TakeoverPE & activists

FBRTFranklin BSP Realty Trust, Inc.

Real Estate Investment Trusts · $456M market cap · 223 employees

0.7×

Less likely than average to be taken private

Top 26% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

3of 15 firedHow well they predict deals →
12 other checks
  • TSR below peersNo
    0 of 4 years
    3+ of last 5 years
  • High CEO pay despite TSRNo
    $1M median
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    347% of net income
    Cash flow under 80% of net income
  • Payouts exceed cash flowNo
    55% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    2% of assets
    Over 40% of assets
  • Shareholder dissentNo
    88% lowest support
    Any vote under 80% support
  • Net cashNo
    —
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $456M market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    3 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $566K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Jul 6, 2021SC TO-T/AComrit Investments 1, LP——
Apr 21, 2021SC TO-T/AComrit Investments 1, LP——
Apr 2, 2021SC TO-TComrit Investments 1, LP——
Dec 18, 2020SC TO-T/AComrit Investments 1, LP——
Nov 5, 2020SC TO-T/AComrit Investments 1, LP——
Nov 2, 2020SC TO-T/AComrit Investments 1, LP——
Oct 23, 2020SC TO-TComrit Investments 1, LP——
Dec 3, 2018SC TO-T/AComrit Investments 1, LP——
Oct 26, 2018SC TO-T/AComrit Investments 1, LP——
Oct 25, 2018SC TO-T/AComrit Investments 1, LP——
Oct 10, 2018SC TO-T/AComrit Investments 1, LP——
Sep 25, 2018SC TO-TComrit Investments 1, LP——
May 3, 2017SC TO-T/AMacKenzie Realty Capital, Inc.——
Mar 13, 2017SC TO-TMacKenzie Realty Capital, Inc.——

Key numbers

Revenue
$30MFY2021: $5MFY2022: $10MFY2023: $17MFY2024: $23MFY2025: $30M
30% YoY
Operating margin
—
EBITDA
—
Net debt / EBITDA
—
−$101M net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$5M$10M$17M$23M$30M 30% FY2021: $5MFY2022: $10MFY2023: $17MFY2024: $23MFY2025: $30M
Net income$26M$14M$145M$92M$84M 9.0% FY2021: $26MFY2022: $14MFY2023: $145MFY2024: $92MFY2025: $84M
Operating cash flow$146M$153M$197M$57M$292M 410% FY2021: $146MFY2022: $153MFY2023: $197MFY2024: $57MFY2025: $292M
Stock-based comp$211K$3M$5M$8M$9M 12% FY2021: $211KFY2022: $3MFY2023: $5MFY2024: $8MFY2025: $9M
Buybacks$11M$17M$13M$5M$14M 195% FY2021: $11MFY2022: $17MFY2023: $13MFY2024: $5MFY2025: $14M
Dividends$68M$139M$144M$145M$146M 0.5% FY2021: $68MFY2022: $139MFY2023: $144MFY2024: $145MFY2025: $146M

13D filers

None on file.

Insider trading

+$566Knet buying by insiders, open market, last 12 months
Bought $581K · 5 tradesSold $15K · 1 trade

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025$1M$1M9494
FY2024$2M$2M10481
FY2023$1M$1M10080
FY2022$1M$1M8670