | $947.2M | $914.1M | $689.3M |
| Repayments of collateralized loan obligations | -$1.8B | -$855.0M | -$241.2M |
| Borrowings on repurchase agreements and revolving credit facilities - commercial mortgage loans | $5.0B | $892.7M | $600.2M |
| Repayments of repurchase agreements and revolving credit facilities - commercial mortgage loans | -$4.7B | -$862.6M | -$981.3M |
| Net borrowings (paydowns) on repurchase agreements - real estate securities, less than 90 days maturity | -$49.2M | $62.6M | -$266.0M |
| Borrowings on other financings | $0 | $0 | $59.7M |
| Repayments on other financings | $0 | -$23.7M | -$99.5M |
| Borrowings on unsecured debt | $107.0M | $0 | $0 |
| Repayments of unsecured debt | $0 | $0 | -$13.4M |
| Payments of deferred financing costs | -$15.9M | -$9.3M | -$12.9M |
| Distributions to non-controlling interest | -$7.4M | -$16.2M | -$2.0M |
| Contributions from non-controlling interest | $128.0K | $64.0K | $0 |
| Distributions paid to common and preferred shareholders | -$145.6M | -$144.9M | -$144.3M |
| Net cash used in financing activities: | -$684.4M | -$48.6M | -$425.0M |
| Net change in cash, cash equivalents and restricted cash | -$11.7M | -$146.8M | $153.2M |
| Cash payments for income taxes | $1.1M | $1.0M | $325.0K |
| Cash payments for interest | $275.8M | $324.6M | $295.1M |
| Common stock issued through distribution reinvestment plan | $0 | $0 | $769.0K |
| Loans transferred from commercial mortgage loans, held for investment to commercial mortgage loans, held for sale | $33.9M | $0 | $0 |
| Loans transferred from commercial mortgage loans, held for investment to real estate owned, held for sale | $197.4M | $307.5M | $77.3M |
| Modification accounted for as repayment and new loan | $60.0M | $42.2M | $0 |
| Seller-based financing on sales of real estate owned, held for sale | $168.9M | $94.9M | $0 |
| Reclassification of real estate owned assets held for investment to held for sale | $11.5M | $0 | $114.5M |
| Reclassification of real estate owned liabilities held for investment to held for sale | $0 | $0 | $13.7M |
No quarter-by-quarter statement was filed.
Compare Franklin BSP Realty Trust, Inc. with another company
Corporate structure
Franklin BSP Realty Trust, Inc. sits at the top of its group. 128 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Franklin BSP Realty Trust, Inc.
- BlackRock Filed SCHEDULE 13G/A on Franklin BSP Realty Trust, Inc., latest Oct 5, 2026 (9 filings since Dec 10, 2021)
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on Franklin BSP Realty Trust, Inc., latest Apr 29, 2026
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Franklin BSP Realty Trust, Inc., latest Mar 26, 2026 (7 filings since Feb 10, 2022)
- MILLENNIUM MANAGEMENT LLC Filed SC 13G on Franklin BSP Realty Trust, Inc., latest Jun 21, 2022
- Paradice Investment Management LLC Filed SC 13G/A on Franklin BSP Realty Trust, Inc., latest Feb 10, 2022
- Franklin BSP Realty Trust, Inc. New York, New York
- Benefit Street Partners L.L.C. Subsidiary · Delaware, United States
- Benefit Street Partners Realty Operating Partnership, L.P. Subsidiary · Delaware, United States
- Benefit Street Partners Realty Trust TRS, LLC Subsidiary · Delaware, United States
- BPSRT Jeffersonville Member, LLC Subsidiary · Delaware, United States
- BSPRT 2020-C9 Owner, LLC Subsidiary · Delaware, United States
- BSPRT 2022-FL8 Co-Issuer, LLC Subsidiary · Delaware, United States
- BSPRT 2022-FL8 Holder, LLC Subsidiary · Delaware, United States
- BSPRT 2022-FL8 Seller, LLC Subsidiary · Delaware, United States
- BSPRT 2023-FL10 Holder, LLC Subsidiary · Delaware, United States
- BSPRT 2023-FL10 Issuer, LLC Subsidiary · Delaware, United States
- BSPRT 2023-FL10 Seller, LLC Subsidiary · Delaware, United States
- BSPRT 2024-FL11 Holder, LLC Subsidiary · Delaware, United States
- BSPRT 2024-FL11 Issuer, LLC Subsidiary · Delaware, United States
- BSPRT 2024-FL11 Seller, LLC Subsidiary · Delaware, United States
- BSPRT 2025-FL12 Holder, LLC Subsidiary · Delaware, United States
- BSPRT 2025-FL12 Issuer, LLC Subsidiary · Delaware, United States
- BSPRT 2025-FL12 Seller, LLC Subsidiary · Delaware, United States
- BSPRT Atlas Mezzanine Loan Seller, LLC Subsidiary · Delaware, United States
- BSPRT Atlas Mezzanine Loan Subsidiary, LLC Subsidiary · Delaware, United States
- BSPRT BB Fixed, LLC Subsidiary · Delaware, United States
- BSPRT BB Float, LLC Subsidiary · Delaware, United States
- BSPRT BB Loan, LLC Subsidiary · Delaware, United States
- BSPRT CMBS Finance, LLC Subsidiary · Delaware, United States
- BSPRT CRE Cheyenne, LLC Subsidiary · Delaware, United States
- BSPRT CRE Equity, LLC Subsidiary · Delaware, United States
- and 102 more
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Franklin BSP Realty Trust, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Finance-lease assets | $115.6M5 Dec 31, 2025 | $39.8M5 Dec 31, 2024 | +190.1% |
| Operating-lease assets (leased space) | $8.4M5 Dec 31, 2025 | $012 Dec 31, 2020 |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $167.3M5 Dec 31, 2025 | $184.4M5 Dec 31, 2024 | −9.3% |
| Stakes in other companies (equity method) | $71.7M5 Dec 31, 2025 | $13.4M5 Dec 31, 2024 | +435.1% |
| Loans, net of allowance | $4.4B5 Dec 31, 2025 | $4.9B5 Dec 31, 2024 | −10.7% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $92.0M5 Dec 31, 2025 | $05 Dec 31, 2024 | |
| Intangible assets, net (excluding goodwill) | $115.6M5 Dec 31, 2025 | $39.8M5 Dec 31, 2024 | +190.1% |
| Accumulated amortization | $16.0M5 Dec 31, 2025 | $9.5M5 Dec 31, 2024 | +69.3% |
| Finite-lived intangibles, net | $212.2M5 Dec 31, 2025 |
Properties, in its own words
Our headquarters are located in a leased space at 1 Madison Avenue, New York, New York 10010.
The Company, through foreclosure, deed-in-lieu of foreclosure, or purchase, possesses certain real estate owned ("REO") as long-lived assets held for investment or as long-lived assets held for sale. See "Note 2. Summary of Significant Accounting Policies" to our consolidated financial statements included in this Annual Report on Form 10-K for additional disclosures on the classification of these assets and "Note 5. Real Estate Owned" for a summary of the Company's real estate owned, held for investment assets as of December 31, 2025.
Item 2 of the 10-K filed Feb 25, 2026.4
Leadership
Who has led Franklin BSP Realty Trust, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
201520202025
- Chief executive officerRichard J. Byrne Oct 11, 2016 to now13
- ChairRichard J. Byrne Oct 11, 2016 to now13
- PresidentBrian Buffone Feb 20, 2026 to now14
- PresidentMichael Comparato Mar 28, 2023 to Feb 20, 202615
- PresidentRichard J. Byrne Oct 11, 2016 to Jan 31, 202313
- PresidentMatthew Donnelly Dec 15, 2015 to Dec 15, 201516
- PresidentPeter M. Budko Apr 28, 2014 to Apr 28, 201417
- Chief financial officerJerome S. Baglien Oct 11, 2016 to now18
- Chief financial officerDonald R. Ramon May 22, 2015 to May 22, 201519
- Chief financial officerNicholas Radesca Apr 28, 2014 to Dec 4, 201520
- Chief operating officerJerome S. Baglien Jan 31, 2022 to now21
- Chief operating officerMatthew Donnelly Dec 15, 2015 to Dec 15, 201516
- Chief operating officerDonald J. Mackinnon May 5, 2014 to May 5, 201422
Board members and other officers (14)
- Chief Investment OfficerAndrew Winer Apr 28, 2014 to Apr 28, 201423
- Executive Vice PresidentBoris Korotkin Apr 28, 2014 to Apr 28, 201424
- Board memberJoe Dumars Jan 4, 2023 to now25
- Board memberGary Keiser Oct 21, 2021 to Jul 1, 202226
- Board memberMichelle P. Goolsby Oct 21, 2021 to Feb 22, 202227
- Board memberPatsy Joseph Augustine Oct 21, 2021 to now28
- Board memberPeter J. McDonough Aug 1, 2016 to now29
- Board memberBuford H. Ortale Oct 11, 2016 to now30
- Board memberJamie Handwerker Oct 11, 2016 to now31
- Board memberElizabeth K. Tuppeny Apr 28, 2014 to now32
- Board memberLeslie D. Michelson Apr 28, 2014 to Jun 26, 201433
- Board memberPeter M. Budko Apr 28, 2014 to Apr 28, 201417
- Board memberRobert J. Froehlich Apr 28, 2014 to Jul 14, 201534
- Board memberWilliam M. Kahane Dec 11, 2014 to Dec 11, 201435
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- BPSRT Jeffersonville Member, LLC Delaware3
- BSPRT 2020-C9 Owner, LLC Delaware3
- BSPRT 2022-FL8 Co-Issuer, LLC Delaware3
- BSPRT 2022-FL8 Holder, LLC Delaware3
- BSPRT 2022-FL8 Seller, LLC Delaware3
- BSPRT 2023-FL10 Holder, LLC Delaware3
- BSPRT 2023-FL10 Issuer, LLC Delaware3
- BSPRT 2023-FL10 Seller, LLC Delaware3
- BSPRT 2024-FL11 Holder, LLC Delaware3
- BSPRT 2024-FL11 Issuer, LLC Delaware3
- BSPRT 2024-FL11 Seller, LLC Delaware3
- BSPRT 2025-FL12 Holder, LLC Delaware3
- BSPRT 2025-FL12 Issuer, LLC Delaware3
- BSPRT 2025-FL12 Seller, LLC Delaware3
- BSPRT Atlas Mezzanine Loan Seller, LLC Delaware3
- BSPRT Atlas Mezzanine Loan Subsidiary, LLC Delaware3
- BSPRT BB Fixed, LLC Delaware3
- BSPRT BB Float, LLC Delaware3
- BSPRT BB Loan, LLC Delaware3
- BSPRT CMBS Finance, LLC Delaware3
- BSPRT CRE Cheyenne, LLC Delaware3
- BSPRT CRE Equity, LLC Delaware3
- BSPRT CRE Finance, LLC Delaware3
- BSPRT CRE JAX Pref, LLC Delaware3
All 127 listed subsidiaries
- BSPRT CS Loan, LLC Delaware3
- BSPRT Finance Counterparty, LLC Delaware3
- BSPRT Finance Sub-Lender I, LLC Delaware3
- BSPRT Finance Sub-Lender II, LLC Delaware3
- BSPRT High Yield Securities, LLC Delaware3
- BSPRT JPM Loan, LLC Delaware3
- BSPRT Jeffersonville, LLC Delaware3
- BSPRT Knox Owner, LLC Delaware3
- BSPRT Minn Owner, LLC Delaware3
- BSPRT NOLA I Finance, LLC Delaware3
- BSPRT OP Sub I, LLC Delaware3
- BSPRT Oliver Finance, LLC Delaware3
- BSPRT Pickwick, LLC Delaware3
- BSPRT St. Louis Place, LLC Delaware3
- BSPRT WFB Loan, LLC Delaware3
- BSPRT Walgreens Portfolio 1, LLC Delaware3
- BSPRT Walgreens Portfolio 10, LLC Delaware3
- BSPRT Walgreens Portfolio 11, LLC Delaware3
- BSPRT Walgreens Portfolio 12, LLC Delaware3
- BSPRT Walgreens Portfolio 13, LLC Delaware3
- BSPRT Walgreens Portfolio 14, LLC Delaware3
- BSPRT Walgreens Portfolio 15, LLC Delaware3
- BSPRT Walgreens Portfolio 16, LLC Delaware3
- BSPRT Walgreens Portfolio 17, LLC Delaware3
- BSPRT Walgreens Portfolio 18, LLC Delaware3
- BSPRT Walgreens Portfolio 19, LLC Delaware3
- BSPRT Walgreens Portfolio 2, LLC Delaware3
- BSPRT Walgreens Portfolio 20, LLC Delaware3
- BSPRT Walgreens Portfolio 21, LLC Delaware3
- BSPRT Walgreens Portfolio 22, LLC Delaware3
- BSPRT Walgreens Portfolio 23, LLC Delaware3
- BSPRT Walgreens Portfolio 24, LLC Delaware3
- BSPRT Walgreens Portfolio 3, LLC Delaware3
- BSPRT Walgreens Portfolio 4, LLC Delaware3
- BSPRT Walgreens Portfolio 5, LLC Delaware3
- BSPRT Walgreens Portfolio 6, LLC Delaware3
- BSPRT Walgreens Portfolio 7, LLC Delaware3
- BSPRT Walgreens Portfolio 8, LLC Delaware3
- BSPRT Walgreens Portfolio 9, LLC Delaware3
- BSPRT Walgreens Portfolio, LLC Delaware3
- Benefit Street Partners L.L.C. Delaware3
- Benefit Street Partners Realty Operating Partnership, L.P. Delaware3
- Benefit Street Partners Realty Trust TRS, LLC Delaware3
- CMC Securities Corporation IV (f/k/a CMC SC IV) Delaware3
- Capstead Capital Corporation Delaware3
- Capstead Inc. Delaware3
- Capstead Securities Holding, LLC Delaware3
- FBRT 1660 Lincoln Owner, LLC Delaware3
- FBRT 86 North Owner, LLC Delaware3
- FBRT BBSS Finance, LLC Delaware3
- FBRT Bridgepoint Owner 2, LLC Delaware3
- FBRT Bridgepoint Owner, LLC Delaware3
- FBRT Campbell's Creek Owner, LLC Delaware3
- FBRT Churchill Finance, LLC Delaware3
- FBRT Cienda Owner, LLC Delaware3
- FBRT Claridge House Owner, LLC Delaware3
- FBRT Cobb House Owner 2, LLC Delaware3
- FBRT Cobb House Owner, LLC Delaware3
- FBRT Excess MSR Holder LLC Delaware3
- FBRT Fredericksburg Owner, LLC Delaware3
- FBRT Fremont Owner, LLC Delaware3
- FBRT GVA Holdco, LLC Delaware3
- FBRT Garfield, LLC Delaware3
- FBRT Haverwood Owner, LLC Delaware3
- FBRT LIV Cleveland, LLC Delaware3
- FBRT Lewisville Owner, LLC Delaware3
- FBRT Luckman Holder, LLC Delaware3
- FBRT Luckman Owner, LLC Delaware3
- FBRT Lynx Owner, LLC Delaware3
- FBRT Mallard Green Owner, LLC Delaware3
- FBRT OP LLC (f/k/a Benefit Street Partners Realty Trust LP, LLC) Delaware3
- FBRT Patten West Owner, LLC Delaware3
- FBRT Plum Creek Owner, LLC Delaware3
- FBRT Printhouse Seller, LLC Delaware3
- FBRT Printhouse, LLC Delaware3
- FBRT Riverwalk, LLC Delaware3
- FBRT SUB REIT TRS LLC Delaware3
- FBRT Salado Creek Owner, LLC Delaware3
- FBRT Six Forks Owner, LLC Delaware3
- FBRT Sub REIT Maryland3
- FBRT TRS Holdco LLC Delaware3
- FBRT Westcreek Owner, LLC Delaware3
- FBRT Williamsburg, LLC Delaware3
- FBRT Woodlands Owner, LLC Delaware3
- NewPoint Bridge Lending LLC Delaware3
- NewPoint Holdings JV LLC Delaware3
- NewPoint JV LLC Delaware3
- NewPoint JV Sub BB, LLC Delaware3
- NewPoint JV Sub BSNY Holdco, LLC Delaware3
- NewPoint JV Sub BSNY, LLC Delaware3
- NewPoint JV Sub CB, LLC Delaware3
- NewPoint JV Sub F Q B, LLC Delaware3
- NewPoint JV Sub I LLC Delaware3
- NewPoint JV Sub II LLC Delaware3
- NewPoint JV Sub III LLC Delaware3
- NewPoint JV Sub IV LLC Delaware3
- NewPoint JV Sub MM Holdco, LLC Delaware3
- NewPoint JV Sub MM, LLC Delaware3
- NewPoint JV Sub WF Holdco, LLC Delaware3
- NewPoint JV Sub WF, LLC Delaware3
- Rodeo Sub I, LLC Maryland3
- Sphere Apartments, LP Delaware3
- Sphere GP, LLC Delaware3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
Timeline
- Sep 17, 20268-K Executive or director change; Regulation FD disclosure36
- Jul 29, 20268-K Results of operations37
- Jun 9, 20268-K Shareholder vote38
- Apr 29, 20268-K Results of operations39
- Apr 20, 20268-K Entered a material agreement; New debt or obligation40
- Feb 11, 20268-K Results of operations41
- Feb 10, 20268-K Executive or director change42
- Jan 21, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Shareholder vote43
- Oct 29, 20258-K Results of operations44
- Oct 17, 20258-K Entered a material agreement; New debt or obligation45
- Aug 1, 20258-K Financial statements and exhibits46
- Jul 30, 20258-K Results of operations47
- Oct 11, 2016New chief executive Richard J. Byrne becomes CEO13
Calendar
Coming up
- Oct 28, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.17 a share, on Oct 29, 2025.48
When it reported results
- Jul 29, 2026Reported quarterly or annual results37
- Apr 29, 2026Reported quarterly or annual results39
- Feb 11, 2026Reported quarterly or annual results41
- Oct 29, 2025Reported quarterly or annual results44
- Jul 30, 2025Reported quarterly or annual results47
- Apr 28, 2025Reported quarterly or annual results49
- Feb 13, 2025Reported quarterly or annual results50
- Nov 4, 2024Reported quarterly or annual results51
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
209 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 63 major events, 70 insider forms, 19 large holders, 37 other. The latest 20:
- Oct 5, 2026SCHEDULE 13G/A EDGAR
- Sep 17, 20268-K EDGAR
- Jul 29, 20268-K EDGAR
- Jul 29, 202610-Q EDGAR
- Jun 17, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 10, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 10, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 10, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 10, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 10, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 9, 20268-K EDGAR
- Apr 29, 2026SCHEDULE 13G EDGAR
- Apr 29, 20268-K EDGAR
- Apr 29, 202610-Q EDGAR
- Apr 20, 20268-K EDGAR
- Apr 17, 2026ARS EDGAR
- Apr 17, 2026DEFA14A EDGAR
- Apr 17, 2026DEF 14A EDGAR
- Mar 26, 2026SCHEDULE 13G/A EDGAR
- Mar 4, 20264 OWNERSHIP DOCUMENT EDGAR
The 209 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
10 open-market trades by officers, directors and large owners since October 2021: 9 buys and 1 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 15, 2026 | ORTALE BUFORD HDirector | Buy | 29,597 | $9.85 | $291.6K | Form 4 |
| Mar 3, 2026 | Buffone BrianPresident | Buy | 27,000 | $9.41 | $254.1K | Form 4 |
| Feb 18, 2026 | ORTALE BUFORD HDirector | Buy | 2,000 | $8.77 | $17.5K | Form 4 |
| Feb 17, 2026 | ORTALE BUFORD HDirector | Buy | 2,000 | $8.88 | $17.8K | Form 4 |
| Nov 21, 2025 | McDonough Peter JDirector | Sale | 1,500 | $10.00 | $15.0K | Form 4 |
| May 12, 2023 | ORTALE BUFORD HDirector | Buy | 2,000 | $18.40 | $36.8K | Form 4 |
| Sep 15, 2022 | ORTALE BUFORD HDirector | Buy | 3,000 | $11.77 | $35.3K | Form 4 |
| Sep 8, 2022 | ORTALE BUFORD HDirector | Buy | 2,200 | $19.60 | $43.1K | Form 4 |
| Sep 7, 2022 | ORTALE BUFORD HDirector | Buy | 3,700 | $19.82 | $73.3K | Form 4 |
| Sep 6, 2022 | ORTALE BUFORD HDirector | Buy | 10,000 | $20.00 | $200.0K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- BlackRockSCHEDULE 13G/A, 9 filings Dec 10, 2021 to Oct 5, 202652
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 29, 202653
- VANGUARD GROUP INCSCHEDULE 13G/A, 7 filings Feb 10, 2022 to Mar 26, 202654
- MILLENNIUM MANAGEMENT LLCSC 13G, 1 filing Jun 21, 202255
- Paradice Investment Management LLCSC 13G/A, 1 filing Feb 10, 202256
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 13,002,861 | $105.8M | 0.0% | −118,999 |
| Vanguard Capital Management LLC | 3,429,239 | $27.9M | 0.0% | −131,370 |
| State Street Corp | 3,241,000 | $27.0M | 0.0% | +31,461 |
| Geode Capital Management, LLC | 2,070,316 | $16.9M | 0.0% | +28,458 |
| Invesco Ltd. | 1,850,367 | $15.1M | 0.0% | +110,905 |
| Gratia Capital, LLC | 1,769,370 | $14.4M | 16.5% | −509,330 |
| Franklin Resources Inc | 1,500,096 | $12.2M | 0.0% | −290 |
| UBS Group AG | 1,346,899 | $11.0M | 0.0% | +143,219 |
| Vanguard Portfolio Management LLC | 1,279,728 | $10.4M | 0.0% | −1,503,122 |
| Charles Schwab Investment Management Inc | 1,110,467 | $9.0M | 0.0% | −107,273 |
| Morgan Stanley | 1,033,650 | $8.4M | 0.0% | +171,612 |
| Nuveen, LLC | 825,882 | $6.7M | 0.0% | +659,750 |
| Northern Trust Corp | 808,521 | $6.6M | 0.0% | −21,824 |
| Waterfall Asset Management, LLC | 758,000 | $6.2M | 5.2% | New |
| Van Eck Associates Corp | 706,061 | $5.7M | 0.0% | −116,193 |
| Bank of New York Mellon Corp | 624,976 | $5.1M | 0.0% | −9,411 |
| Gabelli Funds LLC | 575,919 | $4.7M | 0.0% | +19,667 |
| Vanguard Fiduciary Trust Co | 512,429 | $4.2M | 0.0% | −20,841 |
| Goldman Sachs Group Inc | 505,646 | $4.1M | 0.0% | +239,923 |
| Mariner, LLC | 466,282 | $3.8M | 0.0% | −14,834 |
| Qube Research & Technologies Ltd | 444,774 | $3.6M | 0.0% | New |
| Principal Financial Group Inc | 371,976 | $3.0M | 0.0% | −24,428 |
| Citadel Advisors LLC | 320,288 | $2.6M | 0.0% | +226,727 |
| Almitas Capital LLC | 298,190 | $2.4M | 0.6% | +199,136 |
| Orchard Capital Management, LLC | 267,856 | $2.2M | 2.4% | +106,137 |
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
2 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Jun 11, 2025 | Lisa C. McClainRepublican, House | Sale | $1,001 - $15,000 | +72.4% | Report |
| Jun 9, 2025 | Lisa C. McClainRepublican, House | Buy | $1,001 - $15,000 | −72.9% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Franklin BSP Realty Trust, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARFranklin BSP Realty Trust, Inc.1
- CIK0001562528
- Employer ID (EIN)46-14060864
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inMaryland4
- Fiscal year endsDecember 311
- Industry code (SIC)6798 Real Estate Investment Trusts1
- SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
- Business addressOne Madison Avenue, Suite 1600, New York, NY 100101
- Phone(212) 588-67701
- Shares outstanding83,045,416 as of Jul 27, 202611
- Public float$858.0M as of Jun 30, 20254
- AuditorPricewaterhouseCoopers LLP, Atlanta, Georgia PCAOB ID 238; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceNov 29, 20121
- Filings583 in all: 8-K (156), 4 (96), 424B3 (50), 10-Q (41), DEFA14A (39), 3 (24), POS AM (17), EFFECT (14)1
All 50 form types
10-K (13), DEF 14A (13), SC 13G/A (11), SC TO-T/A (10), UPLOAD (10), CORRESP (7), 40-APP/A (6), 425 (6), 8-K/A (6), ARS (5), PRE 14A (5), SC 13G (4), SC TO-T (4), D (3), D/A (3), S-11/A (3), SC 14D9 (3), 10-K/A (2), 424B5 (2), 8-A12G (2), NT 10-K (2), POS EX (2), S-11 (2), S-3ASR (2), SCHEDULE 13G (2), SCHEDULE 13G/A (2), 10-Q/A (1), 144 (1), 15-12G (1), 40-APP (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), DRSLTR (1), RW (1), S-3DPOS (1), S-4 (1), S-4/A (1), S-8 (1), SC 14D9/A (1), SC TO-C (1)
- Latest filingsAnnual report (10-K) Feb 25, 2026
Quarterly report (10-Q) Jul 29, 2026
Proxy statement (DEF 14A) Apr 17, 2026
Latest 8-K (8-K) Sep 17, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, par value $0.01 per share | FBRT | New York Stock Exchange |
| 7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share | FBRT PRE | New York Stock Exchange |
From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks Franklin BSP Realty Trust, Inc. names in Item 1A of its 10-K filed Feb 25, 2026: 60 risks under these headings, as written.4
- Risk Related to Our Financing Strategy
- We have a significant amount of indebtedness and may need to incur more in the future.
- We may not be able to earn returns on loans we make in excess of the interest we pay on our borrowings.
- We may use collateralized debt and loan obligation securitization markets to provide long-term financing for our loans and investments which may not be available.
- Lenders often require us to enter into restrictive covenants relating to our operations, which could limit our ability to make distributions.
- Changes in interest rates, particularly short-term interest rates, may significantly influence our net income.
- We may not be able to access financing sources on attractive terms, if at all, which could adversely affect our ability to fund and grow our business, or result in dilution to our existing stockholders.
- Our short-term borrowings often require us to provide additional collateral when the fair market value of our collateral decreases, and these calls for collateral could significantly impact our liquidity position.
- Risks Related to Our Investments
- Our commercial real estate debt investments are subject to the risks typically associated with ownership of commercial real estate.
- Loans on properties in transition will involve a greater risk of loss than conventional mortgage loans.
- Our success depends on the availability of attractive investment opportunities.
The other 50 risks
- Delays in liquidating defaulted commercial real estate debt investments could reduce our investment returns.
- Operating and disposing of properties acquired through foreclosure subject us to additional risks that could harm our results of operations.
- Subordinate commercial real estate debt that we originate or acquire could expose us to greater losses than primary mortgage loans do.
- We may be subject to risks associated with construction lending, such as declining real estate values, cost overruns and delays in completion.
- Jurisdictions with one action or security first rules or anti-deficiency legislation may limit the ability to foreclose on a property or to realize the obligation secured by the property by obtaining a deficiency judgment.
- Insurance may not cover all potential losses on the properties underlying our investments, which may harm the value of our assets.
- We invest in CMBS and CMBS bonds, which entails certain risks, including those related to subordinate securities.
- We may not control the special servicing of the mortgage loans underlying the CMBS and CMBS bonds in which we invest and, in such cases, the special servicer may take actions that could adversely affect our interests.
- We invest in CDOs and such investments involve significant risks.
- Most of our investments are illiquid and we may not be able to vary our portfolio in response to changes in economic and other conditions, which may result in losses to us.
- Some of our investments are carried at estimated fair value as determined by us and, as a result, there may be uncertainty as to the value of these investments.
- Competition with third parties for originating and acquiring investments may reduce our profitability.
- Our due diligence may not reveal all material issues relating to our origination or acquisition of a particular investment.
- We may be unable to restructure loans in a manner that we believe maximizes value, particularly if we are one of multiple creditors in large capital structures.
- We may be subject to risks associated with future advance obligations, such as declining real estate values and operating performance.
- We may not be successful in our attempts to align the maturities of our liabilities with the maturities on our assets, which could harm our operating results and financial condition.
- Provision for credit losses is difficult to estimate.
- Any credit ratings assigned to our investments will be subject to ongoing evaluations and revisions and we cannot assure you that those ratings will not be downgraded.
- When we acquire companies, we face risks related to integrating the acquired company in a manner that allows us to achieve the synergies and other benefits of the acquisition or do so within the anticipated time frame.
- Risks Related to the Conduit Segment of the Business
- We use warehouse facilities that may limit our ability to acquire assets, and we may incur losses if the collateral is liquidated.
- We directly and indirectly utilize non‑recourse securitizations, and such structures expose us to risks that could result in losses to us.
- The securitization market is subject to a regulatory environment that may affect certain aspects of these activities.
- We enter into hedging transactions that could expose us to contingent liabilities in the future.
- Hedging against interest rate exposure may adversely affect our income, limit our gains or result in losses, which could adversely affect cash available for distribution to our stockholders.
- Risks Related to NewPoint and our Agency Business
- The acquisition of NewPoint and the operation of our Agency Business exposes us to a variety of additional risks that could materially and adversely affect our financial condition and results of operations.
- Risks Related to Conflicts of Interest
- The Advisor faces conflicts of interest relating to purchasing commercial real estate-related investments, and such conflicts may not be resolved in our favor, which could adversely affect our investment opportunities.
- The Advisor and its employees face competing demands relating to their time, and this may cause our operating results to suffer.
- The fee structure set forth in the Advisory Agreement may not create proper incentives for the Advisor.
- Our Advisor manages our portfolio pursuant to broad investment guidelines and is not required to seek the approval of our board of directors for each investment, financing, asset allocation or hedging decision made by it, which may result in our making riskier loans and other investments and which could materially and adversely affect us.
- Our Advisor maintains a contractual as opposed to a fiduciary relationship with us. Our Advisor’s liability is limited under our Advisory Agreement, and we have agreed to indemnify our Advisor against certain liabilities.
- Termination of our Advisory Agreement would be difficult and costly.
- Risks Related to Our Corporate Structure
- The limit on the number of shares a person may own may discourage a takeover that could otherwise result in a premium price to our stockholders.
- Certain provisions of Maryland law could inhibit a change in control of our Company.
- Risks Related to Taxation
- Our failure to qualify as a REIT could have significant adverse consequences to us and the value of our common stock.
- The failure of a mezzanine loan to qualify as a real estate asset could adversely affect our ability to qualify as a REIT.
- Even if we qualify as a REIT, we may be subject to tax liabilities that reduce our cash flow for distribution to our stockholders.
- The failure of assets subject to repurchase agreements to qualify as real estate assets could adversely affect our ability to qualify as a REIT.
- The “taxable mortgage pool” rules may increase the taxes that we or our stockholders incur, and may limit the manner in which we effect future securitizations.
- The prohibited transactions tax may limit our ability to engage in transactions, including certain methods of securitizing mortgage loans that would be treated as sales for U.S. federal income tax purposes.
- Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
- Liquidation of assets may jeopardize our REIT qualification.
- Modification of the terms of our debt investments and mortgage loans underlying our CMBS in conjunction with reductions in the value of the real property securing such loans could cause us to fail to qualify as a REIT.
- If the OP fails to qualify as a partnership for U.S. federal income tax purposes, we could fail to qualify as a REIT and suffer other adverse consequences.
- Changes to the U.S. federal income tax laws, including the enactment of certain tax reform measures, could have a material and adverse effect on us.
- Risks Related to an Investment in Franklin BSP Realty Trust, Inc.
- We may be unable to maintain or increase cash distributions over time, or may decide to reduce the amount of distributions for business reasons.
- Our business could suffer in the event our Advisor or any other party that provides us with services essential to our operations experiences system failures or cyber-incidents or a deficiency in cybersecurity.
- Our use of or failure to adopt advancements in information technology, such as artificial intelligence, may hinder or prevent us from achieving strategic objectives or otherwise harm our business.
- We are subject to risks from natural disasters such as earthquakes and severe weather, including as the result of global climate changes, which may result in damage to the properties securing our loans.
- Risks Relating to Regulatory Matters
- Failure to maintain certain qualifications and licenses could adversely affect our results of operations.
Legal proceedings
Please refer to “Litigation and Regulatory Matters” in "Note 16 - Commitments and Contingencies" to the consolidated financial statements included in this report. The Company believes that these proceedings, individually or in the aggregate, will not have a material impact on the Company's financial conditions, operating results or cash flows.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14SEC EDGARBrian Buffone, President
- 15SEC EDGARMichael Comparato, President
- 16SEC EDGARMatthew Donnelly, President
- 17SEC EDGARPeter M. Budko, President
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25SEC EDGARJoe Dumars, Board member
- 26SEC EDGARGary Keiser, Board member
- 27SEC EDGARMichelle P. Goolsby, Board member
- 28SEC EDGARPatsy Joseph Augustine, Board member
- 29SEC EDGARPeter J. McDonough, Board member
- 30SEC EDGARBuford H. Ortale, Board member
- 31SEC EDGARJamie Handwerker, Board member
- 32SEC EDGARElizabeth K. Tuppeny, Board member
- 33SEC EDGARLeslie D. Michelson, Board member
- 34SEC EDGARRobert J. Froehlich, Board member
- 35SEC EDGARWilliam M. Kahane, Board member
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- 37SEC EDGARResults of operations
- 38SEC EDGARShareholder vote
- 39SEC EDGARResults of operations
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- 41SEC EDGARResults of operations
- 42SEC EDGARExecutive or director change
- 43
- 44SEC EDGARResults of operations
- 45
- 46SEC EDGARFinancial statements and exhibits
- 47SEC EDGARResults of operations
- 48NasdaqNasdaq calendar
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