FBRTFranklin BSP Realty Trust, Inc.
Real Estate Investment Trusts
- Revenue
- $30M
- 30% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $456M
- Employees
- 223
- $133K revenue each
- Net debt / EBITDA
- —
- −$101M net debt
- AI in 10-K
- 0.6
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 4 years3+ of last 5 years
- High CEO pay despite TSRNo$1M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo347% of net incomeCash flow under 80% of net income
- Dilutive SBCYes31% of revenueOver 10% of revenue
- Payouts exceed cash flowNo55% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentNo88% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$133K · 22nd pctBottom quartile of its SIC industry
- Quiet on AIYes0.6 per 10K words · 24th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$456M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$566K netNet sales over $10M in 12 months
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
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Jul 6, 2021 | SC TO-T/A | Comrit Investments 1, LP | — | — |
| Apr 21, 2021 | SC TO-T/A | Comrit Investments 1, LP | — | — |
| Apr 2, 2021 | SC TO-T | Comrit Investments 1, LP | — | — |
| Dec 18, 2020 | SC TO-T/A | Comrit Investments 1, LP | — | — |
| Nov 5, 2020 | SC TO-T/A | Comrit Investments 1, LP | — | — |
| Nov 2, 2020 | SC TO-T/A | Comrit Investments 1, LP | — | — |
| Oct 23, 2020 | SC TO-T | Comrit Investments 1, LP | — | — |
| Dec 3, 2018 | SC TO-T/A | Comrit Investments 1, LP | — | — |
| Oct 26, 2018 | SC TO-T/A | Comrit Investments 1, LP | — | — |
| Oct 25, 2018 | SC TO-T/A | Comrit Investments 1, LP | — | — |
| Oct 10, 2018 | SC TO-T/A | Comrit Investments 1, LP | — | — |
| Sep 25, 2018 | SC TO-T | Comrit Investments 1, LP | — | — |
| May 3, 2017 | SC TO-T/A | MacKenzie Realty Capital, Inc. | — | — |
| Mar 13, 2017 | SC TO-T | MacKenzie Realty Capital, Inc. | — | — |
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $581K · 5
- Open-market sells, 12 mo
- $15K · 1
- Net
- $566K
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 |