What does conduit — referral fee income mean?

This metric represents income generated by referring commercial real estate loan opportunities to third-party lenders or partners. It reflects the segment's ability to monetize its market presence and deal flow without necessarily holding the underlying assets on the balance sheet. This is a non-interest income stream that highlights the firm's role as a market intermediary.

Franklin BSP Realty Trust FBRT Conduit — Referral Fee Income

Other segment segments

Agency Business

$20K—

Similar metrics at other companies

CCBLoan referral fees — Revenue

$0-100%

EQBKInvestment Referral Income — Revenue

$148K+25.4%

LOANReferral Fees

$3.97K+2,653%

SOFIReferrals, loan platform business — Total net revenue from contracts with customers

$19.28M-2.1%

HASIOrigination fee and other income

$9.05M+88.7%

FCFFee income

$3.27M+3.1%

Other financials

Income statement

See full

Revenue$74.4M+35.1%

Net income$12.0M-50.2%

EPS (diluted)$0.07-65.0%

Balance sheet

See full

Cash & equivalents$115.6M-46.3%

Total debt$10.0M—

Total equity$1.4B-7.2%

Total assets$6.3B+11.4%

Cash flow

See full

Operating cash flow-$54.0M-146%

Valuation

See full

Market cap$621.09M-31.1%

Enterprise value$515.52M—

P/E8.9×+0.6×

P/S2.2×-2.0×

Profitability

See full

Net margin24.3%-14.5pp

Returns & leverage

See full

Return on equity4.9%-0.6pp

Debt / equity0×—

Where this comes from

Reported directly by Franklin BSP Realty Trust in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: Franklin BSP Realty Trust’s 10-K, filed February 25, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Franklin BSP Realty Trust's conduit — referral fee income?: Franklin BSP Realty Trust (FBRT) reported conduit — referral fee income of $0 in Q4 2025.
What does conduit — referral fee income mean?: This metric represents income generated by referring commercial real estate loan opportunities to third-party lenders or partners. It reflects the segment's ability to monetize its market presence and deal flow without necessarily holding the underlying assets on the balance sheet. This is a non-interest income stream that highlights the firm's role as a market intermediary.