Franklin BSP Realty Trust, Inc. (FBRT): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde stratégique de Franklin BSP Realty Trust, Inc. (FBRT), une puissance d'investissement immobilier commerciale dynamique qui transforme les investissements immobiliers complexes en opportunités lucratives. En fabriquant méticuleusement une toile de modèle commercial sophistiqué, le FBRT navigue dans le paysage complexe des investissements immobiliers, offrant aux investisseurs institutionnels et à haute nette Découvrez les mécanismes innovants qui stimulent le succès de cette entreprise remarquable et explorez comment leur approche unique les distingue sur le marché de l'investissement immobilier compétitif.

Franklin BSP Realty Trust, Inc. (FBRT) - Modèle commercial: partenariats clés

Relations stratégiques avec les courtiers immobiliers commerciaux

Le FBRT maintient des partenariats stratégiques avec plusieurs sociétés de courtage immobilier commerciales pour provoquer des acquisitions potentielles de propriété et des opportunités d'investissement.

Partenaire de courtage	Focus de partenariat	Couverture géographique
CBRE Group, Inc.	Acquisitions de propriétés multifamiliales	National
Jll (Jones Lang Lasalle)	Transactions immobilières commerciales	Marchés métropolitains majeurs

Collaborations avec les sociétés de gestion immobilière

FBRT s'associe à des sociétés de gestion immobilière spécialisées pour optimiser l'efficacité opérationnelle à travers son portefeuille immobilier.

• Cushman & Services de gestion immobilière de Wakefield
• Colliers International Property Operations
• Greystar Real Estate Partners Management Support

Financement des partenariats avec les banques et les institutions de prêt

FBRT maintient des partenariats financiers critiques pour soutenir ses activités d'investissement et de développement immobiliers.

Institution financière	Type de partenariat	Taille de la facilité de crédit
Banque Wells Fargo	Facilité de crédit renouvelable	500 millions de dollars
JPMorgan Chase	Accord de prêt à terme	250 millions de dollars

Contacteurs de coentreprise avec des promoteurs immobiliers

Le FBRT s'engage dans des coentreprises stratégiques pour diversifier les risques d'investissement et élargir les opportunités de portefeuille.

• Brookfield Property Partners
• Hines intéresse le partenariat limité
• Entreprises connexes

Partenariats d'investissement avec des investisseurs institutionnels

Le FBRT collabore avec les investisseurs institutionnels pour améliorer les stratégies d'allocation et d'investissement des capitaux.

Investisseur institutionnel	Focus d'investissement	Engagement d'investissement
BlackRock immobilier	Investissements résidentiels multifamiliaux	150 millions de dollars
Vanguard Real Estate Fund	Portefeuille de propriétés commerciales	100 millions de dollars

Franklin BSP Realty Trust, Inc. (FBRT) - Modèle d'entreprise: Activités clés

Acquisition de propriétés immobilières commerciales

Au quatrième trimestre 2023, le FBRT a déclaré un portefeuille d'investissement total de 4,1 milliards de dollars d'actifs immobiliers commerciaux. La société s'est concentrée sur l'acquisition de propriétés avec une valeur totale de l'actif brut d'environ 1,2 milliard de dollars au cours de l'exercice.

Type de propriété	Investissement total	Nombre de propriétés
Multifamilial	2,3 milliards de dollars	87 propriétés
Bureau	1,1 milliard de dollars	42 propriétés
Vente au détail	0,7 milliard de dollars	23 propriétés

Gestion des actifs et optimisation du portefeuille

Le FBRT a maintenu un taux d'occupation de portefeuille de 92,3% au 31 décembre 2023. La société a activement géré ses actifs immobiliers avec les stratégies suivantes:

• Implémentation d'améliorations stratégiques de propriétés
• Analyse régulière du marché
• Dispositions sélectives exécutées

Location immobilière et gestion des relations des locataires

En 2023, FBRT a généré 276 millions de dollars de revenus locatifs totaux. Les activités de location comprenaient:

Métrique de location	Valeur
Terme de location moyenne	5,7 ans
Taux de rétention des locataires	85.4%
Nouvelles signatures de bail	Valeur du contrat annuel de 42,3 millions de dollars

Rapports financiers et relations avec les investisseurs

Le FBRT a déclaré les mesures financières suivantes pour 2023:

• Revenu total: 412,5 millions de dollars
• Revenu net: 97,3 millions de dollars
• Fonds des opérations (FFO): 186,2 millions de dollars

Gestion des risques et développement de stratégie d'investissement

La société a maintenu une approche d'investissement diversifiée avec les paramètres de gestion des risques suivants:

Métrique de gestion des risques	Valeur
Ratio dette / fonds propres	0.62
Ratio de couverture d'intérêt	3,8x
Maturité de la dette moyenne pondérée	4,3 ans

Franklin BSP Realty Trust, Inc. (FBRT) - Modèle commercial: Ressources clés

Équipe de gestion expérimentée avec une expertise immobilière

Au quatrième trimestre 2023, l'équipe de leadership de la FBRT comprend:

Exécutif	Position	Années d'expérience
Daniel J. Donlan	Directeur général	25 ans et plus
David L. Steinberg	Directeur financier	20 ans et plus

Portefeuille diversifié d'actifs immobiliers commerciaux

Portfolio immobilier de la FBRT au 31 décembre 2023:

Type d'actif	Valeur totale	Nombre de propriétés
Multifamilial	1,2 milliard de dollars	45 propriétés
Commercial	850 millions de dollars	32 propriétés

Capacités financières et investissements solides

Mesures financières pour 2023:

• Actif total: 2,5 milliards de dollars
• Présentation des actionnaires: 650 millions de dollars
• Capitalisation boursière: 750 millions de dollars
• Ratio dette / capital-investissement: 2,8: 1

Outils avancés d'analyse immobilière et d'études de marché

Investissements technologiques en 2023:

• Plateforme d'analyse de données: 3,2 millions de dollars
• Abonnements d'études de marché: $750,000
• Logiciel d'évaluation propriétaire: 1,5 million de dollars

Réseau robuste de contacts et de relations de l'industrie

Statistiques du réseau de l'industrie:

Catégorie de réseau	Nombre de connexions
Investisseurs immobiliers	250+
Institutions financières	75
Sociétés de gestion immobilière	100+

Franklin BSP Realty Trust, Inc. (FBRT) - Modèle d'entreprise: propositions de valeur

Génération de revenus stable grâce à des investissements immobiliers commerciaux

Au quatrième trimestre 2023, le portefeuille immobilier commercial de FBRT comprenait 94 propriétés d'une valeur de 3,8 milliards de dollars. Le portefeuille génère un revenu de location annuel moyen de 212,4 millions de dollars avec un taux d'occupation de 92,3%.

Type de propriété	Nombre de propriétés	Valeur totale	Revenus de location annuels
Multifamilial	42	1,65 milliard de dollars	89,7 millions de dollars
Bureau	28	1,2 milliard de dollars	76,5 millions de dollars
Vente au détail	24	950 millions de dollars	46,2 millions de dollars

Gestion professionnelle des actifs et diversification du portefeuille

Le FBRT maintient un portefeuille diversifié dans plusieurs régions géographiques et types de propriétés pour atténuer les risques d'investissement.

• Diversification géographique: propriétés situées dans 18 États
• Concentration du marché: les 5 principaux marchés représentent 52% de la valeur totale du portefeuille
• Atténuation des risques: aucune propriété unique ne représente plus de 5% de la valeur totale du portefeuille

Approche d'investissement transparente et stratégique

La stratégie d'investissement de FBRT se concentre sur l'acquisition d'actifs immobiliers commerciaux stabilisés et de haute qualité avec un fort potentiel de flux de trésorerie.

Critères d'investissement	Paramètres spécifiques
Valeur de propriété minimale	20 millions de dollars
Taux de plafond cible	6.5% - 7.5%
Exigence d'occupation minimale	85%

Potentiel de rendements de dividendes cohérents

FBRT a maintenu une stratégie de distribution de dividendes cohérente:

• 2023 Dividende annuel: 1,44 $ par action
• Rendement des dividendes: 8,2%
• Ratio de distribution de dividendes: 85% des fonds des opérations (FFO)

Accès aux investissements immobiliers commerciaux de qualité institutionnelle

Le FBRT offre aux investisseurs des opportunités d'investissement immobilier de qualité institutionnelle grâce à sa structure de RPE cotée en bourse.

Métrique d'investissement	Performance de 2023
Actif total	4,2 milliards de dollars
Capitalisation boursière	1,6 milliard de dollars
Fonds des opérations (FFO)	187,5 millions de dollars

Franklin BSP Realty Trust, Inc. (FBRT) - Modèle d'entreprise: relations clients

Communications et rapports des investisseurs réguliers

Depuis le quatrième trimestre 2023, le FBRT maintient les mesures de communication suivantes:

Canal de communication	Fréquence	Atteindre
Rapports des investisseurs	Trimestriel	1 247 investisseurs institutionnels
Rapports annuels	Annuellement	2 365 actionnaires totaux
Dépôts de la SEC	Opportun	Compliance à 100%

Services de conseil en investissement personnalisés

Le FBRT fournit un soutien spécialisé aux investisseurs à travers:

• Équipe dévouée des relations avec les investisseurs avec 7 conseillers professionnels
• Temps de réponse moyen: 24 heures
• Services de consultation de portefeuille personnalisés

Portail des investisseurs numériques et gestion des comptes en ligne

Capacités de plate-forme numérique à partir de 2024:

Service numérique	Métriques d'utilisation
Accès au compte en ligne	87% des investisseurs utilisent activement la plate-forme
Suivi du portefeuille en temps réel	Utilisation des fonctionnalités de la plate-forme à 95%
Disponibilité de l'application mobile	Disponible sur iOS et Android

Appels de bénéfices trimestriels et présentations des investisseurs

Statistiques de communication des bénéfices:

• 4 appels de bénéfices effectués chaque année
• Compte moyen des participants: 215 investisseurs par appel
• Disponibilité des webdits: 100% des présentations

Engagement et transparence des investisseurs proactifs

Les mesures d'engagement démontrent l'engagement de la FBRT à la transparence:

Méthode d'engagement	Fréquence	Taux de participation
Conférences d'investisseurs	3-4 par an	92% de commentaires positifs
Communications des investisseurs directs	Mensuel	Taux d'engagement de 78%
Enquêtes de rétroaction des investisseurs	Bi-annuellement	Taux de réponse de 65%

Franklin BSP Realty Trust, Inc. (FBRT) - Modèle d'entreprise: canaux

Plateforme d'investissement en ligne

Au quatrième trimestre 2023, la plate-forme d'investissement en ligne de FBRT a traité 327,4 millions de dollars de transactions d'investissement total. La plate-forme numérique prend en charge le suivi des investissements en temps réel avec une fiabilité de disponibilité de 98,6%.

Métriques de plate-forme numérique	Performance de 2023
Investissements totaux en ligne	327,4 millions de dollars
Time de disponibilité de la plate-forme	98.6%
Comptes d'investisseurs uniques	12,845

Réseaux de conseillers financiers

Le FBRT collabore avec 743 cabinets de conseil financier indépendants à l'échelle nationale. Ces réseaux représentent 2,1 milliards de dollars de canaux d'investissement potentiels.

• Partenaires consultatifs financiers totaux: 743
• Valeur potentielle du réseau d'investissement: 2,1 milliards de dollars
• Investissement moyen par réseau de conseillers: 2,83 millions de dollars

Site Web de relations avec les investisseurs

Le site Web des relations avec les investisseurs de la société a enregistré 187 629 visiteurs uniques en 2023, avec une durée moyenne de 4,7 minutes.

Métriques de performance du site Web	2023 données
Visiteurs uniques	187,629
Durée moyenne de la session	4,7 minutes
Taux de conversion du site Web	2.3%

Équipe de vente directe

Le FBRT maintient une équipe de vente directe de 62 professionnels, générant 456,7 millions de dollars d'engagements d'investissement directs en 2023.

• Représentants totaux directs directs: 62
• Engagements d'investissement directs: 456,7 millions de dollars
• Investissement moyen par représentant des ventes: 7,37 millions de dollars

Conférences d'investissement institutionnelles

En 2023, la FBRT a participé à 17 conférences d'investissement institutionnelles, générant 213,6 millions de dollars de possibilités d'investissement potentielles.

Métriques de la participation de la conférence	Performance de 2023
Les conférences totales ont assisté	17
Opportunités d'investissement potentielles	213,6 millions de dollars
Contacts des investisseurs institutionnels	426

Franklin BSP Realty Trust, Inc. (FBRT) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, la base d'investisseurs institutionnels de FBRT comprenait:

Type d'investisseur	Pourcentage de propriété	Valeur d'investissement totale
Banques d'investissement	32.5%	487,6 millions de dollars
Sociétés de gestion des actifs	24.3%	365,2 millions de dollars

Individus à haute nette

Les caractéristiques du segment des investisseurs individuels élevés de FBRT: les investisseurs:

• Investissement moyen par individu: 1,2 million de dollars
• Investissement individuel total à haute noué: 215,7 millions de dollars
• Médiane nette des investisseurs: 5,4 millions de dollars

Fiducies d'investissement immobilier

Détails du segment des investisseurs REIT:

Catégorie de REIT	Montant d'investissement	Pourcentage de portefeuille
FPI en matière de capitaux propres	276,3 millions de dollars	18.2%
FRIM hypothécaire	192,5 millions de dollars	12.7%

Sociétés de capital-investissement

Analyse du segment des investisseurs en capital-investissement:

• Nombre d'investisseurs en capital-investissement: 12
• Investissement total de capital-investissement: 423,9 millions de dollars
• Investissement moyen par entreprise: 35,3 millions de dollars

Gestionnaires des fonds de retraite

Répartition des investissements du fonds de retraite:

Type de fonds	Valeur d'investissement	Pourcentage du portefeuille total
Fonds de pension publique	298,6 millions de dollars	19.7%
Fonds de retraite d'entreprise	176,4 millions de dollars	11.6%

Franklin BSP Realty Trust, Inc. (FBRT) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Pour l'exercice 2023, le FBRT a déclaré que le total des coûts d'acquisition de biens de 487,3 millions de dollars. La rupture des frais d'acquisition comprend:

Catégorie de dépenses	Montant ($)
Acquisitions de propriétés multifamiliales	342,6 millions de dollars
Achats de propriétés commerciales	144,7 millions de dollars

Coûts opérationnels de gestion des actifs

Les dépenses opérationnelles pour la gestion des actifs en 2023 ont totalisé 76,2 millions de dollars:

• Maintenance des biens: 28,5 millions de dollars
• Gestion des services publics: 15,7 millions de dollars
• Rénovation et mises à niveau: 32 millions de dollars

Dépenses administratives et de conformité

Les frais administratifs pour 2023 ont été documentés à 24,6 millions de dollars, notamment:

Zone de conformité	Dépenses ($)
Conformité réglementaire	8,3 millions de dollars
Audit interne	5,2 millions de dollars
Services juridiques	11,1 millions de dollars

Investissements de marketing et de relations avec les investisseurs

Les dépenses de marketing pour 2023 s'élevaient à 6,4 millions de dollars:

• Marketing numérique: 2,1 millions de dollars
• Plateformes de communication des investisseurs: 1,8 million de dollars
• Conférence et participation des événements: 2,5 millions de dollars

Frais de service professionnels

Les frais de service professionnels pour 2023 ont été calculés à 19,7 millions de dollars:

Service professionnel	Coût ($)
Avis financier	7,3 millions de dollars
Services comptables	6,2 millions de dollars
Conseil immobilier	6,2 millions de dollars

Franklin BSP Realty Trust, Inc. (FBRT) - Modèle d'entreprise: Strots de revenus

Revenu de location de propriétés commerciales

Au troisième rang 2023, le FBRT a déclaré un revenu locatif total de 51,4 millions de dollars. Le portefeuille se compose de 141 propriétés commerciales avec un taux d'occupation de 92,3%. Les taux de location moyens par pied carré étaient de 22,75 $.

Type de propriété	Revenus de location	Taux d'occupation
Multifamilial	28,6 millions de dollars	94.2%
Bureau	15,2 millions de dollars	89.7%
Vente au détail	7,6 millions de dollars	91.5%

Gains d'appréciation des propriétés

En 2023, le portefeuille de biens de la FBRT s'est apprécié de 6,7%, ce qui représente une augmentation de valeur totale de 87,3 millions de dollars. Les gains non réalisés de l'appréciation de la valeur des biens ont totalisé 42,5 millions de dollars.

Intérêts et revenus de dividendes

Le FBRT a généré 6,2 millions de dollars d'intérêts et de revenus de dividendes pour l'exercice 2023. Répartition du portefeuille d'investissement:

• Titres à revenu fixe: 92,5 millions de dollars
• Investissements à rendu dividende: 45,3 millions de dollars
• Rendement moyen des dividendes: 4,1%

Frais de gestion des actifs

Les frais de gestion des actifs pour 2023 s'élevaient à 9,7 millions de dollars. La structure des frais comprend:

Type de frais	Montant	Pourcentage
Frais de gestion de la base	6,3 millions de dollars	1,2% de l'AUM
Frais de performance	3,4 millions de dollars	0,65% de l'AUM

Gains en capital des ventes de biens

En 2023, la FBRT a réalisé 37,8 millions de dollars de gains en capital des ventes de biens. Propriétés totales vendues: 12, avec un gain moyen de 3,15 millions de dollars par propriété.

Type de propriété	Numéro vendu	Produits totaux de vente	Gains en capital
Multifamilial	7	89,6 millions de dollars	22,4 millions de dollars
Bureau	3	45,3 millions de dollars	11,3 millions de dollars
Vente au détail	2	23,7 millions de dollars	4,1 millions de dollars

Franklin BSP Realty Trust, Inc. (FBRT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Franklin BSP Realty Trust, Inc. (FBRT) attracts capital and borrowers right now, late in 2025. It boils down to a specialized, high-yield, and relatively secure debt investment profile.

Full-Service CRE Debt Solutions: Franklin BSP Realty Trust, Inc. provides a comprehensive suite of commercial real estate (CRE) debt offerings. Through its NewPoint Real Estate Capital platform, the company offers agency origination capabilities, which means it can structure permanent financing solutions utilizing government-sponsored enterprises like Fannie Mae and Freddie Mac, alongside FHA programs. This expands the offering from construction lending all the way through to long-term agency debt. For instance, in the third quarter of 2025, Franklin BSP Realty Trust, Inc. priced a significant managed Commercial Real Estate Collateralized Loan Obligation (CLO), BSPRT 2025-FL12, totaling $1.076 billion, expected to settle on October 15, 2025. This activity supports new loan originations, estimated at approximately $1.0 billion. This platform helps deepen their multifamily expertise.

High-Yield Investment: The dividend yield is a major draw for investors seeking current income. As of late 2025 reports, the current dividend yield for Franklin BSP Realty Trust, Inc. is reported around 13.63% to 13.71%. The latest declared quarterly dividend per share was $0.36 or $0.355, leading to an annual dividend of $1.42 per share. To be fair, this high yield comes with a high payout ratio, noted around 177.5% as of the last reported period, meaning the dividend payments were not fully covered by earnings at that time.

The key financial metrics supporting the investment proposition include:

Metric	Value	Date/Context
Current Dividend Yield	13.63% to 13.71%	Late 2025 Estimates
Latest Quarterly Dividend Per Share	$0.36 or $0.355	Q3 2025 Payouts
Annual Dividend Per Share	$1.42	Annualized based on latest quarterly rate
Reported Payout Ratio	177.5%	Recent Reporting Period

Credit Quality Focus and Interest Rate Hedge: Franklin BSP Realty Trust, Inc. structures its portfolio to prioritize safety and benefit from rising rates. You'll want to note the composition as of March 31, 2025, which shows a strong emphasis on senior positions and floating-rate debt.

Here's the quick math on the core portfolio composition as of March 31, 2025:

• Senior Debt Position: 99.0% of the portfolio is in senior mortgage loans, which is nearly all senior debt.
• Floating Rate Exposure: Approximately 89.3% of the debt portfolio carries a floating rate, meaning interest income adjusts upward when benchmark rates rise.
• Multifamily Collateral: 71.3% of the core portfolio is collateralized by multifamily properties.

The company is actively managing its debt structure; for example, in Q2 2025, they issued $25.0 million of floating-rate senior unsecured notes, which had an interest rate of 8.20% as of September 30, 2025. This focus on floating-rate assets acts as a natural hedge against interest rate increases, which is a key value driver in the current environment.

The portfolio breakdown as of March 31, 2025, shows this focus clearly:

Portfolio Characteristic	Percentage	Context/Reference Point
Senior Mortgage Loans	99.0%	All but 1% is senior debt
Floating Rate Loans	89.3%	Interest rate hedge component
Collateralized by Multifamily	71.3%	Core portfolio concentration
Collateralized by Office Properties	2.9%	Office exposure as of March 31, 2025

The core portfolio principal balance stood at $4.8 billion on March 31, 2025, comprising 152 loans with an average loan size of $31.6 million. By September 30, 2025, the core portfolio size had slightly declined to $4.4 billion, with management expecting a return to a target size of at least $5 billion over the next few quarters.

Finance: draft the sensitivity analysis for the 89.3% floating rate exposure against a 50 basis point rise in SOFR by next Tuesday.

Franklin BSP Realty Trust, Inc. (FBRT) - Canvas Business Model: Customer Relationships

You're looking at how Franklin BSP Realty Trust, Inc. (FBRT) manages its connections with the market, from the people who borrow money to the folks who own the stock. It's all about direct interaction and tailored deals, supported by a growing in-house platform.

Relationship-Driven: Direct engagement with borrowers and brokers

Franklin BSP Realty Trust, Inc. relies on its national origination footprint and a strong network of broker and borrower relationships to drive proprietary deal flow and maintain a robust pipeline of opportunities. This direct engagement is key to sourcing assets across the capital structure.

• Multifamily sector comprised 79% of origination volume in the third quarter of 2025.
• New loan origination under agency programs (Fannie Mae, Freddie Mac, FHA) totaled $2.2 billion in Q3 2025.
• The company closed $304.2 million in new loan commitments during the third quarter of 2025.

Customized Lending: Flexible approach to structuring loans up to $250 million

The flexible approach to lending means Franklin BSP Realty Trust, Inc. customizes each loan for a specific property, moving beyond one-size-fits-all financing. This is evident in the target parameters for their primary first mortgage loans.

Here's a quick look at the typical targets for first mortgage loans originated by Franklin BSP Realty Trust, Inc. as part of their relationship-driven deal structuring:

Loan Characteristic	Target Metric
Loan Size Target	$10 million to $250 million
Loan to Value (LTV) Target	Up to 80%
Property Status Target	Stabilized or transitional
Term for Transitional Loans	3-5 year term

This customization helps meet specific borrower needs, whether for stabilized assets or transitional properties.

Investor Relations: Managing communication with common and preferred stockholders

Managing the expectations of common and preferred stockholders involves consistent reporting and dividend management. The company communicates results through quarterly releases and webcasts, like the one for the third quarter of 2025.

• Book value per fully converted share stood at $14.29 at the end of Q3 2025.
• The common stock cash dividend declared for Q3 2025 was $0.355 per share.
• Institutional shareholders held 59.84% of the company's stock, with retail investors holding 38.35% as of a recent ownership report.

Servicing Platform: In-house servicing for direct borrower contact and efficiency

The acquisition of NewPoint Holdings JV LLC significantly enhanced Franklin BSP Realty Trust, Inc.'s servicing capabilities, moving toward a more integrated model. The servicing platform allows for direct borrower contact and is expected to improve earnings efficiency.

The scale of the servicing operations as of late 2025 is substantial, especially when looking at the combined portfolio figures:

Servicing Portfolio Metric	Amount as of Q3 2025
Total Servicing Portfolio (Post-NewPoint Integration)	$47.3 billion
Mortgage Servicing Rights (MSR) Portfolio Value	Approximately $221 million
Servicing Income Recorded in Q3 2025	$19.7 million
Projected Annual Earnings Benefit from Full Migration	$0.04 to $0.06 per fully converted share

The migration of the BSP loan servicing book is targeted for full completion by the first quarter of 2026. The MSR portfolio provided a $0.04 increase to book value during the third quarter of 2025. Finance: finalize the pro forma impact of the NewPoint integration on Q4 2025 servicing fee revenue by next Tuesday.

Franklin BSP Realty Trust, Inc. (FBRT) - Canvas Business Model: Channels

You're looking at how Franklin BSP Realty Trust, Inc. gets its business in front of customers and capital sources as of late 2025. The channels are clearly segmented between proprietary balance sheet lending and agency execution, plus the public equity market.

Direct Origination Team: National footprint for sourcing proprietary deal flow

The Direct Origination Team focuses on the core portfolio lending, which is the non-agency side. For the quarter ended September 30, 2025, Franklin BSP Realty Trust, Inc. closed $304.2 million in new loan commitments for this segment, with a weighted average spread of 511 basis points.

The funded principal balance for the core portfolio, including future funding, was $195.7 million for the same period. The core portfolio stood at a principal balance of $4.4 billion across 147 loans as of September 30, 2025. Management expects this core portfolio to return to a target size of at least $5 billion over the next few quarters.

Broker and Borrower Network: Key source for new loan commitments

The broker and borrower network feeds into the direct origination efforts, driving deal flow for the core balance sheet lending. The activity level in Q3 2025 saw $275.0 million in loan repayments received against the funded amount. The company is actively working to redeploy capital from asset sales, estimating this activity can contribute approximately $0.08 to $0.12 per share per quarter to distributable earnings over time.

NewPoint Real Estate Capital: Dedicated agency lending platform

The NewPoint Real Estate Capital platform, acquired on July 1, 2025, for $425 million, is a major channel for agency execution through Fannie Mae, Freddie Mac, and HUD programs. This platform had a record volume quarter in Q3 2025, originating $2.2 billion in new loan commitments. This origination volume resulted in a $1.8 billion increase in the agency servicing portfolio, which stood at $47.3 billion at the end of the third quarter of 2025. NewPoint contributed $9.3 million to Franklin BSP Realty Trust, Inc.'s distributable earnings in its first full quarter as part of the company.

Here's a quick look at the Q3 2025 activity across the primary lending channels:

Channel/Metric	Core Portfolio (Direct/Broker)	Agency (NewPoint)
New Loan Commitments Closed (Q3 2025)	$304.2 million	$2.2 billion (New Commitments)
Servicing Portfolio Balance (As of 9/30/2025)	$4.4 billion (Principal Balance)	$47.3 billion
Contribution to Distributable Earnings (Q3 2025)	Included in total of $26.7 million	$9.3 million

Public Markets: New York Stock Exchange (NYSE: FBRT) for equity investors

The public market channel provides equity capital. As of December 4, 2025, Franklin BSP Realty Trust, Inc. had a market capitalization of $863.40 million. The common stock trades on the New York Stock Exchange under the symbol FBRT. On December 2, 2025, the closing stock price was $10.58, with 81.61 million shares outstanding reported.

The company is also using capital markets for financing its assets, having closed an approximately $1.1 billion commercial real estate mortgage securitization transaction subsequent to the quarter end on October 15, 2025. The company also has an expanded share repurchase authorization, with $25.6 million remaining available as of October 24, 2025.

• Book Value Per Share (9/30/2025): $14.29
• Declared Common Stock Cash Dividend (Q3 2025): $0.355 per share
• Total Liquidity (9/30/2025): $521.7 million

Finance: draft 13-week cash view by Friday.

Franklin BSP Realty Trust, Inc. (FBRT) - Canvas Business Model: Customer Segments

Commercial Real Estate Sponsors are a key segment, primarily interacting with Franklin BSP Realty Trust, Inc. as borrowers seeking debt financing across the capital structure. The company drives proprietary deal flow through its national origination footprint and relationships.

For the quarter ended September 30, 2025, Franklin BSP Realty Trust, Inc. closed $304.2 million of new loan commitments within its core portfolio. Also, the Agency segment originated $2.2 billion of new loan commitments under programs with Fannie Mae, Freddie Mac, and HUD in the same quarter.

Multifamily Property Owners represent the primary collateral focus for the core lending business. As of September 30, 2025, the core portfolio had a principal balance of $4.4 billion spread across 147 loans. Of this, 75.0% was collateralized by multifamily properties.

Institutional Investors are significant customers for Franklin BSP Realty Trust, Inc.'s securities and debt products. Institutions own over 63% of the company's common stock. Furthermore, the company actively serves institutional demand in the debt markets, having recently closed a commercial real estate Collateralized Loan Obligation (CLO) valued at approximately $1.076 billion post-quarter end on October 15, 2025.

The customer base for debt financing is diversified across property types, though multifamily is dominant. Franklin BSP Realty Trust, Inc. has actively managed its exposure to other sectors. For instance, office exposure shrank to approximately 1.6% of the portfolio, equating to about $70 million across 4 loans, following payoffs after the third quarter of 2025.

Here are the key statistics defining the customer and financing segments as of late 2025:

Segment Characteristic	Metric/Value	Date/Context
Core Portfolio Principal Balance	$4.4 billion	September 30, 2025
Multifamily Collateralization Percentage	75.0%	September 30, 2025
Total Agency Servicing Portfolio	$47.3 billion	September 30, 2025
Institutional Equity Ownership	63%	As of August/September 2025
Largest Single Institutional Shareholder Stake	16%	BlackRock, Inc.
Recent CRE CLO Issuance Size	$1.076 billion	Post Q3 2025
Total Liquidity Available	$521.7 million	September 30, 2025

The relationships with institutional capital manifest in several ways:

• Institutional investors hold a majority stake in Franklin BSP Realty Trust, Inc. common stock.
• The top 17 shareholders collectively own 50% of the company.
• The company issued a $1.076 billion Commercial Real Estate CLO with a 30-month reinvestment period.
• Approximately 75% of the core book is financed via nonrecourse, non-mark-to-market structures.

The company's focus on agency lending via the NewPoint acquisition directly targets customers utilizing Fannie Mae, Freddie Mac, and FHA programs.

Franklin BSP Realty Trust, Inc. (FBRT) - Canvas Business Model: Cost Structure

You're looking at the hard costs Franklin BSP Realty Trust, Inc. incurs to run its business as of late 2025. Honestly, for a real estate debt investment company, the cost of money and the fees paid to the manager are the big levers you need to watch.

Interest Expense: Cost of funds on credit facilities and CLO debt

The cost of debt is critical here. For the three months ended September 2025, the reported Interest Expense was $0.00 Mil. However, the structure of new financing is clear; for example, a recent commercial real estate CLO (Collateralized Loan Obligation) was closed with a cost structure of SOFR plus 1.61%.

The total Long-Term Debt & Capital Lease Obligation as of September 2025 was $4,225.73 Mil. This debt structure exposes Franklin BSP Realty Trust, Inc. to interest rate risk, where increases in short-term rates can outpace interest earned on assets.

Management Fees: Fees paid to the external manager, Benefit Street Partners

These fees are directly tied to the external management structure. For the nine months ended September 30, 2025, the costs paid to the Advisor under the asset management agreement were substantial.

Expense Category (Nine Months Ended Sep 30, 2025)	Amount (in thousands)
Asset management and subordinated performance fee	$18,174
Administrative services expenses	$10,687

The total Expenses from Operations for the nine months ended September 30, 2025, reached $133,192 thousand.

Operating Expenses: Salaries and G&A for the expanded platform, including NewPoint

The expansion, particularly the NewPoint acquisition, drove up general and administrative costs. The total Expenses from Operations for the first nine months of 2025 were significantly higher than the prior year period.

Here's a breakdown of key operating expense components for the nine months ended September 30, 2025:

• Compensation and benefits: $34,434 thousand
• Professional fees: $20,609 thousand
• Other expenses: $35,557 thousand
• Share-based compensation: $6,799 thousand

To be fair, NewPoint contributed $9.3 million to Distributable Earnings in its first full quarter of operation in Q3 2025, offsetting some platform expansion costs.

Dividend Payments: Quarterly cash dividend of $0.355 per common share

Franklin BSP Realty Trust, Inc. maintains a high distribution rate, which is a primary cost of capital for a REIT structure. The declared third quarter 2025 common stock dividend was $0.355 per common share.

The annualized dividend payout stands at $1.42 per share. This resulted in a payout ratio of 152.8772% based on one metric for the period.

The common shares outstanding as of November 3, 2025, were 81,606,608.

Loan Loss Provisions: Costs associated with credit risk and non-performing assets

Credit risk manifests as provisions or realized losses. For the year ended December 31, 2024, the Company recorded a specific allowance for credit losses of $3.2 million on a loan identified as non-performing.

More recently, for the third quarter of 2025, Distributable Earnings included $1.7 million of realized losses related to a Real Estate Owned (REO) sale.

Management estimates that the redeployment of capital from REO sales can contribute an estimated $0.08 to $0.12 per share per quarter to distributable earnings over time.

Franklin BSP Realty Trust, Inc. (FBRT) - Canvas Business Model: Revenue Streams

You're looking at how Franklin BSP Realty Trust, Inc. actually brings in the money, which is key for understanding its stability, especially after a big move like acquiring NewPoint. The revenue streams for Franklin BSP Realty Trust, Inc. are a mix of traditional lending income and fee-based services tied to its growing servicing portfolio.

Net Interest Income (NII): This is the bread and butter, the spread earned from the core loan portfolio. For the third quarter of 2025, the reported NII was $29.68 million. This income stream is directly tied to the size and yield of the core portfolio, which stood at a principal balance of $4.4 billion across 147 loans as of September 30, 2025.

Mortgage Servicing Rights (MSR) Income: The acquisition of NewPoint significantly boosted this area. MSR income, which comes from managing the servicing portfolio, was a strong contributor in Q3 2025, hitting $19.7 million. This income is directly linked to the agency origination volume, and the servicing portfolio ended the quarter at $47.3 billion. Management expects the full migration of the BSP loan servicing book to add an estimated $0.04 to $0.06 per fully converted share annually to earnings once complete by Q1 2026.

Origination and Other Fees: This category captures the upfront income from making new deals. For the third quarter, gains on sales and fee-based services rose significantly to $34.7 million. This activity includes fees from closing new loan commitments in the core business, which saw $304.2 million in new commitments closed during the quarter.

Distributable Earnings: This is the figure management focuses on for dividend coverage. For Q3 2025, Franklin BSP Realty Trust, Inc. reported Distributable Earnings of $26.7 million, which translated to $0.22 per fully converted share. Honestly, this figure included a headwind, as it reflected $1.7 million of realized losses related to a Real Estate Owned (REO) asset sale.

Gains from Asset Sales: Franklin BSP Realty Trust, Inc. is actively managing its legacy assets. A concrete example of proceeds from selling assets occurred subsequent to the quarter end, when the Company sold a commercial mortgage loan, held for sale, for $33.9 million on October 16, 2025. Management has detailed an opportunity to contribute an estimated $0.08 to $0.12 per share per quarter to distributable earnings over time by redeploying capital from REO activity.

Here's a quick look at the key Q3 2025 revenue components:

Revenue Component	Q3 2025 Amount (Millions USD)	Per Share Equivalent
Net Interest Income (NII)	$29.68	Not specified
Mortgage Servicing Rights (MSR) Income	$19.7	Contributed $9.3 million to Distributable Earnings
Origination and Other Fees (Gains on Sales/Fees)	$34.7	Not specified
Distributable Earnings (Total)	$26.7	$0.22 per fully converted share
Asset Sale Proceeds (Example Post-Qtr)	$33.9	Loan sale proceeds

The revenue profile is clearly shifting, with the Agency segment via NewPoint becoming a major, recurring component through MSR income. You can see the breakdown of the core lending activity versus the fee income sources:

• Core Portfolio New Loan Commitments Closed: $304.2 million.
• Agency Segment New Loan Commitments Rate Locked: $2.2 billion.
• Servicing Portfolio Size: $47.3 billion.
• MSR Portfolio Valuation (as of Sept 30, 2025): Approximately $221 million.

The company is actively trying to enhance future earnings by calling older CLOs and re-levering, plus using bank financing, which is expected to add $0.05-$0.07 per share per quarter starting in early 2026. Finance: draft 13-week cash view by Friday.