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Franklin BSP Realty Trust Inc (FBRT) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Franklin BSP Realty Trust Inc stock $15.70, price $6.20, upside +153.2%, quality 60 out of 100. Rating: strongly undervalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.

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Real Estate US

FB Franklin BSP Realty Trust Inc logo Broad data Nov 7, 2026

Franklin BSP Realty Trust Inc

FBRT · US
Undervalued, but in a downtrend

The stock costs 61% less than our calculation considers fair.

Fair value $15.70 · Strongly undervalued (61%)
Quality 60/100
Healthy Growth (revenue 5y +24.7 %/yr in USD)
Highly profitable · 21.4% net margin (TTM)
Generates free cash flow
17.9% dividend yield · Sustainable
Positive coverage
Broad data
Mixed vs. peers (7/14)
Insiders bought $1.2M (6M)
Profit last quarter 37% below a year ago.
High debt
Narrow moat 35/100
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$11.65 $3.86 Fair Value $15.70 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range $3.86 – $11.65 · fair‑value band $5.61 – $20.27 · the $6.20 price screens below the $15.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.

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Company profile

Franklin BSP Realty Trust, Inc., a real estate finance company, originates and manages a diversified portfolio of commercial real estate debt investments through a REIT structure in the United States and internationally.

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The company operates through Real Estate Debt Business; Agency Business; Commercial Real Estate Conduit Business; and Real Estate Owned Business segments.

The Real Estate Debt Business focuses on originating, acquiring, and asset managing commercial real estate debt investments, including first mortgages, subordinate mortgages, mezzanine loans, and participations in such loans and focuses on investing in and asset managing real estate securities.

The Agency Business focuses on originating, selling, and servicing loans under programs offered by government-sponsored enterprises and agencies.

The Commercial Real Estate Conduit Business is focused on generating risk-adjusted returns by originating and selling fixed-rate commercial real estate loans. The Real Estate Owned Business represents real estate acquired by the company through foreclosure, deed-in-lieu of foreclosure, and purchase.

It also originates conduit loans. Franklin BSP Realty Trust, Inc. was formerly known as Benefit Street Partners Realty Trust, Inc. and changed its name to Franklin BSP Realty Trust, Inc. in October 2021.

Franklin BSP Realty Trust, Inc. was incorporated in 2012 and is headquartered in New York, New York.

Stock analysis

Franklin BSP Realty Trust Inc (FBRT) currently trades at $6.20, while our model-based Fair Value estimate is $15.70, implying the stock looks roughly 61% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of $79.99 per share, and 9 of the 11 models we run sit above the $6.20 price.

Bear case: the Asset-Based group reads lowest at $5.10, and 2 of the 11 models stay below the price. Data coverage for this calculation is high.

Scenario range: $5.61 (bear) to $20.27 (bull), the price of $6.20 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 60/100 (solid quality), in the Real Estate sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Franklin BSP Realty Trust Inc reported revenue of $556M in FY2025 versus $222M in FY2021, a compound +25.8%/yr. Reported net income was $82.3M in FY2025, compounding +33.8%/yr from FY2021.

Key figures

Market cap $525M Small · P/E ratio 14.1 · P/S ratio 2.09 · EPS (TTM) $0.4400 · Net margin 14.8% · Return on equity 4.1% · Return on assets (EBIT) 2.7% (5-year average) · Operating margin 8.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (medium confidence).

What moves the price

The share trades about 40% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 56% fair-value upside, at 153%, FBRT screens cheaper than that median.

Fair Value models

Bear $5.61 Fair Value $15.70 Bull $20.27
Price $6.20 · Upside +153.2%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income $12.71 $12.89 $13.52 76
FCF DCF $36.87 $73.22 $180.61 72
5Y EBITDA Exit n/a $1.38 >$5.52 72
All 13 models by family
DCF Models
FCF DCF $36.87 $73.22 $180.61 72
5Y Revenue Exit n/a n/a $23.20 69
5Y EBITDA Exit n/a $1.38 >$5.52 72
10Y Revenue Exit $4.89 $35.60 $45.97 64
10Y EBITDA Exit $5.77 $37.20 $81.93 61
Dividend Discount
Gordon GGM $13.00 $22.68 $30.37 68
DDM Multi-Stage $13.00 $21.07 $24.30 67
Multiples
P/S Multiple $12.55 $16.74 $20.92 58
P/B Multiple $8.84 $11.79 $14.73 55
Asset-Based
NCAV (Graham) $3.36 $5.10 $6.37 54
Growth DCF
Growth DCF $31.55 $79.99 $167.68 72
Rev-Margin DCF n/a n/a $21.04 69
Economic Profit
Residual Income $12.71 $12.89 $13.52 76

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Quality Score breakdown

Overall quality 60/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 27
How much profit the company makes from its sales and capital
Quality Growth 45
Are margins and returns getting better?
Cashflow 100
Do the profits arrive as real cash?
Financial strength 11
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 57
How calm the share price moves, does not count
Price momentum 8
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 3
Distance to the 52-week high, does not count
New shares 85
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, 2 officers or directors bought shares worth $1.2M, most recently on Nov 3, 2026. Buying cluster

  • BuyRichard J ByrneChairman and CEO, Director162,600 shares at $6.14$998,364Nov 3, 2026
  • BuyBuford H OrtaleDirector3× since Feb 17, 2026: 30,771 shares, avg. $8.42$259,087Nov 2, 2026
  • BuyBrian BuffonePresident27,000 shares at $9.41$254,070Mar 3, 2026
  • SalePeter J McDonoughDirector1,500 shares at $10.00$15,000Nov 21, 2025

Plus 5 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.7%
Start year 2020 (pandemic). Over 10 years: +25.1% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+73.6%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+11.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.0%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.9.1% vs 11.0%, steady
Profit margin 2019 to 2024 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.12% → 21%
Pace: the 5-year rate starts in 2020 (pandemic)

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Earlier news

News mood ⓘNews mood, the average tone of recent news (77 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Positive
Recent news coverage is more positive than average.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Mortgage · 31 stocks

Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 60 · Top 25%
Fair Value upside +153.2% · Top 25%
Profitability
Return on equity (12 months) 4.1% · Below median
Return on assets 1.4% · Above median
Net margin (12 months) 21.4% · Below median
Operating margin (12 months) 8.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 14.2% · Below median
Dividend yield (12 months) 17.9% · Above median
Balance sheet
Debt / equity 2.82× · Above median

Valuation Multiplesvs REIT - Mortgage median · lower = cheaper

P/E (12 months) 14.1× · Pricier than median
P/B 0.36× · Cheapest 25%
P/S (12 months) 1.80× · Cheapest 25%
Price / free cash flow (fiscal year) 1.8× · Cheapest 25%
EV/EBITDA 46.7× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 100
FUTURE (revenue growth)71 · sector 97
PAST (return on equity)16 · sector 17
HEALTH (low debt)0 · sector 1
DIVIDEND (yield)100 · sector 100

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Franklin BSP Realty Trust Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Franklin BSP Realty Trust Inc Fair Value". https://www.fairvalue-calculator.com/stock/FBRT

Frequently asked questions

Is Franklin BSP Realty Trust Inc (FBRT) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $15.70 versus a price of $6.20, about +153% upside (undervalued).
What is the fair value of FBRT?
Our model-based fair value for Franklin BSP Realty Trust Inc is $15.70 (as of Nov 7, 2026), built from audited fundamentals. The current price: $6.20.
What is the quality score of FBRT?
Franklin BSP Realty Trust Inc has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Franklin BSP Realty Trust Inc (FBRT)?
Our model-based price target is the fair value of $15.70 (as of Nov 7, 2026) from 13 valuation models. Cautious scenario $5.61, optimistic scenario $20.27. It is a calculation from audited fundamentals, not an analyst target.
What is the Franklin BSP Realty Trust Inc stock forecast for 2026?
Our models put fair value at $15.70, about +153% upside versus a price of $6.20 (undervalued). Cautious scenario $5.61, optimistic scenario $20.27. The calculation is refreshed regularly with new filings.
What is the revenue of Franklin BSP Realty Trust Inc (FBRT)?
Franklin BSP Realty Trust Inc reported trailing-twelve-month revenue of about $293M (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of Franklin BSP Realty Trust Inc (FBRT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Franklin BSP Realty Trust Inc it is $15.70 per share (as of Nov 7, 2026), against a price of $6.20. It is the blended result of 13 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Franklin BSP Realty Trust Inc stock overvalued or undervalued in 2026?
As of Nov 7, 2026, FBRT trades below its calculated fair value: price $6.20, fair value $15.70, a gap of about +153% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FBRT?
No. The price is what the market pays today ($6.20); the fair value is what the company's own numbers justify ($15.70). For Franklin BSP Realty Trust Inc the two are $9.50 per share apart. That gap is exactly why we show both numbers side by side.
How much is Franklin BSP Realty Trust Inc worth?
The market values Franklin BSP Realty Trust Inc at about $525M (market capitalisation, as of Nov 7, 2026). Per share that is $6.20; our models calculate a fair value of $15.70 per share.
What do the bullish and bearish scenarios say about FBRT?
Our models span a range for Franklin BSP Realty Trust Inc: cautious scenario $5.61, base $15.70, optimistic $20.27 per share (as of Nov 7, 2026, price $6.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FBRT?
Franklin BSP Realty Trust Inc trades at a price-to-earnings ratio of 14.1 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $15.70 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 6.1 (reported for FY2025: 6.5). Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings, 4 of the years ex one-offs: 11.0. Other multiples: P/B 0.4, P/S 1.8, EV/EBITDA 46.7.
How solid is the balance sheet of Franklin BSP Realty Trust Inc (FBRT)?
Balance-sheet figures for Franklin BSP Realty Trust Inc (as of Nov 7, 2026): return on equity 4.1%, debt of 2.82 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is FBRT from its 52-week high?
Franklin BSP Realty Trust Inc trades at $6.20, about 40% below its 52-week high of $10.33 and 4% above the low of $5.95 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $15.70 is for.
Which stocks are comparable to Franklin BSP Realty Trust Inc?
From the same area (Real Estate) we also value Annaly Capital Management, Inc, AGNC Investment Corp, Rithm Capital Corp, Starwood Property Trust, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Franklin BSP Realty Trust Inc stock attractive at the current price?
The data as of Nov 7, 2026: price $6.20, calculated fair value $15.70 (+153%), Quality Score 60/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FBRT calculated?
We run Franklin BSP Realty Trust Inc through 13 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $15.70 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Franklin BSP Realty Trust Inc currently trades 61% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Franklin BSP Realty Trust Inc (FBRT)?
The closing price on Nov 6, 2026 was $6.20. Our model-based fair value is $15.70, about +153% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Franklin BSP Realty Trust Inc right now?
The model range is unusually wide ($5.61 to $20.27). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (60/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of Franklin BSP Realty Trust Inc

How large is the market capitalisation of Franklin BSP Realty Trust Inc (FBRT)?
The market capitalisation of Franklin BSP Realty Trust Inc is $525M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Franklin BSP Realty Trust Inc (FBRT)?
The price-to-sales ratio of Franklin BSP Realty Trust Inc is 2.09 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Franklin BSP Realty Trust Inc (FBRT)?
Earnings per share at Franklin BSP Realty Trust Inc are $0.4400 (price ÷ EPS = P/E 14.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Franklin BSP Realty Trust Inc (FBRT)?
The net margin of Franklin BSP Realty Trust Inc is 14.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Franklin BSP Realty Trust Inc (FBRT)?
The return on equity (ROE) of Franklin BSP Realty Trust Inc is 4.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Franklin BSP Realty Trust Inc (FBRT)?
On an EBIT basis the return on assets of Franklin BSP Realty Trust Inc is 2.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Franklin BSP Realty Trust Inc (FBRT)?
The operating margin of Franklin BSP Realty Trust Inc is 8.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Franklin BSP Realty Trust Inc (FBRT)?
Revenue at Franklin BSP Realty Trust Inc is growing +14.2% versus a year earlier (3y avg +14.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Franklin BSP Realty Trust Inc (FBRT)?
Earnings per share at Franklin BSP Realty Trust Inc are growing −36.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Franklin BSP Realty Trust Inc (FBRT) generate?
The free cash flow of Franklin BSP Realty Trust Inc is $292M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Franklin BSP Realty Trust Inc (FBRT) carry?
The net debt of Franklin BSP Realty Trust Inc is $4.1B (fiscal year 2025, ≈ 14.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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