FBRTFranklin BSP Realty Trust, Inc.
Real Estate Investment Trusts
- Revenue
- $30M
- 30% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- −$101M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear347% of net incomeCash flow under 80% of net income
- Dilutive SBCFired31% of revenueOver 10% of revenue
- Payouts exceed cash flowClear55% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear2% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $5M | $10M | $17M | $23M | $30M | 30% |
| Net income | $26M | $14M | $145M | $92M | $84M | 9.0% |
| Operating cash flow | $146M | $153M | $197M | $57M | $292M | 410% |
| Stock-based comp | $211K | $3M | $5M | $8M | $9M | 12% |
| Buybacks | $11M | $17M | $13M | $5M | $14M | 195% |
| Dividends | $68M | $139M | $144M | $145M | $146M | 0.5% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $1M | $1M | 94 | 94 |
| FY2024 | $2M | $2M | 104 | 81 |
| FY2023 | $1M | $1M | 100 | 80 |
| FY2022 | $1M | $1M | 86 | 70 |