Franklin Bsp Realty Trust, Inc.
fbrtreit.comWhat Do They Do?
Lends to commercial real estate borrowers and invests in real estate debt, securities and properties; it also originates, sells and services multifamily loans through government mortgage programs.
10-K for FY2025, filed Feb 25, 2026The Commercial Real Estate Financing business unit primarily focuses on originating, acquiring and asset managing commercial real estate…View ↗
We originate, fund, acquire and structure commercial real estate debt, including first mortgage loans, mezzanine loans, bridge loans, and…View ↗
Through the Agency Business unit, the Company, through NewPoint, originates, sells and services a range of multifamily finance products…View ↗
How Do They Make Money?
Commercial real estate loans earn interest at their coupon rates, with interest on non-performing loans recorded when received. Owned properties generate rent and expense reimbursements over lease terms, and conduit loans are sold for a profit.
10-K for FY2025, filed Feb 25, 2026Interest income is accrued based on the actual coupon rate adjusted for accretion of any purchase discounts, the amortization of any…View ↗
Revenue from real estate owned represents income associated with the operations of commercial real estate properties, primarily base rent…View ↗
The Company originates Conduit loans which the Company intends to sell through its TRS into CMBS securitization transactions at a profit.…View ↗
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10-K for FY2025, filed Feb 25, 2026
FY2025 revenue by reportable segment (Referral Fee Income) ↗
$270.1M
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10-K for FY2025, filed Feb 25, 2026
$270.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Real Estate Debt and Other Real Estate Investments
Recurring
|
0.0%
FY2022: 0.0%
|
Real Estate Debt and Other Real Estate Investments, FY2025
$0 Sources
|
Recurring |
|
Agency Business
|
0.1% |
Agency Business, FY2025
$20K Sources
|
|
|
Conduit
Sold outright
|
0.0% |
Conduit, FY2025
$0 Sources
|
Sold outright |
|
Real Estate Owned
Recurring
|
100%
FY2022: 100%
|
Real Estate Owned, FY2025
$29.6M Sources
|
Recurring |
Who Are Their Customers?
Commercial property borrowers can work directly with the company for loans; it also services external portfolios of commercial real estate financing products.
10-K for FY2025, filed Feb 25, 2026
Do Revenues Turn Into Profits?
Yes. It kept 30 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 25, 2026
10-K for FY2025, filed Feb 25, 2026
$82.3MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Oct 28, 2026
−$26.7MView ↗
- ▼ Now a loss
- vs $17.3M in Q3 FY2025
10-Q for Q3 FY2026, filed Oct 28, 2026
Open tableView ↗
Growing. Revenue grew 63% in 4 years, from $165.5M in FY2021 to $270.1M in FY2025, about 13% a year.
Added agency mortgage business
The latest business description includes multifamily loan origination, sales and servicing under government programs, alongside commercial real estate investing; the older description set out investment strategies without this agency business.
10-K for FY2022, filed Mar 16, 2023 10-K for FY2025, filed Feb 25, 2026We have four investment strategies. Our first and primary strategy is to originate, acquire and manage a diversified portfolio of…View ↗
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