FBRT Franklin BSP Realty Trust, Inc.

MIXED Impact: 4/10 8-K
Horizon days Filed Apr 29, 2026 Processed 1mo ago SEC 0001562528-26-000016
8-K Item 2.02: Earnings release
Latest settled — T+20d
FBRT-PE ▲ +0.30% at T+20d
NEUTRAL call ✓ call won +0.30% · α vs SPY -4.92% · entry $19.82 → $19.88
Next anchor: T+60d in 5w
Currently $8.42 · -57.52% from $19.82 entry
Entry anchored
Apr 29, 2026
via day open
T+1d
+0.30%
call +0.30% · α +0.08%
$19.88
settled 7w ago
T+5d
+0.76%
call +0.76% · α -0.97%
$19.97
settled 6w ago
T+20d
+0.30%
call +0.30% · α -4.92%
$19.88
settled 20d ago
T+60d
—
call — · α —
—
in 5w

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Executive Summary

Franklin BSP Realty Trust reported Q1 2026 GAAP net income of $12.3M (EPS $0.07), down 48% YoY, but Distributable Earnings improved to $13.5M ($0.09 per share) from -$6.2M a year ago. Revenue of $74.4M slightly beat the $73.1M consensus, driven by NewPoint acquisition and gain on sales, though net interest income fell. The dividend was cut to $0.20/share (from $0.355) and the company repurchased $39.8M of stock. The core loan portfolio grew but credit provisions rose to $11.4M, reflecting ongoing legacy asset resolution.

Actionable Insight

Monitor the trajectory of Distributable Earnings before realized losses ($0.22/share) as a cleaner run-rate vs the $0.20 dividend. The dividend cut and share repurchase suggest management believes BV is stable but earnings recovery is uncertain. The upcoming Q2 2026 results will show if credit provisions and realized losses moderate.

Key Facts

  • GAAP net income $12.3M vs $23.7M YoY (-48%); diluted EPS $0.07 vs $0.20
  • Distributable Earnings (non-GAAP) $13.5M vs -$6.2M; Distributable EPS $0.09 vs -$0.12
  • Total revenue (total income) $74.4M vs $55.0M YoY (+35%), consensus $73.1M (slight beat)
  • Net interest income fell to $27.0M from $43.3M YoY
  • Provision for credit losses $11.4M (net provision vs benefit of $1.9M last year)
  • Quarterly dividend cut to $0.20 from $0.355 (annualized yield ~5.6% on BV)
  • Repurchased 4.36M shares for $39.8M at avg $9.13, accretive $0.24 to book value
  • Book value per share $14.18, up $0.03 from Q4 2025

Financial Impact

GAAP net income halved YoY; core earnings (Distributable) turned positive but dividend coverage thin; $11.4M credit provision signals ongoing credit cost headwinds

net incomeepsnet interest incomedividendcredit provisions

Risk Factors

  • Sustained credit provisions and realized losses on legacy loans
  • Further dividend cuts if Distributable Earnings coverage remains below 50%
  • Interest rate sensitivity: 73% of loans floating, net interest margin compressed

Market Snapshot

Exchange
NYSE
Sector
Real Estate Investment Trusts

Documents Analyzed

This report is based on 7 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0001562528-26-000016
Document: a1q26investorsupplementa.htm0001562528-26-000016
Document: fbrt-20260429.htm0001562528-26-000016
Document: 0001562528-26-000016-index-headers.html0001562528-26-000016
Document: 0001562528-26-000016-index.html0001562528-26-000016
Document: 0001562528-26-000016.txt0001562528-26-000016
8-K Data (Synthetic)0001562528-26-000016
3 reports for FBRT
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Reports for FBRT — sortable, filterable
Type Now
Apr 29, 2026
6w ago
8-K
MIXED ★ 4/10
$19.82 $19.88▲ +0.30%▼ −4.92%$8.42 (−57.52%)
Apr 20, 2026
8w ago
8-K
NEUTRAL ★ 5/10
$19.70 $19.86▲ +0.81%▼ −4.10%$8.42 (−57.26%)
Apr 17, 2026
8w ago
DEFA14A
NEUTRAL ★ 3/10
$19.86 $19.98▲ +0.58%▼ −4.79%$8.42 (−57.60%)
Showing 3 of 3

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