Income StatementBalance SheetCash FlowSegments
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Franklin BSP Realty Trust Business Segments

Business, geographic, and product segment breakdowns

Franklin BSP Realty Trust generates $289.4M in annual revenue across 4 key segments: Agency Business ($30.0K), Conduit (-), Real Estate Debt and Other Real Estate Investments (-), and Real Estate Owned ($18.2M). Based on the Q1 2026 filing.

Agency Business$30.0KConduit-Real Estate Debt and Other Real Estate Investments-Real Estate Owned (TTM)$18.2M
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$665.0M
P/E Ratio9.47
ROE4.86%

Products & Services

Effective Earnings Rate

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Fannie Mae—0.1%0.1%0.1%0.1%0.1%
Ginnie Mae—0.0%0.0%0.0%0.0%0.1%
Affordable—0.0%0.0%0.0%0.0%0.0%
Benefit Street Partners—0.0%0.0%0.0%0.0%0.0%
Freddie Mac—0.0%0.0%0.0%0.0%0.0%
Bridge—0.0%0.0%0.0%0.0%0.0%
Private Label—0.0%0.0%0.0%0.0%0.0%

Percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Label—13.0%13.0%13.0%13.0%43.0%
Benefit Street Partners—0.0%0.0%0.0%0.0%17.0%
Freddie Mac————1.0%15.0%
Fannie Mae————1.0%14.0%
Ginnie Mae—2.8%2.8%2.8%2.8%9.0%
Affordable—0.3%0.3%0.3%0.3%1.0%
Bridge—0.5%0.5%0.5%0.5%1.0%

UPB

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Private Label———$25.5B$25.0B$25.2B
Benefit Street Partners————$0.0$10.0B
Freddie Mac———$8.1B$8.6B$8.9B
Fannie Mae———$7.2B$7.9B$7.9B
Ginnie Mae———$5.1B$5.1B$5.2B
Affordable———$409.1M$425.0M$448.0M
Bridge———$986.7M$836.0M$422.0M

Servicing asset at fair value, amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Benefit Street Partners—————$4.9B

Geographic

Par Value

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Southeast$1.9B$1.9B$1.9B$2.0B$1.8B$1.8B
Southwest$1.9B$1.7B$1.6B$1.5B$1.4B$1.5B
Mideast$304.5M$370.5M$352.7M$325.8M$348.8M$381.1M
Various$289.7M$293.0M$161.4M$165.0M$272.3M$326.6M
Far West$171.8M$187.5M$192.3M$193.7M$239.9M$185.9M
New England$177.4M$176.8M$176.2M$175.6M$126.0M$136.9M
Great Lakes$118.9M$119.0M$97.6M$97.7M$108.1M$128.7M
Rocky Mountain$114.4M$31.7M$31.7M$32.8M$76.2M$113.0M

Percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Southeast1.8%40.2%2.5%1.7%0.0%39.8%
Southwest—0.0%39.4%——32.5%
Mideast0.7%100.0%——0.5%8.3%
Various1.5%6.1%—79.4%—7.1%
Far West0.2%3.9%0.3%0.2%1.0%4.0%
New England0.1%3.7%0.2%0.1%—3.0%
Great Lakes—2.5%28.4%—0.2%2.8%
Rocky Mountain0.1%0.7%——1.0%2.5%

Real Estate Owned, Accumulated Depreciation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Jeffersonville, GA$7.5M$8.1M$8.6M$9.2M$9.8M$10.4M
Portland, OR$69.0K$82.0K$95.0K$108.0K$120.0K$133.0K

Real estate owned, gross

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Jeffersonville, GA$84.3M$84.3M$84.3M$84.3M$84.3M$84.3M
Portland, OR$16.5M$16.5M$16.5M$16.5M$16.5M$16.5M

Real Estate Owned, Held For Investment, Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Jeffersonville, GA$83.1M$82.6M$82.0M$81.4M$80.8M$80.3M
Portland, OR$18.5M$18.5M$18.4M$18.4M$18.4M$18.4M

Gains (Losses) on Sales of Other Real Estate

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Various—-$600.0K-$2.9M$1.1M-$9.8M$3.7M

Liabilities, Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Various$5.8M$6.2M$8.4M$6.4M$5.4M$4.3M

Number of real estate properties

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Various8.008.006.006.001.004.00

Real estate owned, held for sale

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Various$225.5M$248.1M$224.7M$216.4M$201.2M$194.1M

Business Segments

Administrative services expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Estate Debt and Other Real Estate Investments$1.1M$2.1M$2.9M$2.3M$1.2M$1.4M
Conduit$1.3M$1.2M$949.0K$878.0K$1.1M$905.0K
Agency Business$0.0$0.0$0.0$247.0K$362.0K$57.0K
Real Estate Owned$0.0$0.0$0.0$0.0$0.0$0.0

Compensation and benefits

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency Business$0.0$0.0$0.0$34.4M$19.3M$22.8M
Conduit$0.0$0.0$0.0$0.0$0.0$0.0
Real Estate Debt and Other Real Estate Investments$0.0$0.0$0.0$0.0$0.0$0.0
Real Estate Owned$0.0$0.0$0.0$0.0$0.0$0.0

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency Business$0.0$0.0$0.0$2.1M$2.1M$2.1M
Real Estate Owned$1.4M$1.4M$1.4M$1.4M$1.3M$1.3M
Conduit$0.0$0.0$0.0$0.0$0.0$0.0
Real Estate Debt and Other Real Estate Investments$0.0$0.0$0.0$0.0$0.0$0.0

Interest Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Estate Debt and Other Real Estate Investments$126.6M$111.8M$107.5M$97.5M$89.0M$85.3M
Conduit$691.0K$1.5M$909.0K$1.5M$2.6M$3.8M
Agency Business$0.0$0.0$0.0$6.3M$6.5M$2.3M
Real Estate Owned$502.0K$601.0K$1.5M$885.0K$866.0K$814.0K

Less: Interest expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Estate Debt and Other Real Estate Investments$79.9M$69.9M$68.1M$69.2M$56.6M$58.7M
Agency Business$0.0$0.0$0.0$6.7M$7.2M$2.9M
Real Estate Owned$494.0K$446.0K$451.0K$454.0K$7.0M$1.9M
Conduit$182.0K$213.0K$129.0K$140.0K$178.0K$1.7M

Mortgage servicing rights

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency Business$0.0$0.0$0.0$19.7M$8.8M$6.7M
Conduit$0.0$0.0$0.0$0.0$0.0$0.0
Real Estate Debt and Other Real Estate Investments$0.0$0.0$0.0$0.0$0.0$0.0
Real Estate Owned$0.0$0.0$0.0$0.0$0.0$0.0

Net income/(loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Conduit$0.0$2.8M-$753.0K$2.3M$6.0M$4.2M
Real Estate Owned-$668.0K-$6.0M$483.0K-$3.0M-$7.9M$4.1M
Agency Business$0.0$0.0$0.0$9.2M$2.9M$2.8M
Real Estate Debt and Other Real Estate Investments$31.1M$26.8M$24.9M$9.2M$17.3M$1.2M

Operating Expenses, Adjusted

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Estate Debt and Other Real Estate Investments$11.3M$12.9M$11.1M$14.9M$9.8M$9.6M
Agency Business$0.0$0.0$0.0$6.9M$6.8M$9.4M
Real Estate Owned$8.9M$9.0M$9.9M$6.9M$5.8M$5.7M
Conduit$290.0K$1.5M$734.0K$1.0M$3.2M$1.9M

Referral Fee Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency Business$0.0$5.0K$5.0K$5.0K$5.0K—
Conduit$0.0$0.0$0.0$0.0$0.0—

Revenue from real estate owned

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Estate Owned—$6.8M—$7.2M—$6.9M
Agency Business—$0.0—$0.0—$30.0K
Conduit—$0.0—$0.0—$0.0
Real Estate Debt and Other Real Estate Investments—$0.0—$0.0—$0.0

Segment Reporting, Other Segment Item, Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency Business$0.0$0.0$0.0-$29.9M-$14.3M-$20.9M
Real Estate Debt and Other Real Estate Investments$3.4M-$24.0K$361.0K$2.0M$4.1M$14.8M
Real Estate Owned—$2.5M-$2.4M$2.4M$1.9M-$5.3M
Conduit-$834.0K-$4.2M-$150.0K-$2.9M-$7.8M-$5.0M

Servicing revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency Business—$0.0—$3.6M—$10.2M
Real Estate Debt and Other Real Estate Investments$0.0$0.0$0.0$0.0$0.0$373.0K
Conduit—$0.0—$0.0—$0.0
Real Estate Owned$0.0$0.0$0.0$0.0$0.0$0.0

Servicing revenue, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Agency Business$0.0$3.1M$3.1M$3.1M$3.1M—
Conduit$0.0$0.0$0.0$0.0$0.0—

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Real Estate Debt and Other Real Estate Investments$5.5B$5.0B$5.1B$4.7B$4.8B$5.0B
Agency Business$0.0——$1.1B$857.6M$760.1M
Real Estate Owned$407.2M$460.8M$433.5M$389.9M$368.8M$389.0M
Conduit$128.4M$51.1M$54.3M$54.5M$33.0M$198.0M

NOL carryforwards

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Taxable REIT Subsidiaries$15.2M———$21.0M—