Franklin BSP Realty Trust, Inc. FBRT
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate investment trust that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in the United States. As of March 31, 2026, FBRT had approximately $6.3 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc.
Snapshot
Reported FFO / Distributable Earnings / leverage are from the Q1 2026 earnings release (filed 2026-04-29) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-30 | 2026-06-30 | 2026-07-10 | — | $0.20 | Quarterly |
| 2026-03-31 | 2026-03-31 | 2026-04-10 | 2026-02-11 | $0.20 | Quarterly |
| 2025-12-31 | 2025-12-31 | 2026-01-12 | 2025-12-16 | $0.35 | Quarterly |
| 2025-09-30 | 2025-09-30 | 2025-10-10 | 2025-09-15 | $0.35 | Quarterly |
| 2025-06-30 | 2025-06-30 | 2025-07-10 | 2025-06-11 | $0.35 | Quarterly |
| 2025-03-31 | 2025-03-31 | 2025-04-10 | 2025-03-17 | $0.35 | Quarterly |
| 2024-12-31 | 2024-12-31 | 2025-01-10 | 2024-12-16 | $0.35 | Quarterly |
| 2024-09-30 | 2024-09-30 | 2024-10-10 | 2024-09-16 | $0.35 | Quarterly |
| 2024-06-28 | 2024-06-28 | 2024-07-10 | 2024-06-17 | $0.35 | Quarterly |
| 2024-03-27 | 2024-03-29 | 2024-04-10 | 2024-03-18 | $0.35 | Quarterly |
| 2023-12-28 | 2023-12-29 | 2024-01-10 | 2023-12-18 | $0.35 | Quarterly |
| 2023-09-28 | 2023-09-29 | 2023-10-10 | 2023-09-18 | $0.35 | Quarterly |
| 2023-06-29 | 2023-06-30 | 2023-07-10 | 2023-06-20 | $0.35 | Quarterly |
| 2023-03-30 | 2023-03-31 | 2023-04-10 | 2023-03-20 | $0.35 | Quarterly |
| 2022-12-29 | 2022-12-30 | 2023-01-11 | 2022-12-19 | $0.35 | Quarterly |
| 2022-09-29 | 2022-09-30 | 2022-10-11 | 2022-09-19 | $0.35 | Quarterly |
| 2022-06-29 | 2022-06-30 | 2022-07-11 | 2022-06-16 | $0.35 | Quarterly |
| 2022-03-30 | 2022-03-31 | 2022-04-11 | 2022-02-23 | $0.35 | Quarterly |
| 2021-12-30 | 2021-12-31 | 2022-01-10 | 2021-12-20 | $0.28 | Quarterly |
Coverage (payout of operating cash flow): 23.62%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $555.97M | $82.27M | $9.59M | $94.61M | $291.94M |
| 2024 | $548.92M | $68.89M | $5.63M | $437.62M | $57.23M |
| 2023 | $569.53M | $145.22M | $8.41M | $163.18M | $197.39M |
| 2022 | $367.36M | $14.43M | $129.98M | $106.55M | $152.51M |
| 2021 | $221.65M | $25.70M | $41.61M | $167.07M | $146.50M |
| 2020 | $184.17M | $54.75M | $2.23M | $61.40M | $115.33M |
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.