Franklin BSP Realty Trust, Inc. (FBRT) Balance Sheet
FBRT balance sheet, 2025
December 31, 2025 · U.S. dollars$6.06B assets = $4.53B liabilities + $1.53B equity
Both columns are drawn to the same scale: what FBRT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FBRT financial health
Descriptive bands, not a rating. Fiscal 2025.
FBRT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.25B2016 | $6.06B2025 | +19.2%/yr | |
| Total liabilities | $614.5M2016 | $4.53B2025 | +24.8%/yr | |
| Shareholders’ equity | $633.6M2016 | $1.44B2025 | +9.6%/yr | |
| Cash & short-term investments | $118.0M2016 | $167.3M2025 | +3.9%/yr | |
| Total debt | $602.8M2016 | $4.25B2025 | +24.2%/yr | |
| Net cash (debt) | −$484.7M2016 | −$4.08B2025 | −$3.6B | |
| Working capital | $1.12B2016 | $4.77B2025 | +$3.6B | |
| Book value per share | $7.122016 | $16.722025 | +10.0%/yr | |
| Debt / equity | 0.952016 | 2.952025 | +2.00 | |
| Shares outstanding | 89.0M2016 | 86.2M2025 | −0.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FBRT assets
FBRT liabilities and equity
FBRT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FBRT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $167.3M | $184.4M | $337.6M | $415.0M | $4.72B | $82.1M | $87.2M | $191.4M | $83.7M | $118.0M |
| Cash & equivalents | $167.3M | $184.4M | $337.6M | $179.3M | $154.9M | $82.1M | $87.2M | $191.4M | $83.7M | $118.0M |
| Short-term investments | — | $203.0M | $6.1M | $235.7M | $4.57B | $171.1M | $386.3M | $26.4M | $132,000 | $49.0M |
| Receivables | $4.85B | $5.20B | $5.09B | $5.32B | $4.53B | $2.88B | $2.98B | $2.37B | $1.49B | $1.07B |
| Inventory | $0 | $0 | $115.8M | $127.8M | $90.0M | $26.5M | $35.3M | −$846,000 | −$132,000 | $1 |
| Other current assets | $17.9M | $12.4M | $0 | $0 | $0 | $0 | $0 | $18.1M | $12.1M | $6.9M |
| Total current assets | $5.04B | $5.39B | $5.43B | $5.75B | $9.32B | $2.97B | $3.09B | $2.58B | $1.58B | $1.20B |
| Property, plant & equipment (net) | $0 | $0 | −$5.96B | −$6.20B | −$9.47B | −$3.19B | $6.0M | $0 | $0 | $0 |
| Goodwill & intangible assets | $419.8M | $39.8M | $42.8M | $54.8M | $48.5M | $13.5M | $14.4M | $0 | $0 | $0 |
| Long-term investments | $243.8M | $216.4M | $242.6M | $221.0M | $4.60B | $171.1M | $386.3M | $26.4M | $0 | $0 |
| Other non-current assets | $354.6M | $353.6M | $6.19B | $6.38B | $4.98B | $3.23B | $44.3M | $846,000 | $132,000 | $49.0M |
| Total assets | $6.06B | $6.00B | $5.96B | $6.20B | $9.47B | $3.19B | $3.54B | $2.61B | $1.58B | $1.25B |
| Liabilities | ||||||||||
| Accounts payable | $18.9M | $14.4M | $13.3M | $17.7M | $12.7M | $5.1M | $10.9M | $4.5M | $4.5M | $1.2M |
| Short-term debt | $187.4M | $236.6M | $174.1M | $440.0M | $4.18B | $186.8M | $394.4M | $44.5M | $39.0M | $66.6M |
| Deferred revenue | — | — | −$15.4M | — | — | — | $150,000 | — | — | — |
| Total current liabilities | $273.4M | $315.5M | $270.5M | $522.1M | $4.24B | $219.3M | $421.9M | $61.1M | $55.4M | $78.4M |
| Long-term debt | $4.06B | $4.08B | $4.01B | $3.32B | $2.40B | $1.96B | $2.08B | $1.66B | $917.5M | $0 |
| Lease obligations | — | — | $0 | $6.4M | $0 | $0 | $6.1M | $0 | — | — |
| Other long-term liabilities | $189.5M | $90.5M | $89.7M | $782.0M | $1.12B | $209.7M | $217.0M | $147.1M | $357,000 | $536.1M |
| Total liabilities | $4.53B | $4.48B | $4.37B | $4.63B | $7.76B | $2.39B | $2.72B | $1.87B | $973.3M | $614.5M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $808,000 | $818,000 | $820,000 | $826,000 | $441,000 | $446,000 | $441,000 | $395,000 | $320,000 | $319,000 |
| Retained earnings (deficit) | −$411.1M | −$348.1M | −$298.9M | −$299.2M | −$167.2M | −$106.5M | −$86.0M | −$94.3M | −$94.1M | −$70.7M |
| Accumulated other comprehensive income | −$284,000 | $79,000 | −$703,000 | $390,000 | −$62,000 | −$8.3M | −$978,000 | −$459,000 | $610.3M | −$500,000 |
| Minority interest | $89.9M | $7.5M | $27.1M | $15.4M | $5.8M | — | — | — | — | — |
| Total shareholders' equity | $1.44B | $1.51B | $1.56B | $1.56B | $1.71B | $798.4M | $816.8M | $733.2M | $610.3M | $633.6M |
| Key figures | ||||||||||
| Total debt | $4.25B | $4.31B | $4.18B | $4.45B | $7.57B | $2.15B | $2.49B | $1.71B | $956.6M | $602.8M |
| Net cash (debt) | −$4.08B | −$4.13B | −$3.85B | −$4.03B | −$2.85B | −$2.07B | −$2.40B | −$1.52B | −$872.9M | −$484.7M |
| Working capital | $4.77B | $5.08B | $5.16B | $5.23B | $5.08B | $2.75B | $2.67B | $2.52B | $1.53B | $1.12B |
| Tangible book value | $1.02B | $1.47B | $1.52B | $1.51B | $1.66B | $784.9M | $802.4M | $733.2M | $610.3M | $633.6M |
| Book value per share | $16.72 | $18.48 | $18.94 | $21.82 | $19.63 | $8.99 | $9.18 | $8.24 | $6.86 | $7.12 |
| Shares outstanding | 86.2M | 81.8M | 82.3M | 71.6M | 86.9M | 88.8M | 89.0M | 89.0M | 89.0M | 89.0M |
| Current ratio | 18.43 | 17.09 | 20.08 | 11.01 | 2.20 | 13.53 | 7.32 | 42.19 | 28.57 | 15.30 |
| Quick ratio | 18.37 | 17.05 | 20.05 | 10.99 | 2.18 | 13.49 | 7.27 | 41.91 | 28.35 | 15.21 |
| Debt / equity | 2.95 | 2.85 | 2.68 | 2.85 | 4.44 | 2.69 | 3.04 | 2.33 | 1.57 | 0.95 |
| Equity / assets | 23.8% | 25.2% | 26.2% | 25.2% | 18.0% | 25.0% | 23.1% | 28.1% | 38.5% | 50.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $155.0M | $115.6M | $167.3M | $116.7M | $414.1M | $215.4M | $184.4M | $346.2M | $94.8M | $240.0M | $337.6M | $411.5M |
| Cash & equivalents | $155.0M | $115.6M | $167.3M | $116.7M | $414.1M | $215.4M | $184.4M | $346.2M | $94.8M | $240.0M | $337.6M | $411.4M |
| Short-term investments | $23.4M | $22.0M | $20.5M | $18.9M | $83.4M | $167.2M | — | $210.7M | $215.3M | $217.9M | $242.6M | $193.1M |
| Receivables | $5.19B | $5.10B | $4.85B | $5.11B | $4.71B | $4.84B | $5.20B | $5.31B | $5.50B | $5.28B | $5.09B | $4.91B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $587.7M | $0 | $115.2M | $115.8M | $104.6M |
| Other current assets | $0 | $20.8M | $17.9M | $27.2M | $8.7M | $8.7M | $12.4M | $0 | $11.0M | $0 | $0 | $104.4M |
| Total current assets | $269.0M | $5.24B | $5.04B | $5.25B | $5.13B | $5.06B | $5.39B | $5.67B | $5.61B | $5.53B | $5.43B | $5.53B |
| Property, plant & equipment (net) | $164.6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $203.9M | $417.0M | $419.8M | $417.4M | $76.8M | $78.2M | $39.8M | $40.6M | $41.3M | $42.0M | $42.8M | $43.6M |
| Long-term investments | $299.8M | $299.3M | $243.8M | $170.7M | $106.7M | $180.6M | $216.4M | $210.7M | $215.3M | $217.9M | $242.6M | $193.1M |
| Other non-current assets | $5.45B | $347.3M | $354.6M | $377.8M | $317.0M | $335.1M | $353.6M | $418.6M | $403.1M | $238.7M | $238.7M | $104.6M |
| Total assets | $6.38B | $6.30B | $6.06B | $6.22B | $5.63B | $5.65B | $6.00B | $6.33B | $6.27B | $6.03B | $5.96B | $5.88B |
| Liabilities | ||||||||||||
| Accounts payable | $15.3M | $20.3M | $18.9M | $20.8M | $14.3M | $17.6M | $14.4M | $14.0M | $13.0M | $11.2M | $13.3M | $16.9M |
| Short-term debt | $518.5M | $212.2M | $187.4M | $131.7M | $128.9M | $206.2M | $236.6M | $307.8M | $267.6M | $194.8M | $174.1M | $3.81B |
| Deferred revenue | — | — | — | — | — | — | — | — | $3.35B | −$55.9M | −$15.4M | $64.6M |
| Total current liabilities | $518.5M | $283.6M | $273.4M | $224.7M | $206.0M | $284.6M | $315.5M | $387.9M | $357.9M | $290.6M | $270.5M | $3.90B |
| Long-term debt | $4.49B | $4.37B | $4.06B | $4.23B | $3.84B | $3.77B | $4.08B | $4.33B | $4.28B | $4.06B | $4.01B | $3.86B |
| Lease obligations | — | — | — | — | — | — | — | — | — | $524,000 | $0 | $0 |
| Other long-term liabilities | $0 | $169.3M | $189.5M | $202.0M | $90.1M | $89.8M | $90.5M | $89.7M | $90.8M | $90.3M | $89.7M | $0 |
| Total liabilities | $4.83B | $4.82B | $4.53B | $4.65B | $4.13B | $4.15B | $4.48B | $4.81B | $4.73B | $4.44B | $4.37B | $4.19B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $750,000 | $755,000 | $808,000 | $822,000 | $822,000 | $822,000 | $818,000 | $818,000 | $818,000 | $820,000 | $820,000 | $822,000 |
| Retained earnings (deficit) | −$426.4M | −$420.7M | −$411.1M | −$392.8M | −$373.7M | −$360.5M | −$348.1M | −$342.4M | −$337.7M | −$299.3M | −$298.9M | −$292.8M |
| Accumulated other comprehensive income | −$658,000 | −$1.1M | −$284,000 | $62,000 | −$296,000 | −$318,000 | $79,000 | $400,000 | $575,000 | $530,000 | −$703,000 | −$1.1M |
| Minority interest | $86.9M | $88.6M | $89.9M | $93.8M | $6.9M | — | — | — | — | — | — | — |
| Total shareholders' equity | $1.46B | $1.39B | $1.44B | $1.47B | $1.49B | $1.50B | $1.51B | $1.52B | $1.52B | $1.56B | $1.56B | $1.66B |
| Key figures | ||||||||||||
| Total debt | $4.18B | $4.58B | $4.25B | $4.36B | $3.97B | $3.98B | $4.31B | $4.64B | $4.54B | $4.26B | $4.18B | $4.10B |
| Net cash (debt) | −$4.02B | −$4.46B | −$4.08B | −$4.24B | −$3.55B | −$3.77B | −$4.13B | −$4.29B | −$4.45B | −$4.02B | −$3.85B | −$3.68B |
| Working capital | −$249.5M | $4.95B | $4.77B | $5.03B | $4.92B | $4.78B | $5.08B | $5.28B | $5.25B | $5.24B | $5.16B | $1.63B |
| Tangible book value | $1.26B | $974.5M | $1.02B | $1.05B | $1.41B | $1.42B | $1.47B | $1.48B | $1.48B | $1.52B | $1.52B | $1.61B |
| Book value per share | $17.25 | $17.41 | $9.58 | $16.25 | $18.12 | $18.28 | $18.48 | $18.54 | $18.57 | $19.01 | $18.94 | $20.15 |
| Shares outstanding | 84.8M | 79.9M | 150.5M | 90.6M | 82.2M | 82.1M | 81.8M | 81.8M | 81.8M | 82.0M | 82.3M | 82.2M |
| Current ratio | 0.52 | 18.47 | 18.43 | 23.37 | 24.90 | 17.78 | 17.09 | 14.61 | 15.67 | 19.03 | 20.08 | 1.42 |
| Quick ratio | 10.31 | 18.39 | 18.37 | 23.25 | 24.86 | 17.75 | 17.05 | 14.59 | 15.64 | 19.00 | 20.05 | 1.36 |
| Debt / equity | 2.85 | 3.29 | 2.95 | 2.96 | 2.66 | 2.65 | 2.85 | 3.06 | 2.99 | 2.73 | 2.68 | 2.47 |
| Equity / assets | 22.9% | 22.1% | 23.8% | 23.7% | 26.4% | 26.5% | 25.2% | 23.9% | 24.2% | 25.9% | 26.2% | 28.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
FBRT financial position
At the end of fiscal 2025 (December 31, 2025), Franklin BSP Realty had total assets of $6.1 billion (up 0.9% from a year earlier), total liabilities of $4.5 billion and shareholders' equity of $1.4 billion. It held $167.3 million in cash and short-term investments against $4.3 billion of debt, net debt of $4.1 billion. Its current ratio was 18.43. In the latest quarter (ended June 30, 2026) total assets were $6.4 billion and equity $1.5 billion.
Related: FBRT income statement, FBRT cash flow statement, FBRT key metrics. See the FBRT stock overview for the latest quote and news.
FBRT balance sheet FAQ
What are Franklin BSP Realty's total assets?
Franklin BSP Realty reported total assets of $6.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $6.0 billion a year earlier.
How much debt does Franklin BSP Realty have?
Franklin BSP Realty had $4.3 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 2.95.
How much cash does Franklin BSP Realty have?
Franklin BSP Realty held $167.3 million in cash and short-term investments at the end of fiscal 2025; with $4.3 billion of debt that is net debt of $4.1 billion.
What is Franklin BSP Realty's book value?
Franklin BSP Realty's shareholders' equity (book value) was $1.4 billion at the end of fiscal 2025, or $16.72 per share.
What is Franklin BSP Realty's current ratio?
Franklin BSP Realty had current assets of $5.0 billion and current liabilities of $273.4 million, a current ratio of 18.43 (it can cover its short-term obligations).
How much goodwill does Franklin BSP Realty have?
Franklin BSP Realty carried $419.8 million of goodwill and intangible assets, 6.9% of total assets, at the end of fiscal 2025.